Listed by Skyline Properties, Inc., Bought with Seaview Investment Group LLC
NOT LISTED FOR SALE

401 521 Madrona Way NE Unit 1-38 Bainbridge Island, WA 98110

-- Bed
-- Bath
42,660 Sq Ft
1.12 Acres

Last Sold July 01, 2021

Last sale price $21,800,000 $511 Per Sq Ft

41 Days on Market

Highlights

  • Solar Power System
  • 1.12 Acre Lot
  • Electric Vehicle Charging Station
  • Bainbridge High School Rated A
  • Bamboo Flooring
  • 5-minute walk to Winslow Green

About This Home

As of July 2021

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.

Last Agent to Sell the Property

Donna Marshall

Skyline Properties, Inc. License #111216 Listed on: 01/27/2021

Skyline Properties, Inc.

Co-Listed By

Dan Swanson

Kidder Mathews License #13533

Last Buyer's Agent

Tom Daniels

Seaview Investment Group LLC License #18993

Source: Northwest Multiple Listing Service (NWMLS)

MLS#: 1711386

Northwest Multiple Listing Service (NWMLS)

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $152,667

Year Built

  • Built in 2019

Lot Details

  • 1.12 Acre Lot
  • Property is in very good condition

Home Design

  • Flat Roof Shape
  • Poured Concrete
  • Insulated Concrete Forms
  • Vinyl Construction Material

Interior Spaces

  • 42,660 Sq Ft Home
  • 2-Story Property

Flooring

  • Bamboo
  • Wood
  • Wall to Wall Carpet
  • Concrete
  • Ceramic Tile

Parking

  • 40 Parking Spaces
  • Open Parking

Eco-Friendly Details

  • Solar Power System

Schools

  • Bainbridge Isl High School

Utilities

  • Mini Split Air Conditioners
  • Heat Pump System
  • High Speed Internet

Community Details

  • Bainbridge Island Subdivision
  • Electric Vehicle Charging Station

Listing and Financial Details

  • Assessor Parcel Number see attached

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$152,667

Year Built

Built in 2019

Lot Details

0

Listing Details

  • Property Type: Residential Income
  • Property Sub Type: Multi-Family
  • StyleCode: 56 - 10+ Units
  • Year Built: 2019
  • Buyer Agency Compensation: 100,000
  • MLS Status: Sold
  • Prev Status: Closed
  • New Construction: No
  • CalculatedSquareFootage: 42660
  • EffectiveYearBuiltSource: Public Records
  • SOCComments: flat fee $100,000
  • Special Features: VirtualTour

Interior Features

  • Possible Use: Multi-Family
  • Fireplace: No
  • Flooring: Bamboo/Cork, Ceramic Tile, Concrete, Hardwood, Carpet
  • Interior Amenities: Heat Pump, Ductless HP-Mini Split, Ceramic Tile, Concrete, Hardwood, Wall to Wall Carpet, Bamboo/Cork
  • Stories: 2
  • SquareFootageFinished: 0
  • SquareFootageUnfinished: 0
  • Amenities: Energy Package,Fire Sprinklers,See Remarks,Storage

Exterior Features

  • Roof: Flat
  • Lot Features: Paved, Sidewalk
  • View: No
  • Waterfront: No
  • Exterior Features: Cement/Concrete, Metal/Vinyl
  • Foundation Details: Poured Concrete
  • Property Condition: Very Good
  • Structure Type: Multi Family
  • ConstructionMethods: Insulated Concrete Form (ICF),Steel & Concrete

Garage/Parking

  • Carport Y N: No
  • Open Parking: Yes
  • Total Parking Spaces: 40

Utilities

  • Sewer: Sewer Connected
  • Water Source: Public
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Utilities: High Speed Internet, Sewer Connected, Solar PV
  • PowerCompany: PSE
  • SewerCompany: City of Bainbridge
  • WaterCompany: City of Bainbridge

Condo/Co-op/Association

  • Senior Community: No

Schools

  • Junior High Dist: Bainbridge Island
  • High School: Bainbridge Isl

Lot Info

  • Parcel Number: see attached
  • Lot Size Acres: 1.1201
  • Lot Size Sq Ft: 48790
  • Irrigation Water Rights: No
  • ResoLotSizeUnits: SquareFeet
  • ShowMapLink: true
  • SiteFeatures: Electric Car Charging,High Speed Internet
  • MLSLotSizeSource: REALIST
  • ZoningJurisdiction: City
  • ZoningClass: Multi-Family

Green Features

  • Efficiency: Insulated Concrete Form (ICF)
  • Green Power: Solar
  • Power Production Type: Solar PV

Rental Info

  • Furnished: Unfurnished
  • GrossRentMultiplier: 18
  • LeasedItems: None
  • TotalMonthlyIncome: 104370

Tax Info

  • Year: 2020
  • Tax Annual Amount: 152667

Multi Family

  • Number Of Units Total: 38
  • EnergySource: Solar PV
  • UnitsBelowGrade: false

MLS Schools

  • Elementary School: Buyer To Verify

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
07/01/2021 07/01/21 Sold $21,800,000 -2.7% $511 / Sq Ft
03/09/2021 03/09/21 Pending -- -- --
01/27/2021 01/27/21 For Sale $22,400,000 -- $525 / Sq Ft
Source: Northwest Multiple Listing Service (NWMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Donna Marshall

    Seller's Agent in 2021

    Donna Marshall

    Skyline Properties, Inc

    (425) 422-0954

    1 in this area

    31 Total Sales

    Donna Marshall
    Section Image
  • Dan Swanson

    Seller Co-Listing Agent in 2021

    Dan Swanson

    Kidder Mathews

    (425) 444-6501

    1 in this area

    55 Total Sales

    Dan Swanson
    Section Image

  • T

    Buyer's Agent in 2021

    Tom Daniels

    Seaview Investment Group LLC

    Section Image
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Map

Source: Northwest Multiple Listing Service (NWMLS)

MLS Number: 1711386

Northwest Multiple Listing Service (NWMLS)
Washington Kitsap County Bainbridge Island 98110

401 521 Madrona Way NE Unit 1-38, Bainbridge Island, WA

Not Listed for Sale

MultiFamily

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Northwest Multiple Listing Service (NWMLS) All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listing information is provided by the Northwest Multiple Listing Service (NWMLS). Property information is based on available data that may include MLS information, county records, and other sources. Listings marked with the 3 tree icon and provided by NWMLS. All properties are subject to prior sale or withdrawal. IDX information is provided exclusively for consumers’ personal noncommercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, that the data is deemed reliable but is not guaranteed by MLS GRID. ©2025 NWMLS.
Based on information submitted to the MLS GRID

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