CBRE has arranged the sale of Quay Bainbridge, a 70-unit multifamily community on Bainbridge Island, Washington, for $16.8 million. The property is located at 250 Shannon Dr SE and traded above its initial $15 million list price.
CBRE professionals Mark Zoffel and Natalie Kasper represented the seller, Quay Bainbridge LLC, in the transaction. According to Kasper, the community has maintained an average occupancy of 97% over the past five years. She added that with no new multifamily supply anticipated in the area, the chance to acquire a stabilized property with full renovation potential in this submarket is uncommon.
Quay Bainbridge is situated in downtown Bainbridge and extends across three separate parcels totaling approximately 3.98 acres. The garden-style community consists of nine residential buildings developed between 1968 and 1972, reflecting a vintage asset profile with updated components. The property offers a mix of one-, two-, and three-bedroom apartments.
Units at the community average 878 square feet and include in-unit features such as wood-burning fireplaces and private decks. Many residences also capture views of Puget Sound, adding a coastal element to the property’s appeal. These attributes, combined with the downtown location, position the asset as a long-held community fixture with scope for further modernization.
Current ownership has already executed a series of capital improvements across the property. Recent work includes full roof replacements on all nine buildings, new siding and windows, and the replacement of unit decks. These upgrades address key structural and exterior needs while leaving room for a future owner to pursue interior renovations and repositioning strategies.
The transaction highlights investor interest in stabilized, well-located multifamily communities on Bainbridge Island, particularly where limited new construction is expected. With occupancy levels remaining high over an extended period and major building systems recently upgraded, Quay Bainbridge offers a combination of in-place income and potential value-add upside for the next owner.
