Updated Duplex With
For Sale
$550,000
1911 Sheridan Rd, Bremerton, WA 98310
Two occupied units with recent property-wide improvements and on-site storage support an established residential rental operation.
Property Size2,020 SF
Price / SF$272.28
Days on Market21
Property Features for 1911 Sheridan Rd
General Information
Standard status
Active
Size
2,020 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/1BA, 1 x 4BR/1.75BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1942
Year Renovated
2026
Tenancy
Multi
Listing Agency:
(206) 331-7014
Listed By:
Chris, Ashley, Joe and Jason
(206) 331-7014
Source:
Johnlscottballard
Added: Aug 10
Changed: Aug 30
Last Checked: Aug 26 at 12:43PM
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 Chris, Ashley, Joe and Jason
Investment Insights
Based on property information with market context.
This two-unit residential property at 1911 Sheridan Rd in Bremerton includes 2,020 square feet built in 1942. Unit 1911 contains 768 square feet with 3 bedrooms and 1 bath, while Unit 1913 offers 1,250 square feet with 4 bedrooms and 1.75 baths. Both units are occupied by long-term tenants, and the property includes a carport and storage.
Recent work includes a full roof replacement with new sub-roof plywood and ventilation completed in Feb 2026, along with exterior painting finished in Oct 2025. Unit 1913 received a substantial interior renovation in June 2026, including replacement of both bathrooms, an 18-inch ceiling lift in the primary bath, a new water heater, and refreshed hallway drywall, paint, and carpeting.
The property is located minutes from Naval Base Kitsap, Puget Sound Naval Shipyard, local shopping, and the Bremerton Ferry terminal.
Recent work includes a full roof replacement with new sub-roof plywood and ventilation completed in Feb 2026, along with exterior painting finished in Oct 2025. Unit 1913 received a substantial interior renovation in June 2026, including replacement of both bathrooms, an 18-inch ceiling lift in the primary bath, a new water heater, and refreshed hallway drywall, paint, and carpeting.
The property is located minutes from Naval Base Kitsap, Puget Sound Naval Shipyard, local shopping, and the Bremerton Ferry terminal.
Key Highlights
- 2,020‑square‑foot duplex with 2 occupied units
- Unit 1911: 768 square feet, 3 bedrooms, and 1 bath
- Unit 1913: 1,250 square feet, 4 bedrooms, and 1.75 baths
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
$23,643
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
4.30%
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%
$472,860
$472.9K
Cap Rate 7%
$337,757
$337.8K
Cap Rate 9%
$262,700
$262.7K
Market Conditions
NOI Build-Up for 2,020 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
$37.1K $18.36/SF
− Vacancy
−$3.3K −$1.64/SF
EGI
$33.8K $16.72/SF
− OpEx
−$10.1K −$5.02/SF
NOI
$23.6K $11.70/SF
Area
Kitsap County, WA
Vacancy
8.93%
Lease Rate
$18.36 /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%
$472,860
Cap Rate 7%
$337,757
Cap Rate 9%
$262,700
Alternative Uses
Best Use
Multifamily LT 5
$337.8K
$295.5K – $394.1K
NOI $23,643 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$310.6K
$271.8K – $362.4K
NOI $21,742 @ 7.0% cap · market cap 3.95%
Theoretical Best
Specialty Retail
$673.6K
$589.4K – $785.8K
NOI $47,150 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,030
Businesses Nearby
Explore this area
Business Placement
Demographics for 98310, WA
21,580
Population
9,635
Households
2.2
Avg Household Size
37
Median Age
27%
College-Educated
92%
High-School Grad
5.5 sq mi
ZIP Area
3,924
Density / Sq Mi
$73,292
Median Household Income
$43,305
Median Earnings
$1,559
Median Rent
$421,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two occupied units with recent property-wide improvements and on-site storage support an established residential rental operation.
Where is this duplex located?
The property is located at 1911 Sheridan Rd Bremerton, WA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 2,020‑square‑foot duplex with 2 occupied units; Unit 1911: 768 square feet, 3 bedrooms, and 1 bath; Unit 1913: 1,250 square feet, 4 bedrooms, and 1.75 baths
