The Ramsey Apartments is a 2.49 acres development opportunity that has been fully entitled. Permits can be delivered to a buyer upon closing. The site is currently unimproved vacant land. The site is located to the south of downtown Port Orchard near a retail hub located at the intersection of SE Sedgwick Road and Ramsey Road SE. A Fred Meyer, Jiffy Lube, Dairy Queen and Lowe’s are all located within the neighboring retail hub, along with several restaurants. South Kitsap High School is also 2.7 miles from the property. Bus stops for routes 5, 8, 9, and 81 are all within walking distance. The property is also just over 3 miles from the Port Orchard Foot Ferry Terminal, providing residents with direct access to nearby Bremerton and Downtown Seattle. The property is zoned DMU and is entitled for 99 multifamily units and two retail suites divided between two structures. Per the plans, the seller intends to carve out the south central portion of the lot with the intention of developing and retaining a Starbucks. The proposed unit configuration for the multifamily would be 35 studios, 33 one-bedroom units, 31 two bedroom two bath units. The property also qualifies for Port Orchard’s multifamily tax emption (MFTE) program and the seller has submitted the permit for the 12 year real estate tax abatement. In addition the property also lies within an opportunity zone, thus providing a developer significant tax benefits at the federal level. Comparable rents for the market show one-bedroom units renting for over $2,250 and two bedroom units renting for over $2,500. The Ramsey Apartments is an excellent opportunity for an investor to acquire a shovel ready project in a rapidly growing market.
