Turnkey Waterfront Apartment
8755 Shore Silverdale, WA 98383
8755 Shore, Silverdale, WA, 98383
$5,250,000
For Sale
$5,250,000
Fully renovated 20-unit apartment community with two- and one-bedroom townhome-style layouts on the Silverdale waterfront.
Property Size15,160 SF
Price / SF$346.31
Days on Market373
Property Features for 8755 Shore
General Information
- Standard status
- Active
- Size
- 15,160 SF
- Property subtype
- Multi-family
Building Details
- Year Built
- 1942
Listing agency
Blake Investment Advisors
Listed by
Gabe Blake
(206) 363-8509
Source
Century21northhomes
Added: Jul 15, 2025 Updated: Jul 22 at 3:43PM Checked: Jul 22 at 3:43PM
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 Blake Investment Advisors
Investment Insights
Based on property information with market context.
Waterfront Park Apartments is a fully renovated, turnkey 20-unit apartment community featuring 16 two-bedroom townhome-style units and 4 one-bedroom units. Many units include modern interior finishes and durable upgrades, with in-unit washers and dryers and updated kitchens featuring cabinetry and stainless steel appliances.
Ownership has invested more than $1.1M in capital improvements, including new roofs, Hardie siding, and upgraded electrical and mechanical systems. The result is a low-maintenance multifamily asset built around consistent unit appeal and refreshed building components.
The property is presented with current-rent performance metrics of a 5.97% cap rate and a 6.08% cash-on-cash return. Offered for sale as a turn-key waterfront apartment building in Silverdale.
Ownership has invested more than $1.1M in capital improvements, including new roofs, Hardie siding, and upgraded electrical and mechanical systems. The result is a low-maintenance multifamily asset built around consistent unit appeal and refreshed building components.
The property is presented with current-rent performance metrics of a 5.97% cap rate and a 6.08% cash-on-cash return. Offered for sale as a turn-key waterfront apartment building in Silverdale.
Key Highlights
- Fully renovated 20‑unit apartment community on the Silverdale waterfront
- Unit mix: 16 two‑bedroom townhome‑style units and 4 one‑bedroom units
- Average unit size about 758 SF
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $327.5k | $21.60 |
| − Vacancy | −$30.8k | −$2.03 |
| EGI | $296.7k | $19.57 |
| − OpEx | −$133.5k | −$8.81 |
| NOI | $163.2k | $10.76 |
15,160 SF · lease $21.60/SF/yr · vacancy 9.40% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $163,171 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.06M
$4.42M – $5.90M
NOI $353,857 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Fully renovated 20-unit apartment community with two- and one-bedroom townhome-style layouts on the Silverdale waterfront.
Where is this apartment building located?
The property is located at 8755 Shore Silverdale, WA.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: Fully renovated 20‑unit apartment community on the Silverdale waterfront; Unit mix: 16 two‑bedroom townhome‑style units and 4 one‑bedroom units; Average unit size about 758 SF
