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Discovery Shores 1031 Discovery Ave SE 26 Unit Apartment Building $2,900,000 ($111,538/Unit) 6.95% Cap Rate Ocean Shores, WA 98569
INVESTMENT HIGHLIGHTS
- TURN-KEY ASSET - No major capital improvement needed
- ATTRACTIVE UNIT MIX - Two-bedroom units are attractive to families in Ocean Shores
EXECUTIVE SUMMARY
Discovery Shores is a 26-unit multifamily apartment complex located in the scenic coastal town of Ocean Shores, Washington. Built in 1968, this low-rise Class C building spans 26,000 square feet on a 2.68-acre lot, offering a mix of studio, one-bedroom, and two-bedroom units. The property is situated near the Ocean Shores Interpretive Center and the marina, with access to a freshwater canal system ideal for kayaking.
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $2,900,000 | Building Class | C |
| Price Per Unit | $111,538 | Lot Size | 2.68 AC |
| Sale Type | Investment | Building Size | 26,000 SF |
| Cap Rate | 6.95% | Average Occupancy | 96% |
| No. Units | 26 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 1.31/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | B1 Retail Commercial | ||
| Price | $2,900,000 |
| Price Per Unit | $111,538 |
| Sale Type | Investment |
| Cap Rate | 6.95% |
| No. Units | 26 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.68 AC |
| Building Size | 26,000 SF |
| Average Occupancy | 96% |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 1.31/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | B1 Retail Commercial |
AMENITIES
UNIT AMENITIES
- Balcony
- Dishwasher
- Fireplace
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Dock
- Patio
SITE AMENITIES
- Courtyard
- Laundry Facilities
- Waterfront
- Dock
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 14 | $993.00 | 439 |
| 1+1 | 11 | $1,173 | 750 |
| 2+1 | 1 | $1,600 | 800 |
1 1
PROPERTY TAXES
| Parcel Number | 092900060203 | Improvements Assessment | $1,532,250 (2025) |
| Land Assessment | $221,750 (2025) | Total Assessment | $1,754,000 (2025) |
PROPERTY TAXES
Parcel Number
092900060203
Land Assessment
$221,750 (2025)
Improvements Assessment
$1,532,250 (2025)
Total Assessment
$1,754,000 (2025)
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Discovery Shores | 1031 Discovery Ave SE
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