834 ML King Way DR, Bremerton, WA 98337
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834 ML King Way DR, Bremerton, WA 98337
834 ML King Way DR, Bremerton, WA 98337
834 ML King Way DR, Bremerton, WA 98337
834 ML King Way DR, Bremerton, WA 98337
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Kristin Niebergall

Kristin Niebergall

+1(253) 381-7170
Listed by:Northmarq Multifamily, LLC • Tyler Smith
$ 6,750,000
Est. payment /mo
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834 ML King Way DR Bremerton, WA 98337

38 Beds

46 Baths

31,164 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 31,164 sqft

Price per Sqft $216

Subdivision Bremerton

MLS Listing ID 2511189

Style 56 - 10+ Units

Bedrooms 38

Year Built 1919

Annual Tax Amount $66,367

Lot Size 0.820 Acres

Property Sub-Type Multi Family

Property Description

Northmarq is 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.

Location

State WA

County Kitsap

Area 148 - West Bremerton

Interior

Flooring Hardwood

Fireplace false

Exterior

Exterior Feature Brick

View Y/N Yes

View City

Roof Type Flat,Torch Down

Building

Lot Description Alley, Corner Lot, Paved, Sidewalk

Sewer Sewer Connected

Water Public

New Construction No

Schools

School District Bremerton #100C

Others

Senior Community No

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.

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Kristin Niebergall

Kristin Niebergall

Advisor | License ID: 92708

+1(253) 381-7170

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834 ML King Way DR