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South Court 834 7th St 47 Unit Apartment Building $6,750,000 ($143,617/Unit) Bremerton, WA 98337
Investment Highlights
- Rent Growth Opportunity: In-place rents approximately 8.24% below current market levels
- Balanced Unit Mix: Studio, one-bedroom, and two-bedroom residences appealing to a diverse renter base
- Parking Component: 32 surface parking spaces plus additional street parking for residents
- Attractive In-Place Yield: $440,679 NOI offered at a 6.53% in-place cap rate
- Historic Asset: Originally constructed in 1919 with enduring presence in the submarket
- Strategic Location: Approximately a 5-minute drive from Puget Sound Naval Shipyard
Executive Summary
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.
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.
Property Facts
| Price | $6,750,000 | Building Class | C |
| Price Per Unit | $143,617 | Lot Size | 0.82 AC |
| Sale Type | Investment | Building Size | 26,100 SF |
| No. Units | 47 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1919 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | DSAP | ||
| Price | $6,750,000 |
| Price Per Unit | $143,617 |
| Sale Type | Investment |
| No. Units | 47 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.82 AC |
| Building Size | 26,100 SF |
| No. Stories | 4 |
| Year Built | 1919 |
| Opportunity Zone |
Yes |
| Zoning | DSAP |
Amenities
Unit Amenities
- Dishwasher
- Storage Space
- Heating
- Kitchen
- Hardwood Floors
- Range
Site Amenities
- Laundry Facilities
- Property Manager on Site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 18 | - | 400 |
| 1+1 | 19 | - | 600 |
| 2+1 | 10 | - | 750 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 3768-000-021-00-01 | Improvements Assessment | $7,133,880 |
| Land Assessment | $212,380 | Total Assessment | $7,346,260 |
Property Taxes
Parcel Number
3768-000-021-00-01
Land Assessment
$212,380
Improvements Assessment
$7,133,880
Total Assessment
$7,346,260
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South Court | 834 7th St
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