Professional Office Live-Work
For Sale
Contact for pricing
360 KNECHTEL WAY NE, Bainbridge Island, WA 98110
Highly improved condo with vaulted ceilings, expansive windows, and private restroom and shower for flexible professional use.
Property Size1,250 SF
Price / SF$320
Days on Market101
Property Features for 360 KNECHTEL WAY NE
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Retail, Office, Mixed Use
Building Details
Year Built
2007
Tenancy
Single
Listing Agency:
Pacific Commercial Brokers
Listed By:
Tom O'Brien · License #WA
(253) 988-0080
Source:
Crexi
Added: May 28
Changed: Aug 26
Last Checked: Sep 4 at 6:38AM
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 highly improved professional office/live-work style condo is located in an attractive mixed-use building constructed in 2007. Inside, the space offers dramatic vaulted ceilings and expansive windows designed to bring in abundant natural light. Interior finishes reflect a warm Pacific Northwest aesthetic, supported by practical built-ins including built-in cabinetry and efficient storage solutions. The layout includes large open gathering/work areas, a mirrored studio space, and private restroom and shower facilities, along with a fireplace/lounging environment.
Set on Bainbridge Island near downtown amenities, restaurants, and ferry access, the property also sits within reach of surrounding residential neighborhoods. The building is professionally managed through an HOA, and on-site parking is available for added convenience.
The configuration supports a wide range of owner-user and professional operations, including medical, therapy, wellness, fitness, consulting, creative studios, and boutique office use. With both open collaborative space and dedicated studio areas, it can accommodate work that benefits from flexible zoning of areas for clients, sessions, or daily operations, while retaining private sanitary and shower facilities within the unit.
Set on Bainbridge Island near downtown amenities, restaurants, and ferry access, the property also sits within reach of surrounding residential neighborhoods. The building is professionally managed through an HOA, and on-site parking is available for added convenience.
The configuration supports a wide range of owner-user and professional operations, including medical, therapy, wellness, fitness, consulting, creative studios, and boutique office use. With both open collaborative space and dedicated studio areas, it can accommodate work that benefits from flexible zoning of areas for clients, sessions, or daily operations, while retaining private sanitary and shower facilities within the unit.
Key Highlights
- 2007‑built mixed‑use building with a highly improved professional office/live‑work style condo
- Dramatic vaulted ceilings and expansive windows for abundant natural light
- Large open gathering/work areas plus mirrored studio space
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
$22,260
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
5.56%
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%
$445,200
$445.2K
Cap Rate 7%
$318,000
$318.0K
Cap Rate 9%
$247,333
$247.3K
Market Conditions
NOI Build-Up for 1,250 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
$41.0K $32.76/SF
− Vacancy
−$3.8K −$3.08/SF
EGI
$37.1K $29.68/SF
− OpEx
−$14.8K −$11.87/SF
NOI
$22.3K $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 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%
$445,200
Cap Rate 7%
$318,000
Cap Rate 9%
$247,333
Alternative Uses
Best Use
Healthcare Medical
$318.0K
$278.3K – $371.0K
NOI $22,260 @ 7.0% cap · market cap 5.56%
Second Best
Office B
$254.6K
$222.8K – $297.0K
NOI $17,820 @ 7.0% cap · market cap 4.46%
Theoretical Best
Specialty Retail
$416.8K
$364.7K – $486.3K
NOI $29,177 @ 7.0% cap · market cap 7.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,825
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?
Live-work space - Highly improved condo with vaulted ceilings, expansive windows, and private restroom and shower for flexible professional use.
Where is this live-work space 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: 2007‑built mixed‑use building with a highly improved professional office/live‑work style condo; Dramatic vaulted ceilings and expansive windows for abundant natural light; Large open gathering/work areas plus mirrored studio space
