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    Approved Multifamily Development Land Title is generated by Realmo AI

    991 E Hammond, Sequim, WA 98382

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    Claim this Listing
    For Sale
    $435,000

    LAND - Sequim, WA

    Lot size:
    0.80 Acres
    Added:
    Oct 30, 2025
    Days on Market:
    219
    Last Refresh:
    Jun 5 at 7:06 am

    Property Features for 991 E Hammond

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Multi-Family
    Standard status
    Active
    APN
    033020430120
    Lot size
    0.80 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    W 199.57 FT OF E 229.57 FT OF SWSE LYNG N OF FLAURAS ACRES V5 OF PLATS P75 EXC R/W'S SURVS V14 P49 AND V78 P77 AND SUR AMEND V81 P41
    Tax Annual Amount
    719

    We can help!

    Listing Contact
    Michael Echternkamp
    Michael Echternkamp

    Listing agent Michael Echternkamp License #21011406

    Listing office UpperLeft Real Estate LLC PO Box 1384, Sequim, WA

    Listing date Oct 30, 2025

    MLS# 391633 Listing URL

    Copyright © 2026 Olympic Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Bradley Ridge Apartments development at 991 E Hammond St in Sequim
    • Design Review approval obtained for the project, with engineering and building plans completed by Zenovic & Associates
    • Project currently awaiting final Building Department review before construction can begin
    • Pre‑construction work completed on‑site, including grading and utility plans
    • Zenovic & Associates prepared the engineering and building plans

    Overview

    This offering is multifamily-zoned development land intended for the Bradley Ridge Apartments project at 991 E Hammond St. The property has Design Review approval, and engineering and building plans have been completed by Zenovic & Associates. Construction is pending final Building Department review, but pre-construction work is already in place, including on-site grading, with utility plans included.

    The site is positioned on Sequim’s east side for convenient access to schools, shopping, and the Olympic Discovery Trail, based on the information provided in the listing remarks. The development is described as nearly shovel-ready, with the principal remaining step being the final review required before construction can begin.

    For developers seeking a multifamily project site with approvals moving forward, this parcel offers a clear path to the next permitting milestone. With design review approval secured and supporting plans completed, the land may fit buyers looking to advance a planned apartment development through the remaining Building Department process. Lot size is approximately 0.8 acres, and the current status is geared toward starting construction after the final review is completed.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Sequim
    County
    Clallam
    State
    Washington
    Longitude
    -123.086672
    Latitude
    48.075549

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    FAQs

    What type of property is this?
    Apartment building - Multifamily-zoned land with design review approval and completed grading and utility plans ready for final review.
    Where is this apartment building located?
    The property is located at 991 E Hammond Sequim, WA.
    What is the asking price?
    The asking price for this property is $435,000.
    What are key features of this property?
    This property features: Bradley Ridge Apartments development at 991 E Hammond St in Sequim; Design Review approval obtained for the project, with engineering and building plans completed by Zenovic & Associates; Project currently awaiting final Building Department review before construction can begin
    (206) 550-4660
    We can help!
    Listing Contact
    Michael Echternkamp
    Michael Echternkamp
    Real Estate License ID: 21011406
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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