ON THE MARKET // 2821 NE Center St, Bremerton, WA 98310

Center Street Townhomes

On the Market

Price:

$1,600,000

Center Street Townhomes is an eight-unit townhome community located in the neighborhood of Enetai in the city of Bremerton. Minutes away from the Puget Sound Naval Shipyard and downtown Bremerton to the southwest, and Illahee State Park to the North, Center Street Townhomes is perfectly situated to benefit from both economic and lifestyle drivers that will continue to improve over the long term. From a tenant’s perspective, spacious two-story units combined with yard space make Center Street Townhomes the perfect place to call home.

Center Street Townhomes consists of eight two-bedroom, one-bathroom units averaging ±760 square feet. Each unit features a private backyard patio, and spacious living room separate from the large kitchen. At a purchase price of $1,600,000, Center Street Townhomes offers a great value to a buyer at $200,000 per unit and $230 per square foot. An incoming investor can easily justify spending the necessary dollars on renovating all units and adding washer/dryer to achieve just under a 9% total return.

Property Overview

 

ADDRESS

2821 NE Center St,

Bremerton, WA 98310

 

RESIDENTIAL NRSF

± 6,080

NEIGHBORHOOD

Manette

 

USE CODE

51 FAIR M-FAMILY

YEAR BUILT

1941

 

BUILDINGS

Two 2-floor Buildings

UNITS

8 Units

 

SITE AREA

15,682 SF (0.36 ACRES)

Executive Highlights

  • Value-Add Opportunity

    Ability to capture significant rental upside through minor renovations and RUBS

  • Major Capital Expenses Completes

    New roof added, painting done, and unit rehabs done in 2023

  • Attractive In-Place & Pro-Forma CAP Rate

    In-place 3.40% CAP rate and Pro-Forma 7.02% CAP rate

  • Strong Unit Mix

    Two-bedroom townhomes caters to Bremerton demographic

  • Rental Upside

    Comparable rents allow for 19% increase for current in-place rents

  • Excellent Proximity To Major Employers

    - 7 minutes to Downtown Bremerton

    - 7 minutes to Evergreen Pointe Development

    - 7 minutes to Bremerton Ferry Terminal

    - 14 minutes to Puget Sound Naval Shipyard

    - 20 minutes to Silverdale

    - 60 minute Ferry Ride to Downtown Seattle

    - 45 minutes to Bainbridge Island

Gallery