Leased Flex Space
For Sale
$458,000
A5-12935 Islandcraft Ln Ne, Bainbridge Island, WA
Business Industrial zoning supports a range of personal and professional light-industrial uses.
Property Size1,254 SF
Price / SF$365.23
Days on Market1034
Property Features for A5-12935 Islandcraft Ln Ne
General Information
Standard status
Active
Size
1,254 SF
Zoning
Business Industrial
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$1,770
Building Details
Tenancy
Single Tenant
Listing Agency:
Windermere Commercial/ERES
Listed By:
Kelly Muldrow
(206) 780-5007
Source:
Exprealty
Added: Dec 6, 2023
Changed: Oct 4
Last Checked: Oct 4 at 4:34PM
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.
This 1,254-square-foot flex condominium is part of the Island Craft Condominium project, a collection of individually owned light-industrial units. The space is occupied by a coffee roaster and includes an existing lease with extension options through 2029.
The property is located on Islandcraft Ln NE in Bainbridge Island, Washington. Business Industrial zoning and the condominium format provide a defined setting for light-industrial, personal, and professional uses.
The property is located on Islandcraft Ln NE in Bainbridge Island, Washington. Business Industrial zoning and the condominium format provide a defined setting for light-industrial, personal, and professional uses.
Key Highlights
- 1,254‑square‑foot flex condominium
- Business Industrial zoning
- Occupied by a coffee roaster
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
$14,408
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
3.15%
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%
$288,160
$288.2K
Cap Rate 7%
$205,829
$205.8K
Cap Rate 9%
$160,089
$160.1K
Market Conditions
NOI Build-Up for 1,254 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
$22.6K $18.00/SF
− Vacancy
−$406 −$0.32/SF
EGI
$22.2K $17.68/SF
− OpEx
−$7.8K −$6.19/SF
NOI
$14.4K $11.49/SF
Area
Kitsap County, WA
Vacancy
1.80%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$288,160
Cap Rate 7%
$205,829
Cap Rate 9%
$160,089
Alternative Uses
Best Use
Flex RnD
$205.8K
$180.1K – $240.1K
NOI $14,408 @ 7.0% cap · market cap 3.15%
Second Best
Industrial
$110.8K
$97.0K – $129.3K
NOI $7,758 @ 7.0% cap · market cap 1.69%
Theoretical Best
Specialty Retail
$418.1K
$365.9K – $487.8K
NOI $29,270 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Single Tenant-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
151
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Culinary Capers — bainbridge island, wa 98110
Frequently Asked Questions
What type of property is this?
Flex space - Business Industrial zoning supports a range of personal and professional light-industrial uses.
Where is this flex space located?
The property is located at A5-12935 Islandcraft Ln Ne Bainbridge Island, WA.
What is the asking price?
The asking price for this property is $458,000.
What are key features of this property?
This property features: 1,254‑square‑foot flex condominium; Business Industrial zoning; Occupied by a coffee roaster
