Remodeled 4-Unit
For Sale
$770,000
665 Sunset Ave, Ocean Shores, WA 98569
Townhome-style units are fully leased near downtown amenities, beaches, canals, and lakes.
Property Size4,364 SF
Price / SF$176.44
Days on Market48
Property Features for 665 Sunset Ave
General Information
Standard status
Active
Size
4,364 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 3BR/1.5BA
Multifamily Units
4
Building Details
Year Built
1979
Buildings
1
Stories
2
Construction
townhome style
Tenancy
Multi
Listing Agency:
Washington Coast Real Estate
(360) 268-0977
Listed By:
David Shea · License #77524
Source:
Nfrrealty
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 29 at 11:56AM
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 Washington Coast Real Estate
Investment Insights
Based on property information with market context.
This 4-unit quadplex at 665 Sunset Ave in Ocean Shores was built in 1979 and contains 4,364 square feet. The townhome-style residences have been remodeled and feature two-story layouts, with kitchen and living areas on the main level and laundry located upstairs. All four units are currently rented.
The property is within walking distance of downtown amenities, as well as the beach, canals, and lakes. Its four-unit configuration and updated interiors provide a defined multifamily format in an Ocean Shores setting with nearby recreational and commercial destinations.
The property is within walking distance of downtown amenities, as well as the beach, canals, and lakes. Its four-unit configuration and updated interiors provide a defined multifamily format in an Ocean Shores setting with nearby recreational and commercial destinations.
Key Highlights
- 4,364‑square‑foot quadplex built in 1979
- Four remodeled townhome‑style units
- All 4 units are rented
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
$39,838
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
5.17%
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%
$796,760
$796.8K
Cap Rate 7%
$569,114
$569.1K
Cap Rate 9%
$442,644
$442.6K
Market Conditions
NOI Build-Up for 4,364 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
$60.2K $13.80/SF
− Vacancy
−$3.3K −$0.76/SF
EGI
$56.9K $13.04/SF
− OpEx
−$17.1K −$3.91/SF
NOI
$39.8K $9.13/SF
Area
Grays Harbor County, WA
Vacancy
5.50%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$796,760
Cap Rate 7%
$569,114
Cap Rate 9%
$442,644
Alternative Uses
Best Use
Multifamily LT 5
$569.1K
$498.0K – $664.0K
NOI $39,838 @ 7.0% cap · market cap 5.17%
Second Best
Apartment 5plus
$527.7K
$461.7K – $615.7K
NOI $36,939 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,208 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
386
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Townhome-style units are fully leased near downtown amenities, beaches, canals, and lakes.
Where is this quadplex located?
The property is located at 665 Sunset Ave Ocean Shores, WA.
What is the asking price?
The asking price for this property is $770,000.
What are key features of this property?
This property features: 4,364‑square‑foot quadplex built in 1979; Four remodeled townhome‑style units; All 4 units are rented
