Bremerton 7-Plex Investment
2135 4th St Bremerton, WA 98312
For Sale
$774,900
Seven-unit multifamily property with value-add potential in Bremerton, Washington.
Property Size2,812 SF
Price / SF$275.57
Days on Market331
Property Features for 2135 4th St
General Information
- Standard status
- Active
- Size
- 2,812 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 1932
Listing Agency:
LUMIN BROKERS OF WASHINGTON
Listed By:
RICH KIM
Source:
Corcoran
Added: Aug 27, 2025
Changed: Jul 6
Last Checked: Jul 23 at 10:03AM
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 LUMIN BROKERS OF WASHINGTON
Investment Insights
Based on property information with market context.
This 7-plex multifamily property features a mix of unit sizes, including four units with 0 bedrooms and 1 bathroom, two units with 1 bedroom and 1 bathroom, and one unit with 2 bedrooms and 2 bathrooms. The property offers an opportunity to add value without immediate updates, as current rents are below market rates. Increasing rents by an average of 15% could raise the current capitalization rate from 6.92% to 8.43%. Further renovation could potentially increase rents even more. The property totals 2,812 square feet. Current tenants are on month-to-month leases.
Key Highlights
- Opportunity to increase rents by an average of 15% to meet current market rents.
- Current Cap Rate of 6.92% can be raised to 8.43%.
- Unique opportunity to add value without updates.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $60.7k | $21.60 |
| − Vacancy | −$5.7k | −$2.03 |
| EGI | $55.0k | $19.57 |
| − OpEx | −$24.8k | −$8.81 |
| NOI | $30.3k | $10.76 |
2,812 SF · lease $21.60/SF/yr · vacancy 9.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$432.4K
$378.3K – $504.4K
NOI $30,266 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$937.7K
$820.5K – $1.09M
NOI $65,636 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Seven-unit multifamily property with value-add potential in Bremerton, Washington.
Where is this apartment building located?
The property is located at 2135 4th St Bremerton, WA.
What is the asking price?
The asking price for this property is $774,900.
What are key features of this property?
This property features: Opportunity to increase rents by an average of 15% to meet current market rents.; Current Cap Rate of 6.92% can be raised to 8.43%.; Unique opportunity to add value without updates.
