56 Central Ave Pacific Beach, WA 98571

Property Details for 56 Central Ave

Year built

1947

Property size

5,095 SF

Property type

Apartment buildings

Description

This exceptional 8-unit apartment building presents a compelling investment opportunity in the burgeoning Pacific Beach, Washington. Located at 56 Central Ave, this property boasts 5,095 square feet of net rentable space, spread across three stories within a solid concrete block structure. Built in 1947 and extensively renovated in 2022, the building features eight units, including a stunning one-bedroom penthouse offering dramatic ocean views. The property sits on a 4,792 square foot lot, zoned R3 Resort Residential, allowing for flexible usage. Currently generating a Net Operating Income (NOI) of $57,372, resulting in a 4.80% cap rate, this property offers a strong return on investment. The asking price is $1,220,000, or $152,500 per unit, and $239.45 per square foot. The land value alone is appraised at $270 per square foot. Overnight and monthly rentals are permitted, and the property benefits from its location within an Opportunity Zone. Conveniently situated within walking distance of the beach and Main Street's shops and restaurants, and just one mile from the thriving Seabrook resort community, this property offers significant upside potential. Amenities include a renovated courtyard and laundry room. The current owners' health has limited their ability to fully operate the property, presenting a chance for a new owner to maximize its income potential. This is a truly unique opportunity to own a hidden gem on the Washington Coast. The property is expected to be available for occupancy on October 18, 2024.

Location Insight

City

Pacific Beach

County

Grays Harbor

State

Washington

Longitude

-124.202

Latitude

47.2077