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Property profile & analytics
FOR LEASE
Office buildings
187 Parfitt Way SW Bainbridge Island, WA 98110
Entity Owned
7-yr Hold
~
Est. High Equity
Property ID
US90-2226248
For Lease
$18 SF/Yr
187 Parfitt Way SW, Bainbridge Island, WA 98110
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1998
Total area
8,738 SF
Lot
0.29 ac (12,632 SF)
Zoning code
CITY
APN
272502-4-172-2008
UPID
US90-2226248
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.52M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.87M
Owner & transaction history
1801 Catalina LLC · 7 yrs held
1801 Catalina LLC
since 2018
6 recorded transactions
Zoning & alternative use
CITY · Bainbridge Island, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$3.1M
+0.4%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bainbridge Island submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bainbridge Island submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,725,000
6.5%
$2,515,000
7%
$2,340,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,090,000
Current use
APARTMENT HOUSE (5+ UNITS)
$3,100,000
Change: +0% · Conversion: Easy
MEDICAL BUILDING
$3,005,000
Change: -3% · Conversion: Easy
WAREHOUSE, STORAGE
$2,580,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$1.87M
Range $1.68M – $2.06M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$214 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$22,238
Tax year 2024
Assessed value
$2,955,380
Assessed 2024
Previous assessed
$2,955,380
+0.0% YoY
Effective rate
0.75%
On assessed value
Assessed land
$779,440
Assessed improvement
$2,175,940
Land market value
$779,440
Improvement market value
$2,175,940
Total market value
$2,955,380
Applied tax rate
215.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
For Lease
Year built
1998
Heating
NONE
Stories
2
Total area
8,738 SF
Lot
0.29 ac (12,632 SF)
Zoning code
CITY
APN
272502-4-172-2008
UPID
US90-2226248
Jurisdiction
KITSAP
Zoning & alternative use
CITY · Bainbridge Island, WA
Zoning CITY · permitted uses
CITY · Bainbridge Island, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bainbridge Island. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.1M
MEDICAL BUILDING
Est. value
$3.0M
WAREHOUSE, STORAGE
Est. value
$2.6M
OFFICE BUILDING Current
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1998
Heating
NONE
Stories
2
Lot
0.29 ac
Current owner
From public records · entity-resolved
1801 Catalina LLC
Entity
Mailing address
9317 NES BCH DR, BAINBRIDGE ISLAND, WA 98110-2396
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 4, 2018
$3,165,000
1801 Catalina LLC
Conway Carle & Ann F/tr
Warranty Deed
$1,165,000 · Conway Carle & Ann F/tr (pt)
Apr 11, 2016
$2,572,500
Conway,carle & A Trust
Hillis Clark Martin & P Ps|waters Edge I LLC
Trustees Deed
—
Jul 3, 2007
$2,500,000
Waters Edge I LLC
Conway C & A Family Trust
Grant Deed
$2,000,000 · Conway Carle & A Family Trust
Nov 17, 2003
$2,150,000
Conway,tr
Mmp Properties LLC
Grant Deed
—
—
—
Waters Edge I LLC
—
Deed Of Trust
related
$175,000 · Richter Living Trust (lt)
—
—
Waters Edge I LLC
—
Deed Of Trust
related
$250,000 · Joachim & Patricia Richter
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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