Turnkey Waterfront Apartment
For Sale
$5,200,000
8755 Shore, Silverdale, WA 98383
Fully renovated 20-unit apartment community with two- and one-bedroom townhome-style layouts on the Silverdale waterfront.
Property Size15,160 SF
Price / SF$343.01
Days on Market370
Property Features for 8755 Shore
General Information
Standard status
Active
Size
15,160 SF
Property subtype
Multi-family
Additional Details
Cap Rate
5.97%
Multifamily Units
20
Building Details
Year Built
1942
Listing Agency:
Blake Investment Advisors
Listed By:
Gabe Blake
(206) 363-8509
Source:
Century21northhomes
Added: Sep 4, 2025
Changed: Sep 7
Last Checked: Sep 8 at 7:23AM
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
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
$163,171
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
3.14%
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%
$3,263,420
$3.3M
Cap Rate 7%
$2,331,014
$2.3M
Cap Rate 9%
$1,813,011
$1.8M
Market Conditions
NOI Build-Up for 15,160 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
$327.5K $21.60/SF
− Vacancy
−$30.8K −$2.03/SF
EGI
$296.7K $19.57/SF
− OpEx
−$133.5K −$8.81/SF
NOI
$163.2K $10.76/SF
Area
Kitsap County, WA
Vacancy
9.40%
Lease Rate
$21.60 /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%
$3,263,420
Cap Rate 7%
$2,331,014
Cap Rate 9%
$1,813,011
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $163,171 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.06M
$4.42M – $5.90M
NOI $353,857 @ 7.0% cap · market cap 6.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
1,054
Businesses Nearby
Explore this area
Business Placement
Demographics for 98383, WA
21,565
Population
9,660
Households
2.2
Avg Household Size
39
Median Age
37%
College-Educated
96%
High-School Grad
17.4 sq mi
ZIP Area
1,239
Density / Sq Mi
$106,902
Median Household Income
$55,005
Median Earnings
$2,076
Median Rent
$565,100
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?
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 $5,200,000.
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
