Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Waterfront Marina and Restaurant Opportunity Title is generated by Realmo AI

    231 Parfitt Way SW, Bainbridge Island, WA 98110

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Mixed-use property with marina, restaurant, and development potential.

    Type:SPECIALTY
    Property size:
    1,817 SF
    Lot size:
    0.69 Acres
    Price / SF:
    $2,696/SF
    Added:
    Sep 17, 2025
    Days on Market:
    239
    Last Refresh:
    Apr 5 at 8:47 pm

    Property Features for 231 Parfitt Way SW

    General Information

    Standard status
    Active
    Size
    1,817 SF
    Lot size
    0.69 Acres
    Property subtype
    SPECIALTY

    We can help!

    Listing Contact
    Bror Elmquist
    Bror Elmquist

    Listing agent Bror Elmquist

    Listing office The Agency Bainbridge Island

    Listing date Sep 17, 2025

    Source Moodyscre

    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 The Agency Bainbridge Island

    HighLights

    • Prime low‑bank waterfront property in Winslow's Downtown Marina District.
    • Includes Harbour Public House Restaurant and Bar and Marina businesses.
    • Development potential: 12,022 SF residential and 18,033 SF commercial allowed.
    • 52‑slip Marina with DNR lease and facilities.
    • Zoning is CORE -mixed use- encouraging residential, office, and retail uses.
    • Jaw‑dropping vistas of Puget Sound and the Seattle City Skyline.

    Overview

    This offering includes a .69 acre redevelopment site, a 52-slip marina with a Department of Natural Resources lease and facilities, and a restaurant and pub. Located in Winslow's downtown Marina District, the Harbour Marina and Public House offer views of Puget Sound and the Seattle city skyline. The property is zoned CORE mixed-use, which encourages residential uses with office and retail allowed. The purchase includes developable land, the Harbour Public House Restaurant and Bar, and the marina businesses. Allowed new development includes 12,022 square feet for residential use and 18,033 square feet for commercial use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Marinas

    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
    -122.523
    Latitude
    47.6215

    Nearby Similar for Sale

    • $2,225,000

      Bainbridge Island Office Asset

      Office asset in supply-constrained Bainbridge Island submarket.
      911 Hildebrand Ln NE, Bainbridge Island, WA 98110
      View Details
    • $348,000
      771 SF

      Bainbridge Island Office/Retail Condominiums

      Class A office and retail spaces near downtown.
      271 Wyatt Way NE, Bainbridge Island, WA 98110
      View Details
    • $1,890,000
      6,000 SF

      Rolling Bay Retail Center Investment

      Multi-tenant retail center with development potential in Rolling Bay.
      10320 NE Valley Rd, Bainbridge Island, WA
      View Details
    • $1,088,000
      2,889 SF

      Bainbridge Island Standalone Office Building

      2,889 SF standalone office building in downtown Bainbridge Island.
      250-284 Madrona Way NE, Bainbridge Island, WA
      View Details
    • Contact for pricing
      4,761 SF

      Coppertop Park Flex Space

      Versatile 4,761 SF space in a convenient Bainbridge Island location.
      Sportsman Club Rd NE 9440, Bainbridge Island, WA
      View Details
    • $985,000
      2,049 SF

      Harbor Square Corner Office Space

      Corner office space near Bainbridge Island ferry terminal with parking.
      776 Winslow Way E, Bainbridge Island, WA 98110
      View Details
    • $550,000

      Historic Bainbridge Island Development Opportunity

      7.32-acre parcel with development potential and historic significance.
      11000 Highway 305 Ne, Bainbridge Island, WA, 98110-3318
      View Details
    • $8,050,000

      Bainbridge Island Industrial Land Opportunity

      Rare industrial land for sale near downtown Bainbridge Island.
      9300 New Brooklyn Rd NE, Bainbridge Island, WA
      View Details
    • $4,900,000
      1,817 SF

      Waterfront Redevelopment Opportunity

      Waterfront property with redevelopment potential, marina, and restaurant/pub.
      231 Parfitt Way SW, Bainbridge Island, WA 98110
      View Details
    • $1,250,000
      900 SF

      Waterfront Land Near Lynwood Center

      Waterfront land with active permits near shops and restaurants.
      4552 Point White Drive NE #A&B, Bainbridge Island, WA 98110
      View Details
    • $300,000
      1,900 SF

      Versatile Unit with Unique Amenities

      Adaptable commercial unit featuring kitchen, fireplace, and fitness area.
      360 Knechtel Way NE #405, Bainbridge Island, WA 98110
      View Details
    • Contact for pricing

      Mixed-Use Community in Winslow District

      Mixed-use property with residences and commercial space in Bainbridge Island.
      325 Tormey Ln NE, Bainbridge Island, WA 98110
      View Details

    FAQs

    What type of property is this?
    Marina - Mixed-use property with marina, restaurant, and development potential.
    Where is this marina located?
    The property is located at 231 Parfitt Way SW Bainbridge Island, WA.
    What is the asking price?
    The asking price for this property is $4,900,000.
    What are key features of this property?
    This property features: Prime low‑bank waterfront property in Winslow's Downtown Marina District.; Includes Harbour Public House Restaurant and Bar and Marina businesses.; Development potential: 12,022 SF residential and 18,033 SF commercial allowed.
    (206) 841-5091 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bror Elmquist
    Bror Elmquist
    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

    Thank You for Inquiry
    231 Parfitt Way SW, Bainbridge Island, WA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!