FOR SALE - (3) Entitled Multi-Unit Land Sites - Puget Sound (Bremerton/Seattle) State of Washington USA Offering Memorandum - LoopNet
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FOR SALE – (3) Entitled Multi-Unit Land Sites Puget Sound (Bremerton/Seattle) State of Washington USA Offering Memorandum
Table of Contents
FOR SALE
1 E xecutive Summar y (3) Entitled Multi-Unit Land Sites
Puget Sound (Bremerton/Seattle)
2 Proper t y Description State Of Washington Usa
3 Floor Plan
Offering Memorandum
4 S i te M a p
5 Aerial Map
6 Regional Map
7 Retail and Major Employers Map
8 B r e m e r to n Tr a f f i c a n d F e r r y M a p
9 Proper t y Strengths
10 Market Area Over view
11 Sale and Rental
12 Demographics
13 Financial
14 Summar y
15 Resources
No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted
subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special
listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document
should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of
the information contained herein through a due diligence review of the books, records, files and documents that constitute
reliable sources of the information described herein. Logos are for identification purposes only and may be trademarks of their
respective companies. NAI Capital, Inc. CalN DRE
AI CLic.
AP#01990696.
I TA L S O U T H I S T & I N L A N D C E N T E R D R • S A N B E R N A R D I N O , C A 9 2 4 1 0 | 2
Executive Summary
The Offering Kitsap County as of June 6, 2019, housing prices:
Median closed sale price - $381,601 compared to U. S. median - $305,400
This Offering includes three (3) highly needed entitled development sites with one site Average closed sale price - $466,016 compared to U.S. average - $361,100
shovel-ready. They are situated on Puget Sound, in the City of Bremerton, in Kitsap Kitsap County inventory months – only 1.23; stable market supply - 6 months
County, Washington, U.S.A. The location is next to the Seattle-Tacoma-Bellevue Met-
ropolitan Statistical Area (MSA). Bremerton is Kitsap County’s largest city with a popu- James Young, the director of the Washington Center for Real Estate Research. Stated
lation of approximately 41,300. Kitsap County’s population is nearing 270,000 per the in an article released by NWMLS that in order to have a balanced housing market there
U.S. Department of Commerce, Census Quick Facts. should be about a 6-month supply. And to quote him: “Except for a few small counties,
every county in the NWMLS area has a month’s supply of 4 or less. … every county
The Seattle MSA, Kitsap County, inclusive of Bremerton, and the Puget Sound areas along the I-5 corridor has less than 2 months”. Kitsap County has 1.23 months housing
have now, and will continue to have, a noteworthy and substantial housing shortage. inventory supply. Bremerton is Kitsap County’s largest city.
The demand for housing at affordable prices far exceeds supply and availability. Very
few markets in the U.S. have experienced such rapid growth with all key fundamentals According to the CBRE Group, Inc. Market Data Report for the Kitsap County Primary
still pointing in a favorable direction. A Puget Sound Regional Trends Report measured Market Area (PMA), excluding Bainbridge Island, dated March 4, 2019. Nearly 900
the median home price in the Seattle-Tacoma-Bellevue MSA at $491,800. Median rents housing units will be required annually over the next 5 years to meet supply demand.
increased 2.4 percent to $1,930 over the one year period between March 2018 and Back in July 2018, it was reported by CNBC that the demand for housing hit nearly ev-
March 2019. The area’s median home price continues to outpace a large part of the ery sector – condominiums, rental apartments. And single-family home therefore As the
U.S. market. In January 2019, a review of 645 home sales in 16 submarkets adjacent to, population grows, any shortfall in supply of residential accommodations is expected to
including parts of Seattle, showed a median home price of $622,000. The average home put upward pressure on rents.
price was $790,225. The lowest sale price was $382,500 and the highest sale price was
$1,963,000. This price differential was due to submarket locations. The average sale
price of 20 condos sold was $633,000. During this same period of January 2019, the
U.S. median home price was $305,400 and the U.S. average home price was $361,100. “… 900 housing units needed per year …”
In the last year several counties in Washington reported price dips, while others have Total potential demand for occupied units in Subject Economic segment –
had moderate gains. The City of Bremerton enjoyed an over 14 percent gain in the past By Year 2020 – 2,519 units; Residual demand – 1,502 units
12-month period. According to the Northwest Multiple Listing Service (NWMLS), as of
June 6, 2019 there were 595 pending sales (home and condos) in Kitsap County with
the median price at $381,601 and the average closed sale price at $466,016.
N A I C A P I TA L | 3
Executive Summary
For Kitsap County PMA, the CBRE Market Data Report compared eight (8) multi-unit The financial reward to acquire these sites, either individually or as a portfolio, is high.
apartment properties to the ready to-be-built Subject Property, Site #1 – 1943 Whea- All three (3) sites are entitled. Site #1, 1943 Wheaton Way is shovel-ready. Financial
ton Way. These eight (8) properties were built during a four-year period beginning projections for this site are as follows.
in 2014 and ending in 2018 for a combined total of 698 rental units. These proper-
ties range from a low of 25 units (B Flats, Bremerton) to a high of 162 units (Insignia,
Bremerton). Although several are now dated, they still represent the newest apartment Projected average blended rents - $1,614 per month
inventory supply. 95 percent occupancy
Net Operating Income (NOI) - $1,848,400
Six hundred and ninety eight (698) units over the course of 5 years (for 140 per year) is Cost to construct - ±$28.6M
far below the required 900 units annually needed to meet the continuing housing short- Yield to Cost – 6.5 percent
age. In addition, the new product pipeline is very limited. Only 60 new units are planned Valuation Cap Rate 5 percent - $37M (rounded)
for 2019 and only 391 units for 2020.
Residential migration from Seattle has been heading west across Puget Sound and in The opportunity to acquire through this Offering or by joint venture with Seller has sig-
particular to Kitsap County. Five key factors underline part of this westward movement. nificant advantages. These advantages are based on healthy market fundamentals. En-
1) The non-foreign born population seeks alternative housing options outside of the titlement risks are removed. Land and development costs are lower. And, according to
Seattle MSA. 2) The need to find affordable housing. 3) Preference for a more urban the Puget Sound Regional Council (citing Zillow’s March 13, 2019 data), median home
lifestyle. 4) The increasing availability and addition of more ferry transporting capabili- sale prices increased in King County since 2011 from $317,000 to $618,300 in 2019.
ties for both vehicles and passengers. And, 5) Kitsap County lies in close proximity to King County rents increased from $1,369 in 2011 to $2,037 in 2019. In Kitsap County
nearly 73 percent (90,000) of the 120,000 jobs in the area. the median home price climbed from $240,500 in 2011 to $372,300 in 2019; and rents
increased from $911 in 2011 to $1446 in 2019.
Kitsap County has a population approaching 270,000. Bremerton’s population has
grown to over 41,000. The City of Bremerton is likely to continue to face a significant From 2011 to 2019, an 8-year period, King and Kitsap County realized annually:
shortage of rentals and single family homes as the fundamentals of the market promise King County – median home price gains of 11.88 %
continued shortfall in supplying residential housing. Apartment occupancy levels have King County – median rent gains of 6.10%
consistently been 95 to 100 percent, indicating that rental rates have room to grow. Kitsap County – median home price gains of 6.85%
Kitsap County – median rent gains of 7.34%
The Offering Option
1. Seeks to identify viable fee simple buyer
2. Seeks to identify viable joint-venture partner
3. Seller offers flexible JV options
N A I C A P I TA L | 4
PROPERTY DESCRIPTION
Unit Types (40) Studios
(36) 1 BDRM; (1) open-urban; 510 SF
(23) 1 BDRM - (16 water-side and 7 street-side); 613 SF – 768 SF
(12) 2 BDRM - (water-side); N/A SF
Unit Type/ SF/ Pro forma Rents/Total SF
Type SF Rents Total SF
Studios 448 – 483 SF $1450 18,160
1943 Wheaton Way
Bremerton, WA 98310 1 BDRM/waterside 512 SF $1595 18,432
Ask Price $3,600,000 1 BDRM/ water/street 613-768 SF $1692 16,322
Site Description Entitled, shovel-ready; 111 Multi-Unit Residential; mid-rise 2 BDRM/waterside 925-968 SF $2109 11,494
APN – (2) 3976-030-012-0007; 011-0008 Average Unit Size 579 Square Feet
Building Size ± 64,402 RSF; 120,051 GSF
Financial See Financial and Other Information section.
Site Area ± 1.34 A.; ± 58,730 SF
Waterfront 330’ of shoreline, high bank top elevation frontline view
Disclaimer- Information Subject To Change Without Notice.
4-levels (stories) over 2-levels of parking
Accommodates 115 vehicles
Design
Fitness center, roof top pavilion with amenities
Spectacular views of Puget Sound from cliffside elevation
Projected total cost to construct - ±$28.6M
Projected Rents - $2.79 PSF
Financial Yield to cost 6.5 percent
IRR ± 35.96 percent
N A I C A P I TA L | 5
PROPERTY DESCRIPTION
Unit Types No Units Unit SF Total SF Rent/SF Rent Total Rent
Water side / view 25 464 11,600 $3.13 $1,450 $36,250
1 BR/urban 40 528 21,120 $3.17 $1,675 $67,000
1 BR /1 BA 10 662 6,620 $2.83 $1,875 $18,750
1 BR /1 BA 10 679 6,790 $2.80 $1,900 $19,000
1 BR /den 10 726 7,260 $2.96 $2,150 $21,500
1 BR /den 10 776 7,760 $2.84 $2,200 $22,000
2 BR /2 BA 10 924 9,240 $2.81 $2,600 $26,000
2313 Wheaton Way 2 BR /2 BA 5 1025 5,125 $2.68 $2,750 $13,750
Bremerton, WA 98310 2 BR /2 BA view 5 1037 5,185 $2.53 $2,625 $13,125
Ask Price $6,700,000 to $36,022 Per Unit 2 BR /2 BA view 5 1047 5,235 $2.51 $2,750 $13,125
2 BR /2 BA 5 1052 5,260 $2.61 $2,750 $13,750
Site Description Entitled site; 186 Multi-Unit Residential
3976-029-030-0104; 031-0004; 032-0003; Guest Private 1 415 415 $4.52 $1,876 $1,876
APN – (8) 3976-029-033-0002; 034-0100; 035-0000; 036-00 415 415 $4.52 $1,876 $1,876
3976-029-001-00
Street side view
Building Size 152,641 SF GSF; 91,378 SF Garage
Studio 25 464 11,600 $3.13 $1,450 $36,250
Site Area ± 1.91 A.; ± 83,000 SF
1 BR /1 BA 5 628 3,140 $2.79 $1,750 $ 8,750
Waterfront 490’ of shoreline and high bank top elevation for frontline views
1 BR /1 BA 35 638 22,330 $2.74 $1,750 $61,250
5-levels (stories) over 2-levels of parking
Design Designed to maximize the waterfront and timberline views 1 BR /1 BA 10 696 6,960 $2.59 $1,800 $18,000
Resort-like living with views of the Olympic Mountains Total / Average 186 124,000 $2.85 $1,904 $354,126
Projected total cost to construct – $56.2M
Financial Projected Rent- $2.85 PSF
Yield/ COC- 6.62%, 7.04% Disclaimer- Information Subject To Change Without Notice.
*Site walking distance north of 1943 Wheaton Way.
N A I C A P I TA L | 6
PROPERTY DESCRIPTION
Unit Types No Units Unit SF Total SF Rent/SF Rent Total Rent
SITE Mountain view
Studio 15 486 7,290 $3.00 $1,458 $21,870
Urban 1 BR 15 612 9,180 $2.75 $1,683 $25,245
1 BR /1 BA / Den 10 828 8,280 $2.50 $2,070 $20,700
2 BR / 2BA 10 988 9,880 $2.78 $2,750 $27,500
Sub-Total 50 34,630 $2.75 $95,315
525 Washington Avenue Water view
Bremerton (CBD), WA 98337 Studio 20 551 11,020 $3.00 $1,653 $33,060
Ask Price $4,725,000 Urban 1 BR 15 646 9,690 $2.75 $1,777 $26,648
Site Description Entitled site; 105 Multi-Unit Residential 1 BR /1 BA /Den 10 874 8,740 $2.50 $2,185 $21,850
3718-005-022-0000 2 BR /2 BA 10 1064 10,640 $2.68 $2,850 $28,500
APN – (3) 3718-005-025-0007 Sub-Total 55 40,090 $2.75 $110,058
3718-005-020-0002
Building Size 134,980 GSF; 74,720 NSF
Total / Average 105 712 74,720 $2.75 $1,956 $205,373
Site Area ± 0.53 A.; ± 23,087SF
Waterfront CBD, above shoreline with Puget Sound views Disclaimer- Information Subject To Change Without Notice.
5-Level (Stories) over 2-levels parking for 90 cars
Street Level retail; public plaza and rooftop amenity
Design
Designed for highest maximum density
And easy access from multiple streets
Financial Projected total cost to construct – N/A
Zone Qualified Opportunity Zone (QOZ)
N A I C A P I TA L | 7
Floor Plan Site #1
1943 Wheaton Way
N A I C A P I TA L | 8
Floor Plan Site #1
1943 Wheaton Way
N A I C A P I TA L | 9
site Map Site #2
2313 Wheaton Way
N A I C A P I TA L | 10Aerial Map
N A I C A P I TA L | 11Regional Map
N A I C A P I TA L | 12Retail and Major
Employers Map
N A I C A P I TA L | 13Bremerton Traffic AND
Ferry Map
N A I C A P I TA L | 14Property StrengthS
The Opportunity Strengths – Entitled Land The Opportunity Strengths For the Joint Venture Partner
Three (3) separate and individual sites are – • Experienced Team in place.
• Value-add.
• Property (Site) 1 – Entitled, shovel-ready to pull permits with all of the critical
risk factors removed including contractor bid/cost. • Low volatility to market.
• Property (Site) 2 – Entitled with architectural renderings. • High demand/scarcity ratios with below 4 percent recorded vacancies since 2015.
• Property (Site) 3 – Entitled, in process of being redesigned. • Ideal site location.
• Persistent cash flow, appreciation on completion.
The Opportunity Strengths – For the Developer • Yield to Cost – ± 6.5 percent.
Three (3) separate and individual sites are – • Projected IRR - ± 35.96 percent.
• Regional, county, and citywide CBD/MSA housing shortage. • Valuation upon Stabilization - ± $36.966M.
• Bremerton Ideal location to increase housing supply. • 8-year period for Tax Abatement from issuance of Certificate of Occupancy.
(Financial Projections based on YR. 2; 15-month buildout period; 5-month lease-up) .
• 73.7 percent of employment is within 15 minutes from subject properties.
• Entitled, risk averse multi-site advantage.
• Lower cost to construct (± $180 PGSF*) when compared to Seattle. The Opportunity Strengths – For the Resident
• Sites have either 180 o or 360 o views of Puget Sound and Olympic Mountains.
• Demand high for over 4,000 residential units based on market studies.
• High traffic counts with transportation corridors. • Nearly 400 and 500 feet of shoreline for Sites 1 and 2, respectively.
• High bank waterfront.
• Accessible by land and waterways.
• New product.
• Under 30-minute commute times.
• Easy access to ferry and major transportation corridors.
• Local public and governmental support.
• Competitive rents for higher quality amenities and product.
• The Seattle median home sales price as of April 2019 was $690,000.
• Available housing in high demand market.
• The U.S. median home sale price as of April 2019 was $342,200.
• Nature’s bounty and more serene quality lifestyle.
• The U.S. average home price as of April 2019 was $393,700.
(*Based on Project bids as of May 9, 2019 for 120,051 SF)
N A I C A P I TA L | 15Property StrengthS
Projected Cost to Construct $28.6M
Bid Consideration
Potential reduction in completion timeline by ± 2 mos. versus 18 mos.
Use of HDBIM, allowing multiple projects to be completed at the same time.
Potential builders risk insurance savings adjustment.
G-Max Bid
GC’s Total Hard Costs include (0.6% - 9.0%)
Contingency
Overhead
Fee
Builder’s Risk Insurance (Owner allowance)
General liability
Gross receipts tax (WA sales tax)
B&O
Source: Construction Proposal (Bid) - May 9, 2019.
Project Value Creation - Human Resources
• Architect
• Broker/advisor
• Construction manager SITE
• General contractor
• Seller
• Legal counsel
• Market studies resource
• Property Manager - residential
N A I C A P I TA L | 16Market Area Overview
Puget Sound Bremerton
Located in the Pacific Northwest in the State of Washington. It is the second Is one of the top five destinations for movers from King County, according to 1916
largest estuary in the U.S., having nearly 2,400 miles of magnificent shoreline. It is census data. Bremerton is located on the Kitsap County Peninsula in Puget Sound. It
an enclosed body of water in which salt water from the Pacific Ocean mixes with is the largest of five neighboring towns in Kitsap County. The city is a mere 28-minute
fresh water runoff from the surrounding watershed. Its beaches are known for their ferry boat ride across the bay from the west to the Seattle-Tacoma-Bellevue MSA
expansive timberline and shorelines with high bank tops, making them ideal for area. Kitsap County has a population of nearly 270,000 people who reside in a less
redevelopment. Population trends along coastal areas are known to be distinct urban environment that is still convenient to jobs, entertainment, and cultural life in the
such that 40% of the world’s population live within 100 kilometers to its coast greater Seattle area. Years ago the city had a “Move to Bremerton” ad campaign, but
lines with 29% of the U.S. population living with same of its coasts. Part of the it was short-lived. According to the Bremerton’s mayor at the time, the convenience
reason for this results from a better infrastructure, tourism, eco-system and access and beauty of the area was already drawing a stream of people. The location of
to water. Bremerton and its appeal was known by then.
The Seattle MSA The Story of Immigrants
Seattle, located in King County, is the largest MSA in Washington. King County Natural migration into areas such as Bremerton is a result in part of foreign
is the twelfth largest county in the U.S. with a population of 2.3M. The “Emerald migration into King County. This foreign migration into Washington and primarily
City,” as it is sometimes called, has been a trendsetter in areas of real estate King County is a remarkable story and has led to higher real estate demand, price
appreciation, supply and demand, rents, and employment growth when compared appreciation, and the scarcity of housing. According to the U.S. Census, nearly
to other major MSAs across the U.S. As a result, housing demand from high foreign half of the growth in King County is made up of people born outside of the U.S.
born migration, employment and wages have stressed and outpaced housing Kings County’s population has grown by approximately 270,000 since 2010. The
supply for many years. High development costs and low inventory are pushing the largest number of immigrants into King County comes from Asia at nearly 288,000
appreciation rates upward with a “miniscule” number of distressed properties as persons with the second largest group coming from Latin America at slightly over
reported by Real Trak. 92,000 persons.
N A I C A P I TA L | 17Market Area Overview
Under Construction/Pending Multi-Unit Pipeline*
Bremerton Project name Year # Units
InHabit Burwell 2020 52
Marina Square 2021 145
Evergreen Pointe 2021 109
Subject Site #1 2021 111
Subject Site #2 2021 186
Ambrose 2021 216
Almira 2022 93
Subject Site #3 2022 N/A
Silverdale Project name Year # Units
North Beach Inn 2019 60
Mickeberry 2020 160
Woodbridge 2020 110
Blaine Ave NW 2023/24 56
Poulsbo Project name Year # Units
Vanaheimer 2020 25
Old City Hall 2023/24 74
19033 Jensen Way NE 2023/24 84
Port Orchard Project name Year # Units
640 Bay St 2020 44
Burham Manor 2021 270
*Market Data Report, Kitsap County, excluding Bainbridge Island, CBRE Group, Inc., March 4, 2019
N A I C A P I TA L | 18Sale AND Rental
1008-1016 Burwell Street
In contract
$1,300,000 (not confirmed)
± 7 blocks west of Site #3
Immediately west of Rte. 303
.35 A. 15,246 SF
Land value $85.27 PSF
Re-development, proposed 25 units
Source: CoStar
APARTMENT RENTAL COMPARISON - Bremerton
Area Comps Community Name % Occup. # Units Market Ave Rents Rents PSF
Subject Property - 1943 Wheaton Way - Site #1 $1,614 $2.79
Comp A Spyglass Hill 95% 80 $1,705 $2.23
Comp B B Flats 96% 27 $1,548 $2.22
Comp C 606 100% 71 $1,457 $2.40
Comp D Arendal 95% 91 $1,954 $1.92
Comp E Insignia 94% 162 $1,577 $1.95
Blended Average 96% $1,643 $2.25
N A I C A P I TA L | 19Sale AND Rental
COUNTY HOMES SALES BY COUNTY - Those reporting
HOME SALES SNAPSHOT - Greater Seattle Area
over 450 pending sales are included.
Single Family Home Sales
Reviewed # Units Sold / Sub-Mkt. Sale Price Range
# of Sub-Markets - 16 645 n/a
Highest Sale Price Bellevue West $1,963,500
Median Sale Price $622,000 $645,000
Lowest Sale Price Des Moines $382,500
Source: NW MLS - (June 6, 2019)
Blended Overall Aver. 645 $790,225
Condo Sales
Reviewed # Units Sold
# of Sub-Markets - 1 20
Area of Condo Sales Belltown-Downtown Seattle $633,000
Home Price Affordability Kitsap County $344,000
N A I C A P I TA L | 20Demographics
Population 10 Mile 15 miles 20 Miles Income 10 Mile 15 miles 20 Miles
2018 Estimated Population 118,024 213,588 737,531 2018 Est. Average Household Income $81,862 $95,278 $109,755
2023 Projected Population 126,002 226,922 786,823 2018 Est. Median Household Income $92,617 $108,870 $122,528
2010 Census Population 110,476 199,443 627,667 2018 Est. Per Capita Income $62,681 $72,420 $76,781
Households 10 Mile 15 miles 20 Miles Per Capita Income 10 Mile 15 miles 20 Miles
2018 Estimated Households 47,967 86,336 347,138
Estimated Per Capita Income (2019) $34,271 $39,267 $52,182
2023 Projected Households 50,531 90,449 370,112
Projected Per Capita Income (2024) $38,079 $44,104 $58,126
2010 Census Households 43,172 77,560 281,862
Census Per Capita Income (2010) $24,495 $28,163 $34,480
N A I C A P I TA L | 21Financial
Proforma Project Type Multi-Family mid-rise
1943 Wheaton Way - Site #1 Land SF 58,730
Gross Revenues $2,156,179 64,402 Sf @ $2.79 PSF Structure Gross SF 120,051
Misc. Inc. $394,068 Pkg, Stor.,Util Remb,Pet, Misc Net Rentable SF 64,402
Total Adjusted Gross $2,550,247 Project Units 111
(Less) Vacancy 5% $127,512 Turnover, Mkt Ready Units Land $ Per SF $61
Effective Gross Income $2,422,735 Structure $ Per SF $179
Expenses $574,398 Cost to Construct $ Per Unit $193,694
Net Operating Inc. (Noi) $1,848,400 Includes Tax Abatement EST: Time Duration
Cap Rate/Value 5% $36,968,000 Stablized Yr. 2 Construct 18 mos.
Construction Cost $21,436,777 Selected Bid Lease up 5-7 mos.
Construction Loan 75% $16,077,583 % Loan To Cost Land Acquisition Cost $3,600,000
Equity Requirement 25% $5,359,194 % Equity To Cost 1943 Wheaton Way - Site #1 Funding Alternative Scenario
Debt Service - Annualized $1,035,684 5% Int.; 30 Yr. Amort. Development Costs $28,600,000
Adjusted Net Income (Noi) $812,716 NOI (Less) Debt Svc. Borrower Down Payment 4% $1,144,000
Yield To Cost 8.62% Amount of Loan 96% $27,456,000
IRR 35.96% Based On 2 Yrs. Cost of Loan - interest 3.75%
Loan Points / Costs 3.50% $919,776
Loan Term Yrs. 15
* Above illustration based on 100% LTV; FICO score minimum of 550.
* No personal guarantee. No prepayment penalty. No interest for 10 mos.
Rate is quoted fixed for 15 YRS.; amortized over 20 YRS.
Further information available upon request and subject to change
N A I C A P I TA L | 22Summary
The sale, development and construction process is a ‘people’ business. Each SUBMISSION OF OFFERS
of these three (3) entitled sites has a high probability for success. The current
seller has invested time and money to assess these sites by doing the necessary Only written offers will be considered.
research and planning. They have removed probable risks. An experienced
developer recognizes that asset-producing processes are subject to change • On prospective buyer’s (“buyer”) letterhead.
due to unpredictability and variability. The readiness for Site #1 at 1943
• An outline of the price, terms, and conditions.
Wheaton Way, for example, was more than 4 years in the making. Its team is
skilled, experienced, and dedicated while having the required level of necessary • Statement of fee simple, joint-venture interest, or other.
expertise. The demand for housing in the Northwest (Kitsap County) indicate • If fee simple interest, please explain your source of funds.
strong fundamentals. The market is characterized by low housing inventory,
• If joint-venture interest, please explain your criteria.
well-developed transportation corridors, population migration into the area, and
strong employment. These factors give merit to the goal of building the three • Signor is to have full authority to submit offer with contact information.
(3) entitled sites into rental housing to help offset the high need for housing.
Whether you choose to broker these three (3) transactions for others, directly
invest to own, or partner with the current owner, you are invited to call with any
BROKER COMMISSION
further questions or write your Letter of Interest for submission to Broker. Exclusive Listing Broker/Advisor is a cooperating broker.
N A I C A P I TA L | 23Summary
EXCLUSIVE AGENCY DISCLOSURE
NAI Capital, Inc., as Exclusive Listing Broker/Advisor to Seller for Subject
Property, is a member of NAI Global having more than 400 offices strategically
located throughout North America, Latin America and the Caribbean, Europe,
Africa and Asia Pacific, with over 7,000 local market professionals. Annually, NAI
Global completes in excess of $20 billion in commercial real estate transactions
throughout the world. NAI Capital, Inc. is based in Southern California.
DISCLAIMER
Information included or referred to herein is furnished by third parties and is
not guaranteed as to its accuracy or completeness. You understand that all
information included or referred to herein is confidential and furnished solely
for the purpose of your review in connection with a potential purchase of the
subject loan(s) or REO property(ies), as applicable. Independent estimates
of pro forma income and expenses should be developed by you before any
decision is made on whether to make any purchase. Summaries of any
documents are not intended to be comprehensive or all-inclusive, but rather
only outline some of the provisions contained therein and are qualified in their
entirety by the actual documents to which they relate. The asset owner(s), their
servicers, representatives and/or brokers, including but not limited to C-111
Realty Services LLC, C-111 Asset Management LLC, and their respective
agents, representatives, affiliates and employees, (i) make no representations or
warranties of any kind, express or imp lied, as to any information or projections
relating to the subject asset(s), and hereby disclaim any and all such warranties
or representations, and (ii) shall have no liability whatsoever arising from any
errors, omissions or discrepancies in the information. Any solicitation for offers
to purchase the subject asset(s) is subject to prior placement and withdrawal,
cancellation or modification without notice.
N A I C A P I TA L | 24RESOURCES
https://www.washington.edu/news/2018/12/24/new-human-migration-estimate/
https://www.seattletimes.com/seattle-news/data/new-mileston-in-king-county-immigrat-population-tops-500000/
https://sedac.ciesin.columbia.edu/es/papers/Coastal_Zone_Pop_Method.pdf
https://www.psrc.org/sites/default/files/trend-housing201905.pdf
https://www.youtube.com/watch?v=gsKBH6sykj8
https://www.youtube.com/watch?tv=RrwaRUj910
https://enwikipedia.org/wiki/Bremerton,Washington#/media/File:Bremerton 07758.JPG
https://www.seattletimes.com/seattle-news/data/114000-more-people-seattle-now-this-decades-fastest-growing-big-city-in-all-of-united-states/
https://www.census.gov/search-results.html?q=Bremerton+WA&page=1&stateGeo=none&searachtype=web&cssp=SERP
https://www.census.gov/quickfacts/bremertoncitywashington
www.costar.com
https://census.gov/content/dam/census/library/publications/2010/demo/p25-1139.pdf
https://www.deptofnumbers.com/ret/washington/bremerton/
https://rentjungle.com
https://www.google.com/search?q=washington+state+property+tax+rate&rlz=1C1CHBFenUS800US800&oq=washington+state+property+tax+rate&aqs=chrome..69i57j0l5.11938j1j7&sourcei
d=chrome&ie=UTF-8
N A I C A P I TA L | 25FOR SALE – (3) Entitled Multi-Unit Land Sites Puget Sound (Bremerton/Seattle) State Of Washington Usa Offering Memorandum Deborah K Luedy, CPM, MSA | Senior Vice President 818 429 0227 | dluedy@naicapital.com Cal DRE Lic #01076984
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