Listed by Kidder Mathews Seattle
$1,900,000
Driftwood Plaza
Details
Property Type Retail
Sub Type Shopping Center
Square Footage 12,535
Cap Rate 6.33%
NOI $120,273
Occupancy 74%
Tenancy Multi
Rent Bumps Yes
Pro-Forma Cap Rate 8.30%
Pro-Forma NOI $157,755
Price per SqFt $152
Acreage 0.920
Parking Spaces 60 spaces
Parking per 1,000 SqFt 4.79
Investment Type Value Add
Coastal WA Strip Center $152/ft | 8.3% Pro Forma Cap Rate
Marketing description
Kidder Mathews is pleased to present the opportunity to acquire Driftwood Plaza, a multi-tenant shopping center in Ocean Shores, Washington.
The Shopping Center is located in the heart of Ocean Shores main retail corridor which averages 3 million visitors annually. Driftwood plaza is directly adjacent to the areas most popular hotel and Convention Center, the location of most area events.
Investment highlights
- Excellent retail location situated in the heart of Ocean Shores' main retail corridor. The property at the main entrance to Ocean Shores Beach and is surrounded by hotels, motels and the Convention Center
- Potential to increase NOI $30k by converting tenants to NNN leases
- Located in an Opportunity Zone Investment Area
- In-place leases have annual rent increases of 2.5%, ensuring steady and predictable cash flow.
- One of Washington's most popular coastal cities, averaging 3 million visitors annually
- Priced well below replacement cost, creating a compelling opportunity for both owner-users and value-add investors
- Abundance of rare on-site parking ad features an end cap drive-thru
- Recent improvements include a new roof and exterior paint & siding
Listing Contacts
Listed by Kidder Mathews Seattle
Valuation Calculator
Login or Sign up to see Valuation Metrics
Sign up for Crexi to see valuation metrics for this property
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$120,273.00
$10,022.75/mo
Valuation Metrics
0
DSCR
6.33%
Cap Rate
6.33%
ROI
Map
Zoning
B1 CommercialRetail CommercialRetail Commercial
View municipality zoning documents Upgrade to see the zone description and what's allowed on this property
Upgrade to search and view land use codes
View all 30 uses
View all 30 uses Last updated Jun 23, 2026 For deeper zoning details, reports are available at Zoneomics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Name
License
Is there information that looks off?
