CBRE Completes $16.8 Million Sale of Quay Bainbridge, a 70-Unit Multifamily Community 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 $16,800,000 in a transaction that closed June 8, 2026.

CBRE's Mark Zoffel and Natalie Kasper represented the seller, Quay Bainbridge LLC.

"Quay attracted strong buyer interest because of its irreplaceable position at the center of downtown Bainbridge Island being walkable to the ferry terminal and surrounded by Puget Sound views," said Kasper. "That demand and our proven process translated directly to the sale price — the property listed at $15M and closed at $16.8M. 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, oversized 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 on select buildings.

Bainbridge Island presents a constrained supply environment for multifamily investment. There are no market-rate multifamily projects in the development pipeline on the island, despite sustained rent growth and consistent occupancy. The island's 35-minute Washington State Ferry connection to downtown Seattle positions it as a preferred residential option for workers at the region's major employment centers.