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For Sale · 175 Parfitt Way SW · Bainbridge Island

A rare waterfront investment on Eagle Harbor

Four commercial office condos in the Bainbridge Island marina district — in the heart of Winslow and a short distance to the Seattle ferry. The first investment-grade office offering on the harbor in more than a decade, and there won't be more like it.
$6,495,000
Asking Price
6.74%
Cap Rate
$431,000
Net Operating Income
18,196
Rentable SF
27
Garage Stalls
A rare waterfront investment

Eagle Harbor frontage, built to last

The Parfitt Building anchors the south side of Bainbridge Island's marina district on Eagle Harbor, steps from the public dock and downtown Winslow. Four commercial office condominiums on the lower two floors — 18,196 rentable square feet — designed by Cutler Anderson Architects and built by Fairbank Construction in 2000, held by the same ownership group for twenty-five years.

The opportunity

What makes the Parfitt Building rare

Eagle Harbor Frontage

Adjacent to the water, near the public dock and the marina, a short walk from downtown Winslow.

Trophy Construction

Designed and built by two of the most respected architecture and construction firms in the Pacific Northwest.

Constrained Supply

Strict island zoning and the harbor's geography keep new commercial product from being built.

Ferry Access

Thirty-five minutes to downtown Seattle by Washington State Ferry, seven miles west of the core.

Parking Advantage

Twenty-seven covered garage stalls — rare for a Winslow address — plus shared parking in an adjacent lot.

Diversified Income

A long-tenured roster of professional services, healthcare, design, and consulting tenants across four units.

The offering

The commercial heart of the building

The four commercial office condominiums make up the lower two floors. The residential condominiums on the top floor of each building are separately owned and are not part of this sale.

The submarket

Bainbridge Island

Seven miles west of Seattle across Puget Sound — a commuter destination and a self-contained regional economy at once. Downtown Winslow's retail core, the ferry terminal, and the Bainbridge Island Museum of Art are all a few minutes away.

$172,188 median household income (nearly twice the state median)
70%+ of adults hold a bachelor's degree or higher
~24,963 residents across roughly 9,900 households
Value on Eagle Harbor

A 6.74% in-place cap on $431,000 of net operating income — investment-grade construction on a waterfront parcel, in a market small enough to know every tenant by name.

For brokers

Open the listing on your platform

Prefer to pull it from a listing service? Here's the Parfitt on CommercialMLS.

Crexi and CoStar / LoopNet coming soon.

Book a walk-through

See it in person

Tell me a little about what you're looking for and I'll set up a tour — or send a client through. I'll follow up personally.

Request a Tour Kelly Muldrow — Commercial Real Estate Services
Kelly Muldrow, CCIM · c. 206-949-3420 · o. 206-842-5626 · kellymuldrow@windermere.com