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For sale 8 days ago

$1,700,000

rooms 1 ba 8980 sqft

704 12th St, Bremerton, WA 98337

Commercial Multifamily Occupied Needs Repairs

Current Rent **

$6,000

Projected Rent **

$10,000+

Estimated Cap Rate *

Pro Only

Estimated Cash on Cash ROI *

Pro Only

Rare 15 Unit Heavy Value-Add Opportunity!

The Wedgewood Apartments is a 1938 vintage 15-unit apartment building with so much character and potential. The property is centrally located near Olympic College, Bremerton High School & Evergreen Rotary Park. It is also only a few minutes from downtown Bremerton, the ferry and the shipyard. The Wedgewood has a great unit mix of mostly studio and 1-bedroom units along with one 2-bedroom apartment. This is an extremely rare opportunity for a mid-sized multifamily in Kitsap County. Properties this size do not trade very frequently. This is a heavy value-add prospect that allows new ownership to rehabilitate and capture top rents in a low supply market.

Location:

704 12th St, Bremerton, WA 98337

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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.

** Current rent and projected rent are provided by the lister.

† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.

‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.