Prime Bremerton Land for
For Sale
$1,450,000
937 Callow Ave, Bremerton, WA 98312
1.38-acre lot near Puget Sound Naval Shipyard and ferry.
Property Size10,800 SF
Price / SF$134.26
Days on Market737
Property Features for 937 Callow Ave
General Information
Standard status
Active
Size
10,800 SF
Building Details
Year Built
1954
Listing Agency:
KELLER WILLIAMS COMMERCIAL
Listed By:
DANIEL WAKEFIELD
Source:
Corcoran
Added: Aug 28, 2024
Changed: Mar 16
Last Checked: Jul 23 at 9:32AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLER WILLIAMS COMMERCIAL
Investment Insights
Based on property information with market context.
This 1.38-acre property, comprising three parcels, is zoned DCC - District Center Core, and is located in West Bremerton, two blocks from Kitsap Way at 11th and Callow, across from a major grocery anchor. Its location near the Puget Sound Naval Shipyard (PSNS) in Bremerton, with significant upcoming projects expected to bring substantial resources to the area, presents an opportunity for development. The property is less than a mile from the ferry terminal, offering accessibility for commuters and residents. The site is suitable for retail development, with potential for upper-level condominiums. The property has 10800 square feet of space.
Key Highlights
- Prime location adjacent to a major grocery anchor and near the Puget Sound Naval Shipyard (PSNS) with upcoming projects.
- DCC (District Center Core) zoning allows for retail development with potential for upper‑level condominiums.
- Large 1.38‑acre lot provides ample space for development.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$125,194
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,503,880
$2.5M
Cap Rate 7%
$1,788,486
$1.8M
Cap Rate 9%
$1,391,044
$1.4M
Market Conditions
NOI Build-Up for 10,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$194.4K $18.00/SF
− Vacancy
−$15.6K −$1.44/SF
EGI
$178.8K $16.56/SF
− OpEx
−$53.7K −$4.97/SF
NOI
$125.2K $11.59/SF
Area
Kitsap County, WA
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,503,880
Cap Rate 7%
$1,788,486
Cap Rate 9%
$1,391,044
Alternative Uses
Best Use
Retail
$1.79M
$1.56M – $2.09M
NOI $125,194 @ 7.0% cap · market cap 8.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.60M
$3.15M – $4.20M
NOI $252,088 @ 7.0% cap · market cap 17.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
625
Businesses Nearby
184k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Shops & Services 36%
Groceries 18%
Home Improvements & Furnishings 3%
Safeway
Groceries
33,861 visits/mo
0.1 miles
McDonald's
Dining
26,167 visits/mo
0.3 miles
76
Shops & Services
15,271 visits/mo
0.4 miles
Taco Bell
Dining
15,235 visits/mo
0.3 miles
Wendy's
Dining
13,449 visits/mo
0.4 miles
Demographics for 98312, WA
33,405
Population
14,450
Households
2.3
Avg Household Size
37
Median Age
26%
College-Educated
96%
High-School Grad
65.7 sq mi
ZIP Area
508
Density / Sq Mi
$85,332
Median Household Income
$50,416
Median Earnings
$1,601
Median Rent
$430,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 1.38-acre lot near Puget Sound Naval Shipyard and ferry.
Where is this commercial land located?
The property is located at 937 Callow Ave Bremerton, WA.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Prime location adjacent to a major grocery anchor and near the Puget Sound Naval Shipyard (PSNS) with upcoming projects.; DCC (District Center Core) zoning allows for retail development with potential for upper‑level condominiums.; Large 1.38‑acre lot provides ample space for development.
