ON THE MARKET // 1031 Discovery Ave SE and 605 Pt. Brown Ave NW, Ocean Shores, WA

Discovery Shores and Windjammer

CONTACT LISTING AGENTS

On The Market

Discovery Shores:

$2,900,000

Windjammer:

$3,900,000

Discovery Shores

Built in 1968, Discovery Shores is a four-building, and twenty-six-unit community located in South Ocean Shores, WA. Walking distance from the Oyhut Bay Seaside Village. Discovery Shores is an attractive community for local employees. From a tenant’s perspective, proximity to the beach, hospitality employers and other attractions make this a great place to call home.

Discovery Shores, the second largest market-rate apartment community in Ocean Shores, consists of fourteen studios; eleven one-bedroom, one-bathroom; one two-bedroom, one-bathroom units averaging 655 square feet. All units have access to a common courtyard with a private dock.

Windjammer

Built in 1984, the Windjammer is a Four-building, and twenty-eight-unit community centrally located in Ocean Shores, WA. Directly in the middle of the Ocean Shores Golf Course. Windjammer is an attractive community for families and local workers. From a tenant’s perspective, proximity to the beach, golf course and other attractions make this a great place to call home.

Windjammer, the largest market-rate apartment community in Ocean Shores, consists of six studios; twelve one-bedroom, one-bathroom; ten two-bedroom, one-bathroom units averaging 655 square feet. Each unit features modern kitchen appliances.dock.

Property Overview

ADDRESSES

1031 Discovery Ave SE, 605 Pt.

Brown Ave NW, Ocean Shores

RESIDENTIAL NRSF

± 33,530

STRUCTURE

Wood Frame

LAND USE CODE

13 - Residential

YEAR BUILT

1968 / 1984

HEATING

Electric

UNITS

54 Units

SITE AREA

76,763 SF

Executive Highlights

Turn-Key Asset

No major capital improvement needed
Attractive In-Place and Pro-Forma Cap Rate

Portfolio: In-place 6.58% CAP and pro-forma 7.36% CAP
Attractive Unit Mix

Two-bedroom units are attractive to families in Ocean Shores, and one- and two-bedroom units are attractive to hospitality workers or potential short-term renters.
Conversion Opportunity

Converting 10% of units to short- and midterm- rentals can achieve an additional 60% annual rental income
Dominant Share of Market-Rate Housing

Windjammer and Discovery Shores are the two largest multifamily properties in Ocean Shores
Ample On-site Parking

52 open parking spaces