834 ML King Way Dr · Bremerton, WA 98337

$6,750,000

1786 bd · 2162.0 ba · 31,164 sqft · MultiFamily public records · 58 Days on market

Built 1919 0.82 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.3/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 47 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

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 av

Key facts

• 0.82 acre lot
• Built 1919
• Listed 58 days

Tags

• 47 UNIT MULTIFAMILY COMMUNITY
• 32 SURFACE PARKING SPACES
• NEIGHBORHOOD RETAIL AMENITIES

What this means for you Summary

Snapshot

• This is a 47 × 38-bed/46.0-bath units multifamily listed at $6.75M.

Deal economics

• At list price, monthly cash flow is $39k ($470k/yr) — positive. Per door: $834/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($105k rent vs $6.75M).
• Recommended offer: $6.55M (3.0% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 3.5% in Bremerton — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 86/100 on livability (#22 in WA, #431 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Bremerton School District (urban): math 36% / reading 51% proficiency, ranked #194 of 291 in WA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+9.8%/yr); 39 active listings in the ZIP; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $104,859/mo this rent would consume 1835% of the median local household income ($69k/yr) (locally 345% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $47k of loan paydown is wiped out by about $202k of value loss. Plan a longer hold.
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $1.89M cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($6.55M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $6,547,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.55% ✓
• Cap rate: 13.26%
• Cash-on-cash: 24.89%
• DSCR: 2.11
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 23.7%
• Equity multiple: 2.04×
• Total profit: $1,957,011
• Equity at exit: $1,006,447

10-year hold

• IRR: 34.5%
• Equity multiple: 4.94×
• Total profit: $7,440,402
• Equity at exit: $583,617

Cash invested: $1,890,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98337

• Home prices YoY: -8.0%
• Rents YoY: 9.8%
• Active inventory: 39
• Price-to-rent: 252.1×

Monthly cashflow live

• Estimated rent: $104,859 medium
• Mortgage (P&I): −$35,398
• Tax from tax record: −$5,425 /mo · $65,094/yr
• Insurance: −$2,812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$22,020
• Net cashflow: $39,204

Break-even live

Break-even rent $55,234

Max offer price $6,750,000

Occupancy floor 58%

Sensitivity live

Price	-10% $43,025	-5% $41,114	+0% $39,204	+5% $37,293	+10% $35,383
Rent	-10% $30,920	-5% $35,062	+0% $39,204	+5% $43,346	+10% $47,488
Rate	-1.0pp $42,603	-0.5pp $40,921	base $39,204	+0.5pp $37,455	+1.0pp $35,675

47-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 47× units	38	46	$104,857
Total (47 units)			$104,859

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,687,500
• Closing costs: $202,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $6,750,000 Active 58 DOM
2. 2026-06-17
   days on market $6,750,000 Active 57 DOM
3. 2026-06-16
   days on market $6,750,000 Active 56 DOM
4. 2026-06-15
   days on market $6,750,000 Active 55 DOM
5. 2026-06-14
   days on market $6,750,000 Active 53 DOM
6. 2026-06-13
   days on market $6,750,000 Active 52 DOM
7. 2026-06-10
   days on market $6,750,000 Active 50 DOM
8. 2026-06-09
   days on market $6,750,000 Active 49 DOM
9. 2026-06-08
   days on market $6,750,000 Active 48 DOM
10. 2026-06-07
    days on market $6,750,000 Active 47 DOM
11. 2026-06-02
    days on market $6,750,000 Active 42 DOM
12. 2026-06-01
    days on market $6,750,000 Active 41 DOM
13. 2026-05-31
    days on market $6,750,000 Active 40 DOM
14. 2026-05-30
    days on market $6,750,000 Active 39 DOM
15. 2026-04-21
    listed $6,750,000 Active
16. 2025-10-30
    soldstatus $6,227,642
17. 2016-10-20
    soldstatus $3,300,000
18. 2011-09-26
    soldstatus $1,150,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $65,094 · $5,425/mo
• Projected year-2 tax: $66,150 · $5,512/mo
• Expected delta: +$1,056/yr (+$88/mo · 1.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,258,308
• − Mortgage interest: −$378,105
• − Property taxes: −$65,094
• − Insurance: −$33,750
• − Repairs & maintenance: −$100,665
• − Management: −$100,665
• − Depreciation: −$196,364
• Taxable income: $383,666
• Est. tax owed @ 24.0%: −$92,080
• After-tax cash flow: $378,366/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Bremerton School District
• NCES district ID: 5300660
• Math proficiency: 36% ▼ -3.00%
• Reading proficiency: 51% ▲ 1.00%
• Median HH income: $46,765
• Composite: 39.34/100
• National rank: #8163
• State rank: #194 of 291 in WA

Livability — Bremerton

• Score: 86/100
• State rank: #22
• US rank: #431

Category grades

Amenities A+ Commute A+ Cost of living C Crime F Employment B Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bremerton, WA
• County: Kitsap County · 243,099 people
• City population: 94,488
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 7,370
• Household income: $68,561
• Rent vs Own: 53.6% rent · 46.4% own
• Severe rent burden: 345.0

Population outlook (Kitsap County) Hauer SSP2

• Today (2025): 277,525 people
• By 2030: 285,040 · +2.7%
• By 2040: 294,957 · +6.3%
• By 2050: 300,622 · +8.3%
• By 2075: 315,580 · +13.7%
• By 2100: 304,340 · +9.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 7% Asian 5% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 10% Portuguese 2% Lithuanian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 2% Vietnamese 1%

Political lean MEDSL · Kitsap

• 2024 margin: Strong D (+20.9) · D 58.8% · R 37.9% · Other 3.3%
• 2008→2024 swing: +8.6pp toward D · 2008: 12.3pp · 2024: 20.9pp
• All cycles: 2024: D+20.9 2020: D+18.1 2016: D+11.6 2012: D+11.1 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.44%
• Current HPI: 419.3603
• Rent YoY: ▲ 9.81%
• Metro: Bremerton-Silverdale-Port Orchard, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+487.0% since first listed

4 events — show timeline

• 2026-04-21 Listed $6,750,000 NWMLS as Distributed by MLS Grid
• 2025-10-30 Sold (Public Records) $6,227,642 Public Records
• 2016-10-20 Sold (Public Records) $3,300,000 Public Records
• 2011-09-26 Sold (Public Records) $1,150,000 Public Records

Property tax history

+10.1%/yr

Latest (2026): $65,094 · +24.0% YoY. Source: county tax records.