Multi-Family
Ramsey Apartments Development Site
1489 SE Sedgwick Rd, Port Orchard, WA 98366
Listing Price: $2,950,000
Investment Overview
The Ramsey Development 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.
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.
Ramsey Apartments Development Site
Investment Highlights
- Entitled Site: The site is fully entitled with permits ready for pick up at closing.
- Pad Ready: The seller has completed over $2.2 million in site work making the Ramsey build ready.
- Multifamily Tax Exempt Program: 8 year real estate tax abatement with no rent restrictions on units.
- Opportunity Zone: The ability to defer capital gains and have a lower borrowing cost in an opportunity zone makes this the perfect chance for a developer to secure funding and see a higher cash-on-cash return.
- Rapidly Growing Kitsap Market: Not only is the entire Kitsap Market appreciating, but this site is within the Sedgwick/Bethel growth subarea and is likely to a higher-than-average growth as the city starts to invest more capital.
- 3 Miles From Foot Ferry to Downtown Seattle: The introduction of the new passenger ferry system to Port Orchard means that it can now be a quiet bedroom community for those who work in Seattle. This increases demand and the median average income with higher paying Seattle jobs.
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Listing Price: $2,950,000
Investment Highlights
- Entitled Site: The site is fully entitled with permits ready for pick up at closing.
- Pad Ready: The seller has completed over $2.2 million in site work making the Ramsey build ready.
- Multifamily Tax Exempt Program: 8 year real estate tax abatement with no rent restrictions on units.
- Opportunity Zone: The ability to defer capital gains and have a lower borrowing cost in an opportunity zone makes this the perfect chance for a developer to secure funding and see a higher cash-on-cash return.
- Rapidly Growing Kitsap Market: Not only is the entire Kitsap Market appreciating, but this site is within the Sedgwick/Bethel growth subarea and is likely to a higher-than-average growth as the city starts to invest more capital.
- 3 Miles From Foot Ferry to Downtown Seattle: The introduction of the new passenger ferry system to Port Orchard means that it can now be a quiet bedroom community for those who work in Seattle. This increases demand and the median average income with higher paying Seattle jobs.
Investment Overview
The Ramsey Development 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. 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.
Exclusively Listed By
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