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Listed by:Northmarq Multifamily, LLC • Tyler Smith
$6,750,000
Est. payment /mo
38 Beds
46 Baths
31,164 SqFt
New
834 ML King Way DR Bremerton, WA 98337
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 31,164 sqft
Price per Sqft $216
Subdivision Bremerton
MLS Listing ID 2511189
Style 56 - 10+ Units
Bedrooms 38
Year Built 1919
Annual Tax Amount $66,367
Lot Size 0.820 Acres
Property Sub-Type Multi Family
Property Description
Northmarq is pleased to present South Court, a 47-unit multifamily community located in Bremerton. Originally constructed in 1919, the property comprises 26,100 net rentable square feet and features a balanced mix of studio, one-bedroom, and two-bedroom residences, appealing to a broad renter demographic. South Court currently generates $440,679 in net operating income and is offered at an attractive 6.53% in-place Cap Rate, providing investors with strong day-one cash flow. Current rents are approximately 8.24% below market, presenting a clear opportunity to increase revenue through alignment with prevailing market rates. The property also includes 32 surface parking spaces in addition to available street parking, supporting resident convenience and operational stability. The community benefits from convenient access to local employment centers, neighborhood retail amenities, and regional transportation connections throughout the Puget Sound area. Bremerton's growing economic base and connectivity to the broader region position the asset to capture sustained rental demand and long-term value appreciation.
Location
State WA
County Kitsap
Area 148 - West Bremerton
Interior
Flooring Hardwood
Fireplace false
Exterior
Exterior Feature Brick
View Y/N Yes
View City
Roof Type Flat,Torch Down
Building
Lot Description Alley, Corner Lot, Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Bremerton #100C
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
"Three Trees" icon indicates a listing provided courtesy of NWMLS.
Nearby Locations
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