603 Chester AveBremerton, WA 98337

Property Details for 603 Chester Ave

Year built

1910

Lot size

0.28 AC

Property size (Sq ft)

1,455 SF

Zone code

CITY

Property type

Office properties

Property subtype

Office buildings

APN

3811-001-029-0008

APU

38110010290008

Description

This exceptional investment opportunity presents a 1,900 square foot office building situated on a 0.28-acre lot in Bremerton, Washington. Currently configured as a 100% occupied, two-story traditional/medical office building, the property offers immediate income potential. Built in 1910, the building is zoned R-10, presenting significant redevelopment potential. The asking price is $698,000, translating to $367.37 per square foot. The property's location offers unparalleled convenience, situated within walking distance of the Puget Sound Naval Shipyard, employing over 14,000 people, and less than a mile from the ferry terminal. This prime location, combined with the R-10 zoning, allows for the construction of up to five residential dwelling units and two accessory dwelling units (ADUs), according to the City of Bremerton. The property's recent use as a chiropractor's office, with ample parking, simplifies a potential conversion to residential use. Additional parcels are available, increasing the overall development potential. This versatile property offers a unique blend of immediate income and long-term growth potential in a thriving Bremerton location. Buyers are advised to independently verify zoning information and permitted uses with the City of Bremerton. The property boasts great road frontage on 6th Ave.

• CAP approach

  CAP return

  Valuation

  6%

  $393,727

  6.5%

  $363,440

  7%

  $337,480

• Comparable approach

  Method

  Valuation

  Relative Method

  $390,179

  Geo Method

  $280,204

• Alternative Use

  Use

  Valuation

  Residential

  $450,666

  Hospitality

  $412,807

  Educational

  $343,451

  Medical

  $355,263

  Retail

  $534,257

Location Insight

City

Bremerton

County

Kitsap

State

Washington

Latitude

47.5676

Longitude

-122.636

CBSA code

14740

CBSA name

BREMERTON-SILVERDALE, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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