28-Unit Apartment
For Sale
$3,950,000
605 Point Brown Ave NW, Ocean Shores, WA 98569
Four-building multifamily property with modern kitchen appliances and private outdoor space for each residence.
Property Size25,095 SF
Days on Market155
Property Features for 605 Point Brown Ave NW
General Information
Standard status
Active
Size
25,095 SF
Property subtype
Multifamily
Occupancy
90%
Units
Unit Mix
6 x studio, 12 x 1BR/1BA, 10 x 2BR/1BA
Multifamily Units
28
Additional Details
Asking Price
$3,950,000
Amenities
High-Yield Opportunity - Incoming buyer can easily achieve over a 10% total return in year one of ownership.
Largest Apartment in Ocean Shores - Opportunity to hold the largest percentage of rental housing in a low competition market. You control the market!
Major System Upgrades - Roofs have been redone, as well as electrical systems and panel updates. Making this a highly insurable and safe property.
Building Details
Building Size
25,095 SF
Year Built
1984
Buildings
4
Units
28
Listing Agency:
Seattle Office
Listed By:
Aimon Heffernan · License #License(s): WA: 23029794
(206) 826-5707
Source:
Marcusmillichap
Added: May 14
Changed: Oct 7
Last Checked: Oct 14 at 7:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Seattle Office
Investment Insights
Based on property information with market context.
The Windjammer is a 28-unit apartment property built in 1984 and arranged across four buildings. The unit mix includes six studios, twelve one-bedroom/one-bathroom apartments, and ten two-bedroom/one-bathroom apartments, with residences averaging 655 square feet. Units include modern kitchen appliances along with either a private deck or fenced backyard.
Located at 605 Point Brown Ave NW in Ocean Shores, the community sits within the Ocean Shores Golf Course and is near the beach and other local attractions.
Located at 605 Point Brown Ave NW in Ocean Shores, the community sits within the Ocean Shores Golf Course and is near the beach and other local attractions.
Key Highlights
- 28 units across four apartment buildings
- Unit mix includes 6 studios, 12 one‑bedroom/one‑bathroom units, and 10 two‑bedroom/one‑bathroom units
- Units average 655 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$212,417
Cap Rate
5.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,248,340
$4.2M
Cap Rate 7%
$3,034,529
$3.0M
Cap Rate 9%
$2,360,189
$2.4M
Market Conditions
NOI Build-Up for 25,095 SF
Gross rent
$406.5K $16.20/SF
− Vacancy
−$20.3K −$0.81/SF
EGI
$386.2K $15.39/SF
− OpEx
−$173.8K −$6.93/SF
NOI
$212.4K $8.46/SF
Area
Grays Harbor County, WA
Vacancy
5.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,248,340
Cap Rate 7%
$3,034,529
Cap Rate 9%
$2,360,189
Alternative Uses
Best Use
Apartment 5plus
$3.03M
$2.66M – $3.54M
NOI $212,417 @ 7.0% cap · market cap 5.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.92M
$6.05M – $8.07M
NOI $484,233 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
28
Residential units
Location Intelligence
Trade Area within ½ mile
43
Businesses Nearby
Explore this area
Business Placement
Demographics for 98569, WA
6,964
Population
5,884
Households
1.2
Avg Household Size
62
Median Age
22%
College-Educated
93%
High-School Grad
13.3 sq mi
ZIP Area
524
Density / Sq Mi
$62,772
Median Household Income
$34,182
Median Earnings
$1,177
Median Rent
$373,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Four-building multifamily property with modern kitchen appliances and private outdoor space for each residence.
Where is this apartment building located?
The property is located at 605 Point Brown Ave NW Ocean Shores, WA.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 28 units across four apartment buildings; Unit mix includes 6 studios, 12 one‑bedroom/one‑bathroom units, and 10 two‑bedroom/one‑bathroom units; Units average 655 square feet
