8-Unit Apartment Property with
For Sale
$1,975,000
2821 Center Unit 1-8, Bremerton, WA 98310
Two well-maintained buildings offer townhouse-style layouts and in-unit laundry.
Property Size6,080 SF
Price / SF$324.84
Days on Market37
Property Features for 2821 Center Unit 1-8
General Information
Standard status
Active
Size
6,080 SF
Property subtype
Multi-family
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Amenities
in-unit washer and dryer
Building Details
Year Built
1941
Buildings
2
Listing Agency:
Keller Williams Downtown Sea
Listed By:
Nicholas T. Vilvandre · License #107068
(206) 858-6800
Source:
Century21northhomes
Added: Aug 3
Changed: Sep 8
Last Checked: Sep 7 at 12:48PM
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 Keller Williams Downtown Sea
Investment Insights
Based on property information with market context.
This 8-unit apartment property comprises two well-maintained buildings with four townhouse-style residences in each. Every unit includes 2 bedrooms, 1 bathroom, an in-unit washer and dryer, and access to on-site parking. Interior and exterior improvements include renovated kitchens and bathrooms, LVP flooring, updated paint, new furnaces, roof replacements, plumbing and electrical work, siding repairs, and select windows, doors, water heaters, and appliances. Capital improvements and repairs have been completed since 2022.
Located in Bremerton near Naval Base Kitsap and the Puget Sound Naval Shipyard, the property is operating at a stabilized 6.15% cap rate based on existing leases and stated operating expenses. The address is 2821 and 2831 NE Center Street, with units numbered 1–8.
Located in Bremerton near Naval Base Kitsap and the Puget Sound Naval Shipyard, the property is operating at a stabilized 6.15% cap rate based on existing leases and stated operating expenses. The address is 2821 and 2831 NE Center Street, with units numbered 1–8.
Key Highlights
- 8‑unit apartment property across two buildings
- Four 2‑bedroom, 1‑bathroom townhouse‑style units in each building
- All units include in‑unit washer and dryer
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
$65,441
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
3.31%
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%
$1,308,820
$1.3M
Cap Rate 7%
$934,871
$934.9K
Cap Rate 9%
$727,122
$727.1K
Market Conditions
NOI Build-Up for 6,080 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
$131.3K $21.60/SF
− Vacancy
−$12.3K −$2.03/SF
EGI
$119.0K $19.57/SF
− OpEx
−$53.5K −$8.81/SF
NOI
$65.4K $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%
$1,308,820
Cap Rate 7%
$934,871
Cap Rate 9%
$727,122
Alternative Uses
Best Use
Apartment 5plus
$934.9K
$818.0K – $1.09M
NOI $65,441 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.03M
$1.77M – $2.37M
NOI $141,916 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
196
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?
Apartment building - Two well-maintained buildings offer townhouse-style layouts and in-unit laundry.
Where is this apartment building located?
The property is located at 2821 Center Unit 1-8 Bremerton, WA.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: 8‑unit apartment property across two buildings; Four 2‑bedroom, 1‑bathroom townhouse‑style units in each building; All units include in‑unit washer and dryer
