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Property profile & analytics
FOR LEASE
Office buildings
425 Ericksen Ave NE Bainbridge Island, WA 98110
Entity Owned
18-yr Hold
Free & Clear
Property ID
US90-1306757
No photos on file
For Lease
$1,907/Mo
425 Ericksen Ave NE, Bainbridge Island, WA 98110
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
2001
Total area
7,649 SF
Lot
0.55 ac (23,958 SF)
Zoning code
CITY
APN
262502-3-035-2008
UPID
US90-1306757
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
$2.21M
Comparable Approach
Comparable
$1.51M
Blend (final)
Blend
$2.15M
Owner & transaction history
Aerie Commercial Props LLC · 18 yrs held
Aerie Commercial Props LLC
since 2007
7 recorded transactions
Zoning & alternative use
CITY · Bainbridge Island, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.1M
+16.4%
Retail stores
$3.1M
+13.5%
Apartment house (5+ units)
$2.7M
+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%
$2,385,000
6.5%
$2,205,000
7%
$2,045,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$2,705,000
Current use
AUTO REPAIR, GARAGE
$3,145,000
Change: +16% · Conversion: Difficult
RETAIL STORES
$3,065,000
Change: +13% · Conversion: Moderate
APARTMENT HOUSE (5+ UNITS)
$2,715,000
Change: +0% · Conversion: Easy
MEDICAL BUILDING
$2,630,000
Change: -3% · Conversion: Easy
WAREHOUSE, STORAGE
$2,260,000
Change: -16% · Conversion: Difficult
Blend value · Realmo final
$2.15M
Range $1.93M – $2.36M · ±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
$280 / 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
$30,046
Tax year 2024
Assessed value
$3,993,050
Assessed 2024
Previous assessed
$3,993,050
+0.0% YoY
Effective rate
0.75%
On assessed value
Assessed land
$1,074,030
Assessed improvement
$2,919,020
Land market value
$1,074,030
Improvement market value
$2,919,020
Total market value
$3,993,050
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
2001
Heating
YES
Buildings
3
Stories
3
Total area
7,649 SF
Lot
0.55 ac (23,958 SF)
Zoning code
CITY
APN
262502-3-035-2008
UPID
US90-1306757
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
$2.7M
AUTO REPAIR, GARAGE
Est. value
$3.1M
RETAIL STORES
Est. value
$3.1M
APARTMENT HOUSE (5+ UNITS)
Est. value
$2.7M
MEDICAL BUILDING
Est. value
$2.6M
WAREHOUSE, STORAGE
Est. value
$2.3M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
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
2001
Heating
YES
Stories
3
Buildings
3
Lot
0.55 ac
Current owner
From public records · entity-resolved
Aerie Commercial Props LLC
Entity
Free & Clear · 18 yrs held
Mailing address
8451 SE 68TH ST STE #200, MERCER ISLAND, WA 98040-5240
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 9, 2007
$3,572,000
Aerie Commercial Props LLC
Taylor G Intervivos Trust
Warranty Deed
—
Jun 1, 2005
—
Taylor Glenn D Trust
Seaboard Reverse LLC
Grant Deed
related
—
Nov 19, 2004
$3,125,000
Taylor Glenn D Trust
Erickson Avenue LLC
Warranty Deed
$787,241 · Taylor Glenn D Trust 006329
May 4, 2001
—
Erickson Avenue LLC
—
Trustees Deed
related
$1,774,000 · Viking Community Bank
Jul 31, 2000
$385,000
Erickson Ave LLC
Church,e J & Kimberly S
Grant Deed
—
May 15, 1997
$175,000
Church E J
Eliason Trust
Grant Deed
$145,000 · Seller
Sep 20, 1991
—
Evald Eliason
Unknown
Quit Claim Deed
related
—
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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