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Windjammer 605 Point Brown Ave NW 28 Unit Apartment Building $3,950,000 ($141,071/Unit) 6.90% Cap Rate Ocean Shores, WA 98569
Investment Highlights
- Recent System Upgrades - Roof and Electrical Panels
- Private Decks or Fenced Backyards for Each Unit
- Largest Market-Rate Apartment Community in Ocean Shores
- Condo Quality Units
- Proximity to Beach, Golf Course, and Local Attractions
Executive Summary
Marcus & Millichap is pleased to present Windjammer Apartments, a four-building, 28-unit community centrally located in Ocean Shores, Washington. Positioned within the Ocean Shores Golf Course, the Property offers a unique residential setting with strong appeal to both local workforce tenants and retirees seeking a lifestyle-oriented environment near the coast. Built in 1984, the Property consists of four buildings and features a well-balanced unit mix of primarily one- and two-bedroom units averaging approximately 655 square feet, along with six studio units catering to more budget-conscious renters. Each unit is equipped with modern kitchen appliances and offers either a private deck or fenced backyard, enhancing tenant appeal and livability. Windjammer benefits from its central location within Ocean Shores, providing close proximity to the beach, golf course, and local attractions, making it a desirable residential option in a market with limited comparable inventory. The property is recognized as the largest market-rate apartment community in Ocean Shores, supporting consistent tenant demand and occupancy stability. The asset offers an attractive investment profile, with strong in-place income and the ability to achieve an estimated 10 percent cash-on-cash return at the offering price of $3,950,000, making it a compelling opportunity for yield-focused investors. The combination of coastal location, lifestyle amenities, and efficient unit mix positions the Property well for long-term performance. The combination of strong yield, unique golf course setting, and positioning as the largest market-rate community in Ocean Shores makes Windjammer Apartments a compelling opportunity for investors seeking stable income and long-term appreciation in a coastal rental market.
Property Facts
| Price | $3,950,000 | Building Class | C |
| Price Per Unit | $141,071 | Lot Size | 1.17 AC |
| Sale Type | Investment | Building Size | 21,312 SF |
| Cap Rate | 6.90% | No. Stories | 3 |
| No. Units | 28 | Year Built | 1984 |
| Property Type | Multifamily | Parking Ratio | 2.44/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | Commercial | ||
| Price | $3,950,000 |
| Price Per Unit | $141,071 |
| Sale Type | Investment |
| Cap Rate | 6.90% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.17 AC |
| Building Size | 21,312 SF |
| No. Stories | 3 |
| Year Built | 1984 |
| Parking Ratio | 2.44/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | Commercial |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $1,100 | 400 - 650 |
| 1+1 | 12 | $1,300 | 500 - 800 |
| 2+1 | 10 | $1,500 | 750 - 1,000 |
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
20/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 090100604000 | Improvements Assessment | $2,098,048 |
| Land Assessment | $212,952 | Total Assessment | $2,311,000 |
Property Taxes
Parcel Number
090100604000
Land Assessment
$212,952
Improvements Assessment
$2,098,048
Total Assessment
$2,311,000
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Windjammer | 605 Point Brown Ave NW
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