Office Condominium Building
For Sale
Contact for pricing
175 Parfitt Way SW, Bainbridge Island, WA 98110
Four office condominiums on the lower two floors totaling 18,196 RSF, built in 2000 and steps from the public dock and marina.
Property Size18,196 SF
Price / SF$356.95
Days on Market56
Property Features for 175 Parfitt Way SW
General Information
Standard status
Active
Size
18,196 SF
Net Rentable
18,196 SF
Property subtype
OFFICE
Additional Details
Floor
Lower two floors
Public Transit
Yes
Office Units
4
Building Details
Year Built
2000
Listing Agency:
Windermere Commercial / ERES
(206) 949-3420
Listed By:
Kelly Muldrow, CCIM
(206) 949-3420
Source:
Moodyscre
Added: Jun 30
Changed: Aug 23
Last Checked: Aug 23 at 7:16AM
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
Investment Insights
Based on property information with market context.
The Parfitt Building at Wharfside offers four commercial office condominiums on the lower two floors, totaling 18,196 RSF, for sale. The building was designed by Cutler Anderson Architects and built by Fairbank Construction Company in 2000. The offering is focused on the office condominiums and excludes the separately-owned residential condominiums located on the top floor of each building.
Positioned on Eagle Harbor, the building sits steps from the public dock, the marina, and downtown Winslow, with a fifteen-minute stroll to the ferry terminal, restaurants, and the Bainbridge Island Museum of Art.
Commercial zoning is described as strict, with new supply capped and no comparable Eagle Harbor-frontage product indicated as available.
Positioned on Eagle Harbor, the building sits steps from the public dock, the marina, and downtown Winslow, with a fifteen-minute stroll to the ferry terminal, restaurants, and the Bainbridge Island Museum of Art.
Commercial zoning is described as strict, with new supply capped and no comparable Eagle Harbor-frontage product indicated as available.
Key Highlights
- Four commercial office condominium units on the lower two floors totaling 18,196 RSF
- Built in 2000; designed by Cutler Anderson Architects and built by Fairbank Construction Company
- Parfitt Building at Wharfside is steps from the public dock, the marina, and downtown Winslow
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$259,402
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.99%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,188,040
$5.2M
Cap Rate 7%
$3,705,743
$3.7M
Cap Rate 9%
$2,882,244
$2.9M
Market Conditions
NOI Build-Up for 18,196 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$393.0K $21.60/SF
− Vacancy
−$47.2K −$2.59/SF
EGI
$345.9K $19.01/SF
− OpEx
−$86.5K −$4.75/SF
NOI
$259.4K $14.26/SF
Area
Kitsap County, WA
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,188,040
Cap Rate 7%
$3,705,743
Cap Rate 9%
$2,882,244
Alternative Uses
Best Use
Office B
$3.71M
$3.24M – $4.32M
NOI $259,402 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.07M
$5.31M – $7.08M
NOI $424,722 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Four office condominiums on the lower two floors totaling 18,196 RSF, built in 2000 and steps from the public dock and marina.
Where is this office units located?
The property is located at 175 Parfitt Way SW Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $6,495,000.
What are key features of this property?
This property features: Four commercial office condominium units on the lower two floors totaling 18,196 RSF; Built in 2000; designed by Cutler Anderson Architects and built by Fairbank Construction Company; Parfitt Building at Wharfside is steps from the public dock, the marina, and downtown Winslow
