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401 Madrona Way NE

Bainbridge Island, WA 98110
  • $22,400,000
  • STATUS: Pending
  • ON SITE: 135 days
  • ID#: 1711386
Under Contract
UPDATED: 36 min ago
$22,400,000
  • 0
    BEDS
  • 1.12
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Multi-Family
Built:
2019
County:

School Information

Elementary School:
High School:
School District:
Listing Courtesy of Sterling Johnston Real Estate.

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.

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The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than Engel & Völkers Federal Way are marked by the "three tree" symbol; detailed information about such listings includes the names of the listing brokers. Data last updated 2021-06-12T10:14:23.223.

www.recordrre.com/homes/113684620
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401 Madrona Way NE Bainbridge Island, WA 98110

  • Price: $22,400,000
  • Status: Pending
  • Updated: 36 min ago
  • ID#: 1711386
0
Beds
0
Baths
0
½ Baths
1.12
Acres
2019
Built
Neighborhood:
Bainbridge Island
County:
Kitsap
Area:
Bainbridge Island
Elementary School:
Buyer To Verify
High School:
Bainbridge Isl
School District:
Bainbridge Island
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.
Exterior Features

Carport Spaces 0 Carport YN No Covered Spaces 0 Exterior Features Cement/ConcreteMetal/Vinyl Lot Features PavedSidewalk Open Parking Spaces 40 Open Parking YN Yes Parking Total 40 Parking Uncovered Spaces 40 Roof Flat Structure Type Multi Family Style Code 56 - 10+ Units View YN No Waterfront YN No

Interior Features

Cooling YN Yes Fireplace YN No Flooring Bamboo/CorkCeramic TileConcreteHardwoodCarpet Foundation Details Poured Concrete Furnished Unfurnished Heating Cooling Type Ductless Hp-Mini SplitHeat Pump Heating YN Yes Interior Features Ductless Hp-Mini SplitCeramic TileConcreteHardwoodWall To Wall Carpet

Property Features

Electric Expense 0 Electric On Property YN False Fuel Expense 0 Gross Scheduled Income 1252440 Insurance Expense 11993 Irrigation Water Rights YN No Leased Items None Listing Terms Cash Out Net Operating Income 955794 New Construction YN No Possible Use Multi-Family Power Production Type Solar Pv Property Condition Very Good Property Sub Type Multi-Family Sewer Sewer Connected Site Features Electric Car ChargingHigh Speed Internet Special Listing Conditions None Tax Annual Amount 152667 Tax Year 2020 Total Expenses 284121 Units In Building Total 38 Utilities High Speed InternetSewer ConnectedSolar Pv Water Sewer Garbage 5709 Water Source Public Zoning Class Multi-Family Zoning Jurisdiction City

Listing information © 2021 Northwest Multiple Listing Service. Information is based on data available to the associate, including county records. The information contained in this listing has not been verified by Engel & Völkers Federal Way and should be verified by the buyer.


The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than Engel & Völkers Federal Way are marked by the "three tree" symbol; detailed information about such listings includes the names of the listing brokers. Data last updated 2021-06-12T10:14:23.223.

 
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Engel & Völkers Federal Way
2012 S. 320th St. Suite A
Federal Way WA, 98003
Listing Courtesy of Sterling Johnston Real Estate.