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8755 Shoreplace Pl NW 20 Unit Apartment Building $7,262,797 CAD ($363,140 CAD/Unit) Silverdale, WA 98383
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
- ~Constrained Housing Supply: No new multifamily units under construction in the Silverdale sub-market.
- ~Turnkey Renovations: Over $1,100,000 in comprehensive upgrades completed, including new roofs, siding, appliances, flooring, cabinetry, electrical, a
- ~Desirable Floor Plans: Waterfront Park features 16 two-bedroom townhome-style apartment homes and 4 one-bedroom units.
- ~Demonstrated Rent Growth: Rental rates have increased 9.82% since 2023, reflecting strong tenant demand.
- ~Thriving Regional Economy: Anchored by Naval Base Kitsap and supported by healthcare, retail, technology, and maritime sectors.
EXECUTIVE SUMMARY
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.
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.
PROPERTY FACTS
| Price | $7,262,797 CAD | Building Class | C |
| Price Per Unit | $363,140 CAD | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 15,124 SF |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1942/2024 |
| Property Subtype | Apartment | Parking Ratio | 3.04/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | NC | ||
| Price | $7,262,797 CAD |
| Price Per Unit | $363,140 CAD |
| Sale Type | Investment |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 15,124 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1942/2024 |
| Parking Ratio | 3.04/1,000 SF |
| Zoning | NC |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Range
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 16 | - | - |
| 4+1 | 4 | - | - |
1 1
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $3,180,649 CAD | |
| Land Assessment | $725,422 CAD | Total Assessment | $3,906,071 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$725,422 CAD
Improvements Assessment
$3,180,649 CAD
Total Assessment
$3,906,071 CAD
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8755 Shoreplace Pl NW
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