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    55 Fairgrounds Rd Bremerton, WA 98311-8629
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    Property profile & analytics

    55 Fairgrounds Rd, Bremerton, WA 98311-8629

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    • Medical Office Space
    • 4,119 SF
    • 0.74 lot acres
    Off-Market
    Last Sale Oct 1, 2021
    $1,550,000
    Property ID
    US90-3159875
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,530,000
    Show details
    Cap Rate Potential
    4.2%
    Medical Office Space
    Location Intelligence

    Current Use by Public Records

    • Master Orthodontics and Facial Esthetics / Dental Office
    • Win Rumsey Family Dentistry / Dental Office
    • Lingenbrink Orthodintics / Dental Office
    • Kitsap Family Dentistry (Christopher Kerr, DDS) / Dental Office
    • Win Rumsey D.D.S. / Dental Office

    Property Details for 55 Fairgrounds Rd

    Year built
    1998
    Lot size
    0.74 lot acres
    Zone code
    NC
    Property type
    Medical Office Space
    Property subtype
    Medical space
    APN
    262501-2-033-2003
    APU
    26250120332003

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 9, 2024 — Caballero Family Real Estate LLC — Deed · related $1.8M · Bank Of America NA
    Oct 1, 2021 $1,550,000 Caballero Family Real Estate LLC Plcl LLC Warranty Deed $2.6M · Live Oak Banking Company
    Dec 14, 2016 — Kitsap County Plcl LLC Warranty Deed · related —
    Mar 21, 2008 $920,637 Plcl LLC Lingenbrink Holdings LLC Warranty Deed $721k · Lingenbrink Holdings LLC
    Mar 21, 2008 — Paul A G Lingenbrink Lingenbrink Holdings LLC Quit Claim Deed · related —
    Oct 30, 1996 — Lingenbrink Holdings LLC Lingenbrink,paul A & Christina M Quit Claim Deed · related —
    — — Plcl LLC — Deed Of Trust · related $462k · Kitsap Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,760,000
      ML approach
      $1,855,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,225,000
      6.5%
      $1,130,000
      7%
      $1,050,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,338,000
      Market price range: $653k - $1.34M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,000,000
      Current use
      COMMERCIAL (GENERAL)
      $1,850,000
      Change: +85% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $1,050,000
      Change: +5% Conversion: Difficult

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bremerton
    County
    Kitsap
    State
    Washington
    Longitude
    -122.65
    Latitude
    47.6319
    CBSA code
    14740
    CBSA name
    BREMERTON-SILVERDALE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $8,159
    $209,420
    $707,020
    $916,440
    -
    $209,420
    $707,020
    $916,440

    Comparable in this City

    • Value Estimation
      $1,315,000
      6,500 SF

      1275 Franklin Ave

      MEDICAL BUILDING
      1275 Franklin Ave, Bremerton, WA 98311-3005
      View Details
    • Value Estimation
      $1,385,000
      6,872 SF

      1425 Franklin Ave

      MEDICAL BUILDING
      1425 Franklin Ave, Bremerton, WA 98311-3026
      View Details
    • Value Estimation
      $1,450,000
      7,777 SF

      59 Fairgrounds Rd

      MEDICAL BUILDING
      59 Fairgrounds Rd, Bremerton, WA 98311-8609
      View Details
    • Value Estimation
      $860,000
      4,030 SF

      1651 Bentley Dr

      MEDICAL BUILDING
      1651 Bentley Dr, Bremerton, WA 98311-3706
      View Details
    • Value Estimation
      $2,560,000
      10,135 SF

      5441 Almira NE Dr

      MEDICAL BUILDING
      5441 Almira NE Dr, Bremerton, WA 98311-8330
      View Details
    • Value Estimation
      $1,080,000
      5,108 SF

      1358 Mcwilliams Rd

      MEDICAL BUILDING
      1358 Mcwilliams Rd, Bremerton, WA 98311-3114
      View Details

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      View Details
    • Contact for pricing
      452,588 SF

      Land Parcel in Bremerton, WA

      Large land parcel available in Bremerton, Washington.
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      6,224 SF

      Restaurant Building on Highway 303

      Stand-alone restaurant building with high visibility and development potential.
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      Land Available for Development

      Land suitable for storage units or senior housing project.
      8261 State Highway 303, Bremerton, WA 98311
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    • Contact for pricing

      Commercially Zoned Land on Highway

      3.67 acres of commercially zoned land for sale.
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    Bremerton, WA 98311-8629
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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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    55 Fairgrounds Rd, Bremerton, WA, 98311
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