Versatile Office Space with
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360 Knechtel Way NE, Bainbridge Island, WA
Adaptable 1,690 SF office space with unique features.
Property Size1,690 SF
Lot Size1.09 Acres
Price / SF$236.69
Days on Market258
Property Features for 360 Knechtel Way NE
General Information
Standard status
Active
Size
1,690 SF
Lot size
1.09 Acres
Property subtype
OFFICE
Listing Agency:
Pacific Commercial Brokers
(425) 531-4109
Listed By:
Andrew Babcock
(425) 531-4109
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:00AM
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 Pacific Commercial Brokers
Investment Insights
Based on property information with market context.
This 1,690 square foot unit, designated as Unit 405, is designed with three distinct areas suitable for various uses. The first area includes a small kitchen, a fireplace, and washer/dryer hookups. The second area is currently equipped with mirrors and mats, making it suitable for fitness, wellness, or creative studio concepts. The third section features locker rooms, showers, and restrooms. Buyers have the option to purchase a 1,900 square foot deck for expanded outdoor potential. HOA dues include electricity.
Key Highlights
- HOA dues include electricity, advantageous for high‑energy use businesses.
- Unit is 1,690 sqft and divided into three distinct areas suitable for diverse uses.
- Includes a small kitchen, fireplace, and washer/dryer hookups for added convenience.
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
$24,093
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
6.02%
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%
$481,860
$481.9K
Cap Rate 7%
$344,186
$344.2K
Cap Rate 9%
$267,700
$267.7K
Market Conditions
NOI Build-Up for 1,690 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
$36.5K $21.60/SF
− Vacancy
−$4.4K −$2.59/SF
EGI
$32.1K $19.01/SF
− OpEx
−$8.0K −$4.75/SF
NOI
$24.1K $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%
$481,860
Cap Rate 7%
$344,186
Cap Rate 9%
$267,700
Alternative Uses
Best Use
Office B
$344.2K
$301.2K – $401.6K
NOI $24,093 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$563.5K
$493.1K – $657.5K
NOI $39,447 @ 7.0% cap · market cap 9.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,825
Businesses Nearby
Explore this area
Business Placement
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 - Adaptable 1,690 SF office space with unique features.
Where is this office units located?
The property is located at 360 Knechtel Way NE Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: HOA dues include electricity, advantageous for high‑energy use businesses.; Unit is 1,690 sqft and divided into three distinct areas suitable for diverse uses.; Includes a small kitchen, fireplace, and washer/dryer hookups for added convenience.
