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Multi-Family

Ramsey Apartments

1489 SE Sedgwick Rd, Port Orchard, WA 98366

Listing Price: $2,950,000

Lot Size
2.49 acres
Price/Acre
$1,184,739
Land Type
Land

Investment Overview

The Ramsey Apartments is a 2.49 acres development opportunity that has been fully entitled. Permits can be delivered to a buyer upon closing. The site is currently unimproved vacant land. The site is located to the south of downtown Port Orchard near a retail hub located at the intersection of SE Sedgwick Road and Ramsey Road SE. A Fred Meyer, Jiffy Lube, Dairy Queen and Lowe’s are all located within the neighboring retail hub, along with several restaurants. South Kitsap High School is also 2.7 miles from the property. Bus stops for routes 5, 8, 9, and 81 are all within walking distance. The property is also just over 3 miles from the Port Orchard Foot Ferry Terminal, providing residents with direct access to nearby Bremerton and Downtown Seattle. The property is zoned DMU and is entitled for 99 multifamily units and two retail suites divided between two structures. Per the plans, the seller intends to carve out the south central portion of the lot with the intention of developing and retaining a Starbucks. The proposed unit configuration for the multifamily would be 35 studios, 33 one-bedroom units, 31 two bedroom two bath units. Comparable rents for the market show one-bedroom units renting for over $2,250 and two bedroom units renting for over $2,500. The Ramsey Apartments is an excellent opportunity for an investor to acquire a shovel ready project in a rapidly growing market.

Investment Highlights

  • Entitled Site
  • Potential for 99 Multifamily Units
  • Rapidly Growing Kitsap Market

Exclusively Listed By

Financing By

Multi-Family

Ramsey Apartments

Listing Price: $2,950,000

Lot Size
2.49 acres
Price/Acre
$1,184,739
Land Type
Land

Investment Highlights

  • Entitled Site
  • Potential for 99 Multifamily Units
  • Rapidly Growing Kitsap Market

Investment Overview

The Ramsey Apartments is a 2.49 acres development opportunity that has been fully entitled. Permits can be delivered to a buyer upon closing. The site is currently unimproved vacant land. The site is located to the south of downtown Port Orchard near a retail hub located at the intersection of SE Sedgwick Road and Ramsey Road SE. A Fred Meyer, Jiffy Lube, Dairy Queen and Lowe’s are all located within the neighboring retail hub, along with several restaurants. South Kitsap High School is also 2.7 miles from the property. Bus stops for routes 5, 8, 9, and 81 are all within walking distance. The property is also just over 3 miles from the Port Orchard Foot Ferry Terminal, providing residents with direct access to nearby Bremerton and Downtown Seattle. The property is zoned DMU and is entitled for 99 multifamily units and two retail suites divided between two structures. Per the plans, the seller intends to carve out the south central portion of the lot with the intention of developing and retaining a Starbucks. The proposed unit configuration for the multifamily would be 35 studios, 33 one-bedroom units, 31 two bedroom two bath units. Comparable rents for the market show one-bedroom units renting for over $2,250 and two bedroom units renting for over $2,500. The Ramsey Apartments is an excellent opportunity for an investor to acquire a shovel ready project in a rapidly growing market.

Exclusively Listed By

Financing By

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