111 Unit Apartment Community Development Site Port Orchard, WA. REGION: Greater PUGET SOUND The Puget Sound Region of Washington State is the economic center of the state with the metropolitan Seattle area as the driving force. Previously timber, fishing and Boeing were the economic attractions to the area but it is now tech firms and internet commerce. The mild annual weather (a few inches of rain aside) and the proximity of a wide variety of outdoor activities are also an attraction. The population has been on the rise for years but the recent boom in the tech/internet industry has made the Region one of the fastest growing in the US. REGION: Greater PUGET SOUND Robust economic growth with an explosion of high-tech, internet and retail companies has brought educated upward mobile individuals and families to the Region. The higher education of the region has attracted other companies to the region. This growth has attracted support businesses and companies. And more and more people. A huge housing shortage has been created. AREA: KITSAP COUNTY Gateway to the Olympic Peninsula KITSAP COUNTY is the Gateway to the SEATTLE Olympic Peninsula and all its wonders. The Dungeness crabs off the Dungeness spit in Sequim; the Roosevelt Elk, rain forest and hot springs of the Olympic National Park; the fishing on the Straits of Juan de Fuca; the clam digging and casual walks along the beaches of the Pacific Ocean then back to slurping world class oysters from the beaches of Hood Canal. AREA: KITSAP COUNTY Gateway to the Olympic Peninsula A Strong & Vibrant Economy - Puget Sound Naval Ship Yard (PSNS) in Bremerton, provides a strong and constant economy and workforce that is growing. Average household income, for the County, is one of the highest in the state. Average household income of $94,300 & median household income of $71,700 are projected to increase 14%+ over the next 5 years. Well above the national average. The vibrant Kitsap County economy is supported by Harrison Medical Center, Naval Undersea Warfare Center, Olympic College, IBM and Lockheed Martin Bangor Space Systems as the major employers. Almost 34% of Kitsap residents over age 24 have either a bachelors or graduate college degree. North, Central and South Kitsap School Districts are acknowledged academically state wide and have diverse student populations. Kitsap County is family oriented and proud of it. VICINITY: SOUTH KITSAP COUNTY The South Kitsap County & the South Kitsap Peninsula is a diversity of nature and civilization. Long a pristine area of towering evergreens, babbling brooks and open fields teeming with wildlife of all kinds from bear to soaring bald eagles it is fast becoming a popular place to raise a family. The explosion of population growth in the Greater Puget Sound Basin has naturally begin to affect the South Kitsap area. People are beginning to become aware that a relaxing 60 to 90 minute commute across the serene waters of Puget Sound is much more desirable than a 60 to 90 minute road rage commute on the freeways surrounding the Greater Seattle area. VICINITY: SOUTH KITSAP COUNTY PENINSULA o South Kitsap County, a commuter community, with a large portion of residents working in the Metropolitan Seattle area. o Per capita income is well above the national average with a median age of 41. Population of 270,000 & growing. o Market rents continue to increase while inventory remains flat with only 38 units currently under construction. o Vacancy Rate below 5%, accelerated absorption rate and rental rates are trending upwards. o Seattle rental rates 25% more & income only 15% higher makes South Kitsap a more favorable rental market for those willing to commute. o South Kitsap Peninsula is a relaxing hour ferry ride, across breathtaking Puget Sound, to metropolitan Seattle. o Walk on Ferry to Bremerton and a fast ferry ride to downtown Seattle in only 30 minutes. o Drive to Tacoma/Seattle on Hwy 16 across the Narrows Bridge (Galloping Gerty). o A road rage free commute SITE LOCATION: PORT ORCHARD PORT ORCHARD is a quaint saltwater community on the shores of Puget Sound. Once a hub to the famous Mosquito Fleet it is now quickly becoming a "bedroom community" to the Seattle / Tacoma area. Rural living with all the outdoor recreational activities available are an attraction to the area while still being in close proximity to the income available in a metropolitan setting. Several first class marinas, in Port Orchard & Bremerton, attract the avid sailing and boater to the area. The excitement and adventure of discovering all of the unique inlets, bays and beaches that abound in the Puget Sound basin attracts many to the town of Port Orchard. Minimal available units, vacancies well below national averages, sustained military presence and the close proximity to the robust Seattle job market fuels an aggressive apartment absorption rate and a demand for apartment units. SITE LOCATION: PORT ORCHARD The City of Port Orchard has 3 separate commercial cores. Downtown on Bay St. (1) was the commercial district when the town was incorporated back in 1890. The expansion of the town, during the 1970's, toward the Southworth Ferry terminal naturally attracted commercial up Mile Hill Drive (2), where the Fircrest Village site is located. Recent expansion, in the 1990s to today, generated (1) (2) another commercial core along the Bethel Ave. (3) Corridor (3). SITE: Mile Hill Drive & Fircrest Drive The Fircrest Village Apartment Community development site is located on a major east west arterial, Mile Hill Drive, leading from downtown Port Orchard to the Southworth / Seattle Ferry. Located in one of 3 Port Orchard commercial districts that includes an Albertsons grocery store, South Sound Cinema 10 movie theatre, Burger King, Jack in the Box, Taco Bell, Dels Farm Equipment, a Chase & Wells Fargo Bank and other family restaurants, a veterinarian, doctors office and more all within EZ walk of the Fircrest Village Apartment Community. Marcus Whitman Middle School & Orchard Heights Elementary School are both only a few blocks away and South Kitsap High School is down the hill a mile or so. Attractive to the renting parent. SITE: Mile Hill Drive & Fircrest Drive SE Mile Hill Drive East on Mile Hill Drive, is the main Not Included arterial to the Seattle in this Offering ferries at the Southworth Ferry Terminal and to the west is Hwy. 16 to Tacoma to the south and north to Bremerton & the DriveFircrest Olympic Peninsula. SITE: Mile Hill Drive & Fircrest Drive Jurisdiction: Kitsap County, Washington www.kitsapgov.com (360) 337-5777 Water Sewer: Westsound Utility District www.wsud.us (360) 876-2545 Electric: Puget Sound Energy https://www.pse.com/construction-services/cs-project-steps (888) 321-7779 Natural Gas: Cascade Natural Gas (888) 522-1130 https://www.cngc.com/rates-services/builder-information/ SITE: Mile Hill Drive & Fircrest Drive Additional Information Available Upon Receipt of an Executed Non-Disclosure & Confidentiality Agreement Hearing Examiner Report October 10, 2014 Lee Raaen, Examiner Contact Listing Broker Sound Law Center Preliminary Storm Water Drainage Report March 22, 2014 Simpson Engineers (Grandfathered under 2014 Regulations) Market Study December 19, 2018 CBRE / Seattle OFFERING: Contact: DONN HUGHES Designated Broker / Principal (360) 509-7631 [email protected] $ 1,650,000 834 Bay St., Suite 100 Port Orchard, WA. 98366 Office Retail Site Available Separately C 2019.