Camelia on Bainbridge Island 325 Tormey Ln NE 71 Unit Apartment Building For Sale Bainbridge Island, WA 98110

Camelia on Bainbridge is a rare chance to own a mixed-use community in one of the Pacific Northwest’s most desirable, and most protected, markets. Situated in Bainbridge Island’s Winslow district, an area the city is actively targeting for high-quality housing growth, the property offers 71 residences and a ground-floor commercial suite anchored by service-oriented small businesses.
Residents live minutes from over 1,400 acres of parks and open spaces, including the 255-acre IslandWood environmental center, and enjoy the Island’s signature blend of small-town character, high-end amenities, and a fast ferry to Downtown Seattle. This lifestyle drives steady, high-quality demand from local professionals and commuters who want urban access without urban density.
With no new apartment communities under construction and minimal supply expected through 2030, Camelia is built to capture rent growth that more competitive markets simply cannot offer.
INVESTMENT HIGHLIGHTS:
Core-Plus Asset with a Strong Retail Anchor: 
Camelia on Bainbridge delivers robust cash flows across multifamily and commercial income streams, with an ideal unit mix of studios, one-, two-, and three-bedroom floorplans; a light value-add opportunity built for durable performance.
A Supply-Constrained Market Built for Outperformance: 
Zero multifamily projects are under construction or in lease-up on Bainbridge Island. This supply constraint means sustained rent growth and long-term performance.
Significant Submarket Presence: 
At 71 units, this acquisition represents ~13% of total submarket inventory with diversified income streams. The early 2000s vintage minimizes near-term capital risk and deferred maintenance exposure.
Unmatched High-Barrier Entry Point: 
Camelia sits on 3.08 acres in one of the Pacific Northwest’s most supply-protected markets. There has only been one 60+ unit property delivered on Bainbridge since 2020, with just 31 more units projected through 2030, meaning virtually no new competition.
Proven Value-Add Upside with $300+ Rent Premium: 
40 units (56%) are already renovated and capturing strong premiums. The remaining 31 classic units are primed for the same upgrades, supporting $300+ in additional rent upside with mark-to-market opportunity across the full portfolio.
Prime Location in Bainbridge’s Commercial Core: 
Situated within Winslow Centre, the Island’s primary hub for commercial activity, public investment, and growing residential density that is fully aligned with the city’s Comprehensive Plan.
High-Affluence, High-Growth Market: 
Average household income is $203,435 (1-mile) and $221,835 (5-miles), with five-year projections of $268,875 and $295,358 respectively, providing a wealthy, expanding renter base driving sustained demand.
Capital Investment Already Underway: 
Since April 2024, ownership has invested $300,000+ in interior upgrades and $22,000+ into the leasing office, roof, and fire panel improvements, reducing buyer risk from day one.