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    727 Ericksen Ave NE Bainbridge Island, WA 98110
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    727 Ericksen Ave NE, Bainbridge Island, WA 98110

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    • Medical Office Space
    • 5,200 SF
    • 0.23 lot acres
    For Lease
    $27 SF/Yr
    View Listing →
    Ericksen Avenue NE Office Space For Lease
    $27 SF/Yr
    363 SF

    Ericksen Avenue NE Office Space

    Private office space in well-maintained medical/office building.

    727 Ericksen Ave NE, Bainbridge Island, WA
    View Listing
    Property ID
    US90-0703634
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Medical Office Space

    Property Details for 727 Ericksen Ave NE

    Year built
    2000
    Lot size
    0.23 lot acres
    Zone code
    CITY
    Property type
    Medical Office Space
    Property subtype
    Medical space
    APN
    5091-000-004-0203
    APU
    50910000040203

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 29, 2008 $1,691,500 Aerie Healthcare Props LLC Madison Dental Group LLC Warranty Deed —
    Oct 14, 1998 — Madison Dental Group LLC — Grant Deed · related $506k · American Marine Bank
    Oct 5, 1998 — Madison Dental Group LLC Maloof,steven S & Trudy N Grant Deed · related —
    — — Madison Dental Group LLC — Deed Of Trust · related $82k · American Marine Bank
    — — Meridian Of Bainbridge Island LLC — Deed Of Trust · related —

    Description

    This exceptional 363-square-foot medical office space is situated within a well-maintained, two-story Class B building in the heart of Winslow, Kitsap County. Built in 2000, the building offers a total of 5,200 square feet, currently housing multiple tenants. This particular unit presents a rare opportunity, representing one of the last remaining office spaces available on Bainbridge Island. Ideal for a solo practitioner or small professional practice seeking a quiet and productive workspace outside of a home office environment. The property boasts convenient access to the Winslow core, providing easy access to amenities and clients. The 0.23-acre lot (10,019 square feet) includes ample parking with 20 spaces available for tenants and visitors. The building is zoned for city use and features a single building with no elevators. The property's tax ID number is 50910000040203. This is a fantastic chance to establish a presence in a thriving and established medical/dental building in a highly desirable location. Don't miss this opportunity to secure your ideal workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,545,000
      6.5%
      $1,425,000
      7%
      $1,325,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $691,000
      Market price range: $237k - $763k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,265,000
      Current use
      RETAIL STORES
      $1,430,000
      Change: +13% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,325,000
      Change: +5% Conversion: Difficult
      OFFICE BUILDING
      $1,295,000
      Change: +3% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,065,000
      Change: -16% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bainbridge Island
    County
    Kitsap
    State
    Washington
    Longitude
    -122.517
    Latitude
    47.6306
    CBSA code
    14740
    CBSA name
    BREMERTON-SILVERDALE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $11,607
    $583,610
    $958,900
    $1,542,510
    -
    $583,610
    $958,900
    $1,542,510

    Comparable in this City

    • Value Estimation
      $3,080,000
      17,548 SF

      8804 Madison N Ave

      MEDICAL BUILDING
      8804 Madison N Ave, Bainbridge Island, WA 98110-1815
      View Details
    • Value Estimation
      $1,025,000
      4,833 SF

      525 High School NW Rd

      DENTAL BUILDING
      525 High School NW Rd, Bainbridge Island, WA 98110-1606
      View Details
    • Value Estimation
      $545,000
      2,838 SF

      233 Madison S Ave

      MEDICAL BUILDING
      233 Madison S Ave, Bainbridge Island, WA 98110
      View Details
    • Value Estimation
      $730,000
      5,008 SF

      730 Ericksen NE Ave

      DENTAL BUILDING
      730 Ericksen NE Ave, Bainbridge Island, WA 98110-2837
      View Details
    • Value Estimation
      $6,280,000
      29,720 SF

      1344 Wintergreen NE Ln

      MEDICAL BUILDING
      1344 Wintergreen NE Ln, Bainbridge Island, WA 98110-5118
      View Details
    • Value Estimation by Request
      302,902 SF

      701 Madison N Ave

      MEDICAL BUILDING
      701 Madison N Ave, Seattle, WA 98110-1770
      View Details

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      Ericksen Avenue NE Office Space

      Private office space in well-maintained medical/office building.
      727 Ericksen Ave NE, Bainbridge Island, WA 98110
      View Details
    • $830 /Mo
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      Medical/Office Space Near Winslow Core

      Private office in well-maintained building, close to Winslow core.
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    Bainbridge Island, WA 98110
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    727 Ericksen Ave NE, Bainbridge Island, WA, 98110
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