Fully Leased Mixed-Use Condo
123 Bjune Dr SW, Bainbridge Island, WA 98110
For Sale
$545,000
Pending
Leased medical and retail space in a mixed-use condominium complex.
Property Size1,313 SF
Days on Market1079
Property Features for 123 Bjune Dr SW
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
WINDERMERE COMMERCIAL / ERES
Listed By:
KELLY MULDROW, CCIM
(206) 949-3420
Source:
Corcoran
Added: Nov 28, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of WINDERMERE COMMERCIAL / ERES
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Investment Insights
Based on property information with market context.
This fully leased unit, suitable for professional medical or retail use, is located within the Seabreeze Condominiums mixed-use complex. The property benefits from its location near waterfront marinas, restaurants, and downtown shopping. The unit has a total size of 1,313 square feet and is zoned for Bainbridge Island Core District. It includes access to underground parking. The property is part of a well-established mixed-use living and retail center. Leases are secured through June 2026. The current Net Operating Income is $29,801.
Key Highlights
- Fully leased through June 2026, providing immediate and consistent income.
- Prime location within the Seabreeze Condominiums mixed‑use complex, near waterfront amenities, restaurants, and downtown shopping.
- Current Net Operating Income of $29,801.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,382
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$467,640
$467.6K
Cap Rate 7%
$334,029
$334.0K
Cap Rate 9%
$259,800
$259.8K
Market Conditions
NOI Build-Up for 1,313 SF
Gross rent
$43.0K $32.76/SF
− Vacancy
−$4.0K −$3.08/SF
EGI
$39.0K $29.68/SF
− OpEx
−$15.6K −$11.87/SF
NOI
$23.4K $17.81/SF
Area
Kitsap County, WA
Vacancy
9.40%
Lease Rate
$32.76 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$467,640
Cap Rate 7%
$334,029
Cap Rate 9%
$259,800
Alternative Uses
Best Use
Healthcare Medical
$334.0K
$292.3K – $389.7K
NOI $23,382 @ 7.0% cap · market cap 4.29%
Second Best
Office B
$267.4K
$234.0K – $312.0K
NOI $18,718 @ 7.0% cap · market cap 3.43%
Theoretical Best
Specialty Retail
$437.8K
$383.1K – $510.8K
NOI $30,647 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,416
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98110, WA
24,825
Population
10,728
Households
2.3
Avg Household Size
51
Median Age
75%
College-Educated
99%
High-School Grad
27.6 sq mi
ZIP Area
899
Density / Sq Mi
$159,882
Median Household Income
$77,528
Median Earnings
$2,081
Median Rent
$1,076,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
Similar Off Market Nearby
- Winslow Animal Clinic — 800 Ericksen Ave NE, Bainbridge Island, WA 98110
- Susumi Christine DVM — 800 Ericksen Ave NE, Bainbridge Island, WA 98110, United States
- Barfield Lisa G DVM — 800 Ericksen Ave NE, Bainbridge Island, WA 98110
- Zebrowski Kenneth G DVM — 800 Ericksen Ave NE, Bainbridge Island, WA 98110, United States
Frequently Asked Questions
What type of property is this?
Medical Office Space - Leased medical and retail space in a mixed-use condominium complex.
Where is this medical office space located?
The property is located at 123 Bjune Dr SW Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Fully leased through June 2026, providing immediate and consistent income.; Prime location within the Seabreeze Condominiums mixed‑use complex, near waterfront amenities, restaurants, and downtown shopping.; Current Net Operating Income of $29,801.
