What has been described as the largest privately developed net zero apartment property in the United States was recently listed for sale. The Walk on Bainbridge Island is a 38-unit multifamily community located at 401, 405, 519, 521 Madrona Way NE in Bainbridge Island.
The units in the four buildings average 1,123 square feet and current rents are roughly $2,724. The Walk on Bainbridge Island is a 2019-constructed apartment property with solar panels and insulation which allow it to produce all its own energy. This means it operates without an electric bill to the residents.
Located in the A residential submarket of Bainbridge Island’s downtown Winslow, it is about eight miles west of downtown Seattle with significant barriers to entry, low supply, strong demand and demographics comparable to downtown Bellevue.
The Walk on Bainbridge Island has reliable cash flow and operates at near 100 percent occupancy with no delinquencies or current concessions. The buildings’ rents have increased at an average of 4 percent upon turnover since lease-up, which occurred as COVID-19 restrictions were first put into place.
Kidder Mathews’ Dan Swanson and Capstone Real Estate Group’s Donna Marshall are marketing the property for $22.4 million at a 4.27% current cap rate.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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