Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    187 Parfitt Way SW Bainbridge Island, WA 98110

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $1,200 /Mo

    Office space with garden and harbor views, southern facing patio.

    Type:Commercial
    Property size:
    800 SF
    Added:
    Jan 21, 2026
    Days on Market:
    89
    Last Refresh:
    Apr 5 at 11:33 pm

    Property Features for 187 Parfitt Way SW

    General Information

    Standard status
    Active
    Size
    800 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1998

    We can help!

    Listing Contact
    KELLY MULDROW, CCIM

    Listing agent KELLY MULDROW, CCIM

    Listing office WINDERMERE COMMERCIAL / ERES

    Listing date Jan 21, 2026

    Source Corcoran

    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

    Overview

    Ground Floor Office with Views

    This is an 800 square foot ground floor office space. The property features garden and harbor views and is located next to a southern facing patio. It includes a private office or conference room.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bainbridge Island
    County
    Kitsap
    State
    Washington
    Longitude
    -122.522
    Latitude
    47.6218

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      WA, Bainbridge - Ravine Ln

      100 Ravine Ln, Unit 2ND, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Bainbridge Island Office Suite

      834 SF office space in High School Road Commercial District.
      921 Hildebrand Ln, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Office Space Near Ferry Terminal

      Office space in The Sterling Building, convenient for commuters.
      600 Winslow Way E, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Bainbridge Island Industrial Flex Space

      Centrally located, clean, and flexible industrial space for rent.
      8040 Day Rd W, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Bainbridge Island Commercial Space Available

      Ground floor commercial space with kitchen in Coppertop community.
      9453 Coppertop Loop NE, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Bainbridge Island Flex/Industrial Space

      Modern flex/industrial spaces available for rent on Bainbridge Island.
      12681 Miller Rd, Bainbridge Island, WA 98110
      View Details
    • $104,091/mo

      Historic Waterfront Building for Lease

      Restored warehouse/lab space with waterfront views, suitable for retail/office.
      4566 Point White Drive NE, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Efficient Office Suite For Lease

      Charming 710 SF office suite near Winslow Way shops.
      600 Ericksen Ave NE, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Bainbridge Island Flex/Office Space

      Modern flex and office spaces available in Bainbridge Island business park.
      12681 Miller Rd, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Bainbridge Island Standalone Office Building

      High-quality office space in downtown Bainbridge Island.
      250 Madrona Way NE, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Remodeled Office Space on Ericksen

      Newly remodeled office space with amenities and reliable internet.
      750 Ericksen Ave NE, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Office Space with Winslow Way View

      Move-in ready office space near ferry terminal.
      600 Winslow Way E, Bainbridge Island, WA 98110
      View Details

    FAQs

    What type of property is this?
    Office units - Office space with garden and harbor views, southern facing patio.
    Where is this office units located?
    The property is located at 187 Parfitt Way SW Bainbridge Island, WA.
    What is the lease rate?
    The lease rate is $1,200 /Mo.
    What are key features of this property?
    This property features: Ground floor office space; Enjoy harbor views; Garden access
    We can help!
    Listing Contact
    KELLY MULDROW, CCIM
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!