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Net Zero Multifamily Has Work-From-Home Appeal

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, WA.

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.

For comments, questions or concerns, please contact Lisa Brown

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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