11-Unit Apartment
1215 Burwell Street, Bremerton, WA 98337
For Sale
$1,950,000
Updated multifamily property with tenant storage, five garages, and access to downtown amenities and regional ferry service.
Property Size8,602 SF
Price / SF$226.69
Days on Market49
Property Features for 1215 Burwell Street
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Net Operating Income
Additional Details
Cap Rate
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
storage
Ceramic Tile,Hardwood,Laminate,Vinyl,Carpet
Yes
No
2
Electric,Natural Gas
Alley,Curbs,Paved,Sidewalk
Public
Cable TV,Deck,Fenced-Partially,Gas Available,High Speed Internet,Patio
11
5
0.29
Cement Planked,Wood
Poured Concrete
8602
6
Building Details
Building Size
Year Built
Stories
Listing Agency:
REally Properties Inc
(360) 769-3333
Listed By:
Dennis Balduf · License #17125
(360) 649-5053
Source:
Premierepropertygroup
Added: Sep 20
Changed: Nov 6
Last Checked: Nov 6 at 6:22AM
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 REally Properties Inc
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Investment Insights
Based on property information with market context.
This 11-unit apartment property comprises 8,602 square feet across two tax parcels and was built in 1908. The units were updated in the 2010s and feature dual-pane windows, with heat pump service in one unit and gas heat in the six-unit building. Exterior features include decks, a patio, partial fencing, paved access, sidewalks, and public utilities. Five garage spaces and tenant storage provide additional on-site functionality.
The property is located on Burwell Street in Bremerton, minutes from the PSNS State Street Gate, ferry service, downtown restaurants, shops, nightlife, waterfront parks, and the marina. Financial performance is presented at a 6.4% cap rate including management, maintenance and repairs, utilities, taxes, and insurance.
The property is located on Burwell Street in Bremerton, minutes from the PSNS State Street Gate, ferry service, downtown restaurants, shops, nightlife, waterfront parks, and the marina. Financial performance is presented at a 6.4% cap rate including management, maintenance and repairs, utilities, taxes, and insurance.
Key Highlights
- 11‑unit apartment complex on 2 tax parcels
- 8,602 SF building area with 0.29 acres of land
- Updated in the 2010s with dual‑paned windows
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,586
Cap Rate
4.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,851,720
$1.9M
Cap Rate 7%
$1,322,657
$1.3M
Cap Rate 9%
$1,028,733
$1.0M
Market Conditions
NOI Build-Up for 8,602 SF
Gross rent
$185.8K $21.60/SF
− Vacancy
−$17.5K −$2.03/SF
EGI
$168.3K $19.57/SF
− OpEx
−$75.8K −$8.81/SF
NOI
$92.6K $10.76/SF
Area
Kitsap County, WA
Vacancy
9.40%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,851,720
Cap Rate 7%
$1,322,657
Cap Rate 9%
$1,028,733
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.16M – $1.54M
NOI $92,586 @ 7.0% cap · market cap 4.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.87M
$2.51M – $3.35M
NOI $200,784 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
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Business Placement
Demographics for 98337, WA
9,653
Population
3,696
Households
2.6
Avg Household Size
29
Median Age
31%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
6,435
Density / Sq Mi
$73,363
Median Household Income
$36,571
Median Earnings
$1,395
Median Rent
$386,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily property with tenant storage, five garages, and access to downtown amenities and regional ferry service.
Where is this apartment building located?
The property is located at 1215 Burwell Street Bremerton, WA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 11‑unit apartment complex on 2 tax parcels; 8,602 SF building area with 0.29 acres of land; Updated in the 2010s with dual‑paned windows
