Investment Overview

The Ramsey Apartments and Starbucks sits on a 2.49-acre site located in Port Orchard on the Kitsap Peninsula. The Starbucks just opened its doors and the Ramsey is pad ready for development. The property 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 Ramsey Apartments is a fully entitled site for 99 multifamily units and two retail suites. The seller has completed approximately $2.2 million in site work making the development pad ready. Permits can be delivered upon closing. The proposed unit mix of 35 studio flats, 32 one-bedroom one-bath flats, a two bedroom one bath flat and 31 two-bedroom two-bath flats. The property also qualifies for Port Orchard’s Multifamily Tax Exemption program allowing for a 8-year real estate property tax abatement. Along with the MFTE program, the Ramsey lies within an opportunity zone which provides the buyer with even more significant federal tax benefits. Starbucks is the premier roaster, marketer and retailer of specialty coffee in the world, operating in 69 countries. Formed in 1985, Starbucks Corporation’s common stock trades on the NASDAQ Global Select Market (“NASDAQ”) under the symbol “SBUX.” The company purchases and roasts high-quality coffees that they sell, along with handcrafted coffee, tea and other beverages and a variety of fresh food items, through company-operated stores. Starbucks also sells a variety of coffee and tea products and license their trademarks through other channels such as licensed stores, grocery and national food service accounts. Port Orchard has already designated this area as one of their two Destination 2044 subareas, meaning that focused development and incentives are on the way as well as an improved transit center within the area. The combination of a steady and completed Starbucks and shovel-ready development is a perfect match for a developer who is looking for immediate cash returns even during construction.