CBRE Completes $17M Sale of 70-Unit Multifamily on Bainbridge Island
CBRE has completed the sale of Quay Bainbridge, a 70-unit multifamily community located at 250 Shannon Dr SE on Bainbridge Island, Washington, for $16.8 million.
CBRE’s Mark Zoffel and Natalie Kasper represented the seller, Quay Bainbridge LLC. “That demand and our proven process translated directly to the sale price — the property listed at $15M and closed at $16.8M,” said Kasper. “With 97% average occupancy over the past five years and zero new supply on the horizon, the opportunity to acquire a stabilized asset with full renovation upside in this submarket is rare.”
Situated in downtown Bainbridge, the property comprises nine buildings across three parcels totaling approximately 3.98 acres. Built between 1968 and 1972, the community offers one-, two-, and three-bedroom units averaging 878 square feet, with wood-burning fireplaces, decks, and Puget Sound views. The current ownership invested in capital improvements, including full roof replacements on all buildings, new siding and windows, and deck replacements.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout