Waterfront Park
20 fully renovated waterfront units with 6.56% cash-on-cash
Marketing description
The Waterfront Park Apartments is a well-positioned 20-unit apartment building
in the picturesque Old Town neighborhood of Silverdale. The floorplan consists of
16 two-bedroom one-bath apartment homes averaging 780 square feet and four
one-bedroom one-bath units averaging 670 square feet. Each unit is equipped
with a washer/dryer, stainless steel appliances, hardwood floors, a private
balcony or patio with views, storage space, and assigned parking ensuring that
the units remain competitive in the rental market. Having undergone a full
renovation including new composition shingle roofs, new horizontal Hardie board
siding, new exterior paint, new cherry wood kitchen cabinetry and grey and white
bathroom cabinets and vanity, new stainless steel refrigerators and dishwashers,
oven/range, new garbage disposals, new electric forced air heaters with
thermostat (95% of units), new electrically powered AO Smith signature 100 50-
gallon hot water tanks in all units, all new electrical panels in each apartment, all
new full size Whirlpool Washers and Dryers, new tub surrounds, new carpet in
bedrooms and luxury vinyl plank flooring through apartment common areas, the
property has been brought into the modern era. This fully renovated asset is
strategically positioned within a constrained Silverdale sub-market, where no new
units are currently under construction and rental rates have increased by 9.82%
since 2023. Given the absence of near-term supply and the property’s minimal
capital expenditure requirements, a new investor is well positioned to realize both
rental income growth and long-term equity appreciation in the upcoming cycle.
Investment highlights
Investment Highlights:
~Exceptional Beachfront Location: A rarity in apartment ownership is the chance to own an asset where residents can step out their front door and take a walk on the beach overlooking the gorgeous Dyes Inlet.
~Desirable Floor Plans: Waterfront Park features 16 two-bedroom townhome-style apartment homes and 4 one-bedroom units.
~Constrained Housing Supply: No new multifamily units under construction in the Silverdale sub-market.
~Demonstrated Rent Growth: Rental rates have increased 9.82% since 2023, reflecting strong tenant demand.
~Turnkey Renovations: Over $1,100,000 in comprehensive upgrades completed, including new roofs, siding, appliances, flooring, cabinetry, electrical, and plumbing systems.
~Thriving Regional Economy: Anchored by Naval Base Kitsap and supported by healthcare, retail, technology, and maritime sectors.
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