Listing Provided Courtesy Of:
Sterling Johnston Real Estate and NWMLS
401 521 Madrona Way NE # 1-38 Bainbridge Island, WA
$ 22,400,000
Property Attributes
  • ID#1711386
  • TypePending
  • CountyKITSAP
  • CityBainbridge Island
  • AreaBainbridge Islan
  • NeighborhoodBainbridge Island
  • Zip98110
  • Style10+ Units
  • Year Built2019
  • Taxes$ 152667
  • Price$ 22,400,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage42660
  • Lot Size1.12 Acres
Listing Provided Courtesy Of:
Sterling Johnston Real Estate and NWMLS
Data Source:
Property Description

38 Units,Downtown Winslow,Market Cap Rate 4.43%, In place Cap rate 4.27%,demographics comparable to Bellevue, considered to be an A submarket outside of Seattle, High end construction built in 2019/20,The currently below-market rent provides the buyer an opportunity to increase income while likely maintaining high occupancy(currently approx.100% occupied)no concessions. Built as condominiums, offering a new owner an alternative exit strategy in the form of selling individual buildings or townhome units. The Walk provide a buyer a low-risk investment with near and long-term growth potential. 6th safest city in Wash State, low utility costs- Zero Energy project with each home designed to be Net Zero energy with low maintenance solar panels.

Elementary School High School
Buyer To Verify Elementary School Bainbridge Isl High School
Price History
1/28/2021 Listed $22,400,000

General Features

Amenities Energy Package, Fire Sprinklers, See Remarks, Storage
Buildingareaunits Square Feet
Carport Y/N No
City Bainbridge Island
Co-Listing Agent Dan Swanson
County Kitsap
Directions Take Ferry to Winslow, follow GPS.
Elementary School Buyer To Verify
Energy Efficient Insulated Concrete Form (ICF)
Exterior Features Cement/Concrete, Metal/Vinyl
Flooring Bamboo/Cork, Ceramic Tile, Concrete, Hardwood, Carpet
Green Energy Generation Solar
High School Bainbridge Isl
High School District Bainbridge Island
Insuranceexpense 11993
Interior Features Ductless HP-Mini Split, Ceramic Tile, Concrete, Hardwood, Wall to Wall Carpet
Leasable Area 42660
Listing Agent Name Donna Marshall
MLS Area 170 - Bainbridge Islan
Netoperatingincome 955794
New Construction No
Nwm Watersewergarbage 5709
Nwm Zoningclass Multi-Family
Open Parking Spaces 40
Possession Closing, Tenant's Rights
Possible Use Multi-Family
Property SubType Multi-Family
Property Type Residential Income
PropertyCondition Very Good
Roof Flat
Senior Community Y/N No
Sewer Sewer Connected
Special Listing Conditions None
Standard Status Pending
Status Pending
Street Name Madrona
Structure Type Multi Family
Subdivision Name Bainbridge Island
Tax Annual Amount 152667
Tax Year 2020
Terms Cash Out
Total Units 38
Unit Number 1-38
Units Below Grade false
Units In Building Total 38
Utilities High Speed Internet, Sewer Connected, Solar PV
Virtual Tour
Water Company City of Bainbridge
Year Built 2019

Interior Features

Air Conditioning Y/N Yes
Electric On Property Y/N No
Fireplace Y/N No
Furnished Y/N Unfurnished
Heating Y/N Yes
Livingareaunits Square Feet
Power Production Type Solar PV
Street Suffix Way
Total Stories 2

Exterior Features

Building Area Total 42660
Foundation Details Poured Concrete
Irrigation Water Rights Y/N No
Lot Features Paved, Sidewalk
Lot Size Acres 1.1201
Lot Size Square Feet 48790
Lot Size Units Square Feet
Open Parking Y/N Yes
Parking Uncovered Spaces 40
Site Features Electric Car Charging, High Speed Internet
Total Parking 40
View Y/N No
Water Source Public
Waterfront Y/N No


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Pending Average in 98110

AVG $1.43M
AVG $9,698
AVG 70
Year Built
AVG 1996
AVG 31
Data Provided by Walkscore ® not using MLS data

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