Ocean Shores Resort - JUST LISTED

681 Ocean Shores Boulevard Northwest, Ocean Shores, WA

$2,350,000

Price

$313,900

NOI

13.36%

Pro Forma Cap Rate

Overview
NOI
$313,900
Pro Forma Cap Rate
13.36%
Keys
40
Year Built
1960
Floors
1
Year Last Renovated
2019
Description

Independent Coast Motel Walking Distance to the Beach

The Ocean Shores Resort is a midscale 40 key boutique beach motel. Originally built in 1960, this exterior corridor property has been 100% updated throughout in 2019. The motel includes 18 oceanside rooms and 18 streetside rooms with excellent visibility on the main thoroughfare in the popular Washington Coast town of Ocean Shores. Guests amenities include a beautifully renovated lobby with a continental breakfast bar, coffee service, and guest business center.

Property features a mix of stylish, beachy Queen Single Suites, Queen Double Suites, Queen Double Kitchenette rooms, and ADA compliant Queen Single Suite. Accommodations include a flatscreen TV, microwave, coffeemaker, mini-fridge, and high-speed internet (WiFi).

Excess land on oceanside provides room to expand for additional rental units for increased future revenue. Potential to expand subject to Buyer’s independent investigations.

A ground-level, ~750 sq.ft. queen double suite with 2 bedrooms, 1 bathroom, and kitchenette is currently used for Owner/Operator or on-site Manager.

The motel is ideally situated within walking distance from the Pacific Ocean, Ocean Shores Golf Course, nature center, parks, and tourist attractions. The property is centrally located near shopping, dining, galleries, as well as the Ocean Shores Convention Center. This coastal destination town is an easy weekend getaway for the major metropolitan areas of Seattle, Olympia, and Tacoma.

Location:
The seaside town of Ocean Shores, Washington includes six miles of family-friendly beaches. Beach activities include sandcastle competitions, kite festivals, clam digs, horseback riding, bicycling, and hiking. Other popular outdoor activities include golf, surfing, kayaking, fishing tours, whale tours, and bird watching. Downtown draws visitors with art galleries, antiquing, gift shops, glass blowing and jewelry studios, and a variety of dining options. Day trips from Ocean Shores include the Olympic National Park, home to a few of the only temperate rainforests in North America, and the Lake Quinault rainforest.


Building size is approximate and all information is obtained from sources deemed reliable but subject to buyer verification. All property tours must be arranged through the broker. DO NOT CONTACT PROPERTY OR EMPLOYEES!

Selling Broker co-op (if available) contingent upon receipt and CIP approval of Buyer Registration in advance of receipt of the marketing package, financials, and presentation of offers. No co-op without CIP approval of Buyer registration. Please call with questions regarding this requirement.

Highlights
  • 13.36% Cap Rate, 35.86% ROI & 3.22 GRM
  • 100% Updated Throughout in 2019
  • Oceanside Land Available for Development
  • Draws From Major Metro - Tacoma & Seattle
  • Walking Distance to the Beach
  • On-Site Owners Quarters
  • Seller Financing Available
Documents
Title
CIP-CONFIDENTIALITY-AGREEMENT-2019.pdf
CIP-DISCLOSURE-WA-2019.pdf
Online Confidentiality Agreement
Crystal Investment Property Online Listing
Property Video
* Documents permissions are set by the listing owner, request information to access locked documents.

Location
Gallery