11-Unit Apartment
New
For Sale
$1,950,000
1215 Burwell Street, Bremerton, WA 98337
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 Market4
Property Features for 1215 Burwell Street
General Information
Standard status
Active
Size
8,602 SF
Total Parking Spaces
11
Property subtype
Multi-Family
Net Operating Income
$125,172
Additional Details
Cap Rate
6.4%
Multifamily Units
11
Taxes and HOA fees
Annual Taxes
$14,779
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
8,602 SF
Year Built
1908
Stories
2
Listing Agency:
John L. Scott, Inc.
(541) 730-4830
Listed By:
Katie Fine · License #201231570
(541) 570-8212
Source:
Premierepropertygroup
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 22 at 2:34PM
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 John L. Scott, Inc.
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 = 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
$92,586
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
4.75%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
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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Market
Vacancy Rate% for Multifamily in West region
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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
