Bought with Seaview Investment Group LLC
$21,800,000
$22,400,000
2.7%For more information regarding the value of a property, please contact us for a free consultation.
401 521 Madrona WAY NE #1-38 Bainbridge Island, WA 98110
42,660 SqFt
Key Details
Sold Price $21,800,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 42,660 sqft
Price per Sqft $511
Subdivision Bainbridge Island
MLS Listing ID 1711386
Sold Date 07/01/21
Style 56 - 10+ Units
Year Built 2019
Annual Tax Amount $152,667
Lot Size 1.120 Acres
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.
Location
State WA
County Kitsap
Area 170 - Bainbridge Island
Interior
Interior Features Heat Pump, Ductless HP-Mini Split, Ceramic Tile, Concrete, Hardwood, Wall to Wall Carpet, Bamboo/Cork
Flooring Bamboo/Cork, Ceramic Tile, Concrete, Hardwood, Carpet
Fireplace false
Exterior
Exterior Feature Cement/Concrete, Metal/Vinyl
Utilities Available High Speed Internet, Sewer Connected, Solar PV
Amenities Available Electric Car Charging, High Speed Internet
Waterfront No
View Y/N No
Roof Type Flat
Building
Lot Description Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
Elementary Schools Buyer To Verify
High Schools Bainbridge Isl
School District Bainbridge Island
Others
Senior Community No
Acceptable Financing Cash Out
Listing Terms Cash Out
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