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.
Valuation by Paperhouses methods
Valuation date:
Dec 11, 2024
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
Executive Office Space & Professional Auto Repair As Current Uses. Zoned \""Downtown Subarea \/ Pedestrian Oriented Mixed Use\"" With 50' Building Height Limit. Prime Downtown Bremerton Location!""""}"""
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.
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