Waterfront Duplex
For Sale
$439,000
2325 Wheaton Way, Bremerton, WA 98310
Down-to-studs duplex on high-bank waterfront with city sewer and water already connected.
Property Size2,030 SF
Price / SF$216.26
Days on Market759
Property Features for 2325 Wheaton Way
General Information
Standard status
Active
Size
2,030 SF
Property subtype
Multi-Family
Amenities
Concrete,Hardwood
No
2
Electric
Dead End Street,Paved,Sidewalk
Public
Fenced-Partially,High Speed Internet
0.28
Yes
Wood
Poured Concrete
2030
Building Details
Building Size
2,030 SF
Year Built
1943
Stories
2
Listing Agency:
Coldwell Banker Bain
(971) 395-4001
Listed By:
Kaylee Black-King
(541) 852-8469
Source:
Premierepropertygroup
Added: Aug 8, 2024
Changed: Sep 4
Last Checked: Sep 5 at 4:17AM
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 Coldwell Banker Bain
Investment Insights
Based on property information with market context.
This waterfront duplex is positioned as a fixer-upper project, with the interior already taken down to studs. Architectural plans are available, and permits are in the process of approval. Windows are ready to be installed, and city sewer and water connections are already in place.
The property sits on high-bank waterfront in a private setting, with proximity to parks, an ice skate rink, bowling, ferry service to Seattle, downtown Bremerton, and shopping.
For buyers looking to complete a waterfront duplex renovation, this site offers the benefit of demolition being completed and utilities connected, with documented plans available for review.
The property sits on high-bank waterfront in a private setting, with proximity to parks, an ice skate rink, bowling, ferry service to Seattle, downtown Bremerton, and shopping.
For buyers looking to complete a waterfront duplex renovation, this site offers the benefit of demolition being completed and utilities connected, with documented plans available for review.
Key Highlights
- Down‑to‑studs waterfront duplex with architectural plans available and permits to approve
- High‑bank waterfront with a partially fenced lot; located on a dead‑end street with paved access and sidewalk
- City sewer and public water already connected; water source is public
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
$23,760
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
5.41%
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%
$475,200
$475.2K
Cap Rate 7%
$339,429
$339.4K
Cap Rate 9%
$264,000
$264.0K
Market Conditions
NOI Build-Up for 2,030 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
$37.3K $18.36/SF
− Vacancy
−$3.3K −$1.64/SF
EGI
$33.9K $16.72/SF
− OpEx
−$10.2K −$5.02/SF
NOI
$23.8K $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%
$475,200
Cap Rate 7%
$339,429
Cap Rate 9%
$264,000
Alternative Uses
Best Use
Multifamily LT 5
$339.4K
$297.0K – $396.0K
NOI $23,760 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.2K
NOI $21,849 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$676.9K
$592.3K – $789.7K
NOI $47,383 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
842
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 - Down-to-studs duplex on high-bank waterfront with city sewer and water already connected.
Where is this duplex located?
The property is located at 2325 Wheaton Way Bremerton, WA.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Down‑to‑studs waterfront duplex with architectural plans available and permits to approve; High‑bank waterfront with a partially fenced lot; located on a dead‑end street with paved access and sidewalk; City sewer and public water already connected; water source is public
