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 Market109
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
(206) 826-5707
Listed By:
Aimon Heffernan · License #License(s): WA: 23029794
(206) 826-5707
Source:
Marcusmillichap
Added: May 14
Changed: Aug 30
Last Checked: Aug 30 at 1:15AM
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$212,417
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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
