6-Unit Apartment
New
For Sale
$685,000
629 Highland, Bremerton, WA 98337
Older-vintage multifamily property with unit-by-unit renovation potential as apartments become available.
Property Size4,540 SF
Price / SF$150.88
Days on Market2
Property Features for 629 Highland
General Information
Standard status
Active
Size
4,540 SF
Property subtype
Multi-Family
Financials
Asking Price
$685,000
Cap Rate
7%
Additional Details
Multifamily Units
6
Building Details
Year Built
1910
Listing Agency:
Kidder Mathews
Listed By:
David A. Kelley
(360) 705-2800
Source:
Livnserverealestate
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 2:14AM
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 Kidder Mathews
Investment Insights
Based on property information with market context.
This 6-unit apartment property in Bremerton contains 4,540 square feet and was built in 1910. The older-vintage building offers a renovation program organized around individual apartments as they turn, allowing ownership to address units incrementally rather than through a single property-wide project.
The offering is based on a 7% cap rate calculated from in-place income. Bremerton’s employment base includes Puget Sound Naval Shipyard, identified as one of the region’s largest employers and a factor supporting the area’s established renter market. The property provides a manageable-scale multifamily configuration for an owner pursuing unit-level modernization.
The offering is based on a 7% cap rate calculated from in-place income. Bremerton’s employment base includes Puget Sound Naval Shipyard, identified as one of the region’s largest employers and a factor supporting the area’s established renter market. The property provides a manageable-scale multifamily configuration for an owner pursuing unit-level modernization.
Key Highlights
- 6‑unit apartment property
- 4,540 square feet
- Built in 1910
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
$48,865
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
7.13%
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%
$977,300
$977.3K
Cap Rate 7%
$698,071
$698.1K
Cap Rate 9%
$542,944
$542.9K
Market Conditions
NOI Build-Up for 4,540 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
$98.1K $21.60/SF
− Vacancy
−$9.2K −$2.03/SF
EGI
$88.8K $19.57/SF
− OpEx
−$40.0K −$8.81/SF
NOI
$48.9K $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%
$977,300
Cap Rate 7%
$698,071
Cap Rate 9%
$542,944
Alternative Uses
Best Use
Apartment 5plus
$698.1K
$610.8K – $814.4K
NOI $48,865 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.77M
NOI $105,970 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,095
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
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 - Older-vintage multifamily property with unit-by-unit renovation potential as apartments become available.
Where is this apartment building located?
The property is located at 629 Highland Bremerton, WA.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 6‑unit apartment property; 4,540 square feet; Built in 1910
