
UNDER CONTRACT // 1031 Discovery Ave SE and 605 Pt. Brown Ave NW, Ocean Shores, WA
Discovery Shores and Windjammer
Under Contract
Windjammer
Built in 1984, the Windjammer is a Four-building, and twenty-eight-unit community centrally located in Ocean Shores, WA. Directly in the middle of the Ocean Shores Golf Course. Windjammer is an attractive community for families and local workers. From a tenant’s perspective, proximity to the beach, golf course and other attractions make this a great place to call home.
Windjammer, the largest market-rate apartment community in Ocean Shores, consists of six studios; twelve one-bedroom, one-bathroom; ten two-bedroom, one-bathroom units averaging 655 square feet. Each unit features modern kitchen appliances.
Discovery Shores
Built in 1968, Discovery Shores is a four-building, and twenty-six-unit community located in South Ocean Shores, WA. Walking distance from the Oyhut Bay Seaside Village. Discovery Shores is an attractive community for local employees. From a tenant’s perspective, proximity to the beach, hospitality employers and other attractions make this a great place to call home.
Discovery Shores, the second largest market-rate apartment community in Ocean Shores, consists of fourteen studios; eleven one-bedroom, one-bathroom; one two-bedroom, one-bathroom units averaging 655 square feet. All units have access to a common courtyard with a private dock.

Property Overview
ADDRESSES
1031 Discovery Ave SE, 605 Pt.
Brown Ave NW, Ocean Shores
RESIDENTIAL NRSF
± 33,530
STRUCTURE
Wood Frame
LAND USE CODE
13 - Residential
YEAR BUILT
1968 / 1984
HEATING
Electric
UNITS
54 Units
SITE AREA
76,763 SF
Executive Highlights
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Turn-Key Asset
No major capital improvement needed
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Attractive In-Place and Pro-Forma Cap Rate
In-place 6.75% CAP and pro-forma 7.44% CAP
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Attractive Unit Mix
Two-bedroom units are attractive to families in Ocean Shores, and one- and two-bedroom units are attractive to hospitality workers or potential short-term renters.
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Conversion Opportunity
Converting 10% of units to short- and midterm- rentals can achieve an additional 60% annual rental income
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Dominant Share of Market-Rate Housing
Windjammer and Discovery Shores are the two largest multifamily properties in Ocean Shores
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Ample On-site Parking
52 open parking spaces
Discovery Shores Location
Windjammer Location



Discovery Shores Gallery




























































Windjammer Gallery










































