834 ML King Way Drive, Bremerton, WA 98337

Property Description

We are 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.

Listing Status:

Active

Data Last Updated:

May 21, 2026 at 12:22AM

Listing Office:

Northmarq Multifamily, LLC : 952-356-0100

Listing Agent:

Tyler Smith : 952-356-0100

MLS ID:

2511189

Interior

• Flooring: Hardwood
• A/C: None
• Heating: BaseboardForced Air
• Fireplace: Fireplaces: 0

Exterior

• General: Brick
• Parking: Parking spaces: 32

Construction

• Roofing: FlatTorch Down
• General: 56 - 10+ UnitsBlockPoured Concrete

Location

• HOA Amenities: 0.0
• Originating MLS: nwmls
• School District: Bremerton #100c
• County: Kitsap

Lot

• Zoning: 37680000270005
• View: CityView

Utilities

• Water: Public
• Sewer: Sewer Connected

Financial

• Source: nwmls