Class A Office Building
For Sale
Contact for pricing
818 Madison Ave N, Bainbridge Island, WA 98110
Well-maintained, fully occupied office building with stable tenants.
Property Size6,696 SF
Lot Size0.92 Acres
Price / SF$321.09
Days on Market229
Property Features for 818 Madison Ave N
General Information
Standard status
Active
Size
6,696 SF
Lot size
0.92 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 818 Madison Ave N Contact us- Floor
- 2
- Size
- 314 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
Small Office, Great Building!
Fantastic small office in a great building in a great location on Bainbridge Island....
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Listing Agency:
Windermere Commercial / ERES
(206) 780-5007
Listed By:
Kelly Muldrow, CCIM
(206) 949-3420
Source:
Moodyscre
Added: Jan 27
Changed: Aug 12
Last Checked: Sep 13 at 3:53AM
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 818 Madison Building is a Class A office building located on Bainbridge Island. Designed by Wenzlau Architects, the building has been recently remodeled and updated. The property has a total size of 6,696 square feet and is 100% occupied by seven tenants. Individual tenant spaces range in size from 314 to 1,981 square feet. The building offers an opportunity to invest in a Class A office building with durable rents.
Key Highlights
- Class A office building investment opportunity.
- 100% occupied with stable tenants, ensuring consistent income.
- Recently extensively remodeled and updated**, presenting a modern and attractive workspace.
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
$95,458
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
4.44%
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%
$1,909,160
$1.9M
Cap Rate 7%
$1,363,686
$1.4M
Cap Rate 9%
$1,060,644
$1.1M
Market Conditions
NOI Build-Up for 6,696 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
$144.6K $21.60/SF
− Vacancy
−$17.4K −$2.59/SF
EGI
$127.3K $19.01/SF
− OpEx
−$31.8K −$4.75/SF
NOI
$95.5K $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%
$1,909,160
Cap Rate 7%
$1,363,686
Cap Rate 9%
$1,060,644
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,458 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.23M
$1.95M – $2.60M
NOI $156,295 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,809
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 building - Well-maintained, fully occupied office building with stable tenants.
Where is this office building located?
The property is located at 818 Madison Ave N Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Class A office building investment opportunity.; 100% occupied with stable tenants, ensuring consistent income.; Recently extensively remodeled and updated**, presenting a modern and attractive workspace.
