Wedgewood Apartments | 704 12th St
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Wedgewood Apartments 704 12th St
15 Unit Block of Flats £1,168,771 (£77,918/Unit) 2.24% Net Initial Yield Bremerton, WA 98337
Investment Highlights
- Heavy Value-Add Apartment
- 15 Unit Apartment
- Close to Bremerton Naval Base
Executive Summary
12/04/2024 - Back to active status, buyer failed to deposit EM, no inspections.
The Wedgewood Apartments is a 1938 vintage 15-unit apartment building with so much character and potential. The property is centrally located near Olympic College, Bremerton High School & Evergreen Rotary Park. It is also only a few minutes from downtown Bremerton, the ferry and the shipyard. The Wedgewood has a great unit mix of mostly studio and 1-bedroom units along with one 2-bedroom apartment. This is an extremely rare opportunity for a mid-sized multifamily in Kitsap County. Properties this size do not trade very frequently. This is a heavy value-add prospect that allows new ownership to rehabilitate and capture top rents in a low supply market. It is 40% vacant.
Notes to Valuation Analysis:
Reflects PROFORMA property operations and achieving market rents for units with updated interiors. Expenses generalized based on comparable properties of similar size and age in the Bremerton market. Current rent roll as of SEP 2024 is $4600 with seven occupied units, one is non-paying.
Email listing broker for due diligence folder.
The Wedgewood Apartments is a 1938 vintage 15-unit apartment building with so much character and potential. The property is centrally located near Olympic College, Bremerton High School & Evergreen Rotary Park. It is also only a few minutes from downtown Bremerton, the ferry and the shipyard. The Wedgewood has a great unit mix of mostly studio and 1-bedroom units along with one 2-bedroom apartment. This is an extremely rare opportunity for a mid-sized multifamily in Kitsap County. Properties this size do not trade very frequently. This is a heavy value-add prospect that allows new ownership to rehabilitate and capture top rents in a low supply market. It is 40% vacant.
Notes to Valuation Analysis:
Reflects PROFORMA property operations and achieving market rents for units with updated interiors. Expenses generalized based on comparable properties of similar size and age in the Bremerton market. Current rent roll as of SEP 2024 is $4600 with seven occupied units, one is non-paying.
Email listing broker for due diligence folder.
Data Room Click Here to Access
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £1,168,771 | Apartment Style | Low Rise |
| Price Per Unit | £77,918 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Net Initial Yield | 2.24% | Building Size | 15,000 SF |
| Sale Conditions | Distress Sale | Average Occupancy | 40% |
| No. Units | 15 | Number of Floors | 2 |
| Property Type | Residential | Year Built | 1938 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | £1,168,771 |
| Price Per Unit | £77,918 |
| Sale Type | Investment |
| Net Initial Yield | 2.24% |
| Sale Conditions | Distress Sale |
| No. Units | 15 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 15,000 SF |
| Average Occupancy | 40% |
| Number of Floors | 2 |
| Year Built | 1938 |
| Opportunity Zone |
Yes |
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 9 | £784.41 | 525 - 550 |
| 1+1 | 5 | £1,016 | 700 |
| 2+1 | 1 | £1,173 | 750 |
1 of 1
Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 3784-001-006-00-08 | Total Assessment | £1,306,686 (2025) |
| Land Assessment | £60,007 (2025) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £1,246,679 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
3784-001-006-00-08
Land Assessment
£60,007 (2025)
Improvements Assessment
£1,246,679 (2025)
Total Assessment
£1,306,686 (2025)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2024
zoning
| Zoning Code | CITY |
| CITY |
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Wedgewood Apartments | 704 12th St
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