834 ML King Way Drive, Bremerton, WA 98337
- $6,750,000
- 31,164
- SqFt
Listing courtesy of Northmarq Multifamily, LLC.
- List Price
- $6,750,000
- Status
- PENDING
- MLS#
- 2511189
- Days on Market
- 99
- Style
- 56 - 10+ Units
- Building Condition
- Good
- Finished SqFt
- 31,164
- Area Total SqFt
- 31164
- Annual Tax Ammount
- 66367
- Internet Provider
- Comcast
- Lot Size (sq ft)
- 35,719
- Sewer
- Sewer Connected
Property Description
We are pleased to present South Court, a 47-unit multifamily community located in Bremerton. Originally constructed in 1919, the property comprises 26,100 net rentable square feet and features a balanced mix of studio, one-bedroom, and two-bedroom residences, appealing to a broad renter demographic. South Court currently generates $440,679 in net operating income and is offered at an attractive 6.53% in-place Cap Rate, providing investors with strong day-one cash flow. Current rents are approximately 8.24% below market, presenting a clear opportunity to increase revenue through alignment with prevailing market rates. The property also includes 32 surface parking spaces in addition to available street parking, supporting resident convenience and operational stability. The community benefits from convenient access to local employment centers, neighborhood retail amenities, and regional transportation connections throughout the Puget Sound area. Bremerton’s growing economic base and connectivity to the broader region position the asset to capture sustained rental demand and long-term value appreciation.
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Additional Information
- List Date
- 2026-04-21 22:31:11
- Community
- Bremerton
- Net Operating Income
- $440,679
- Gross Adjusted Income
- $812,916
- Gross Scheduled Income
- $850,425
- Total Monthly Income
- $70,869
- Insurance Expenses
- $20,395
- Water/Sewer/Garbage Expenses
- $72,295
- Gross Rent Multiplier
- 7.94
- Total Expenses
- $372,237
- Cap Rate
- 6.53
- Vacancy Rate
- 5
- Total Number of Units
- 46
- Unit Name
- 834
- Potential Terms
- Cash, Conventional
- Year Built
- 1919
- View
- City
- Roof
- Flat, Torch Down
- Other Expenses
- 213180
- Energy Source
- Electric, Natural Gas
- School District
- Bremerton #100c
- Total Monthly Income
- $70,869
- Gross Scheduled Income
- $850,425
- Vacancy Rate
- 5
- Gross Adjusted Income
- $812,916
- Tax Year
- 2026
- Insurance Expense
- $20,395
- W/S/G Expenses
- $72,295
- Total Expenses
- $372,237
- Net Operating Income
- $440,679
- Gross Rent Multiplier
- 7.94
- Cap Rate
- 6.53
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.