8755 Shore Pl NW · Silverdale, WA 98383

$5,250,000

4 bd · 4.0 ba · 3,040 sqft · MultiFamily public records · 283 Days on market

Built 1942 0.97 ac lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +11.7/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +4.1/5.0
• 1% rule +3.4/10.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 20 units. estimate disagrees with records

Listing remarks

Waterfront Park Apartments offers a rare turnkey investment on the Silverdale waterfront. This fully renovated 20-unit community boasts a 5.97% cap rate and a 6.08% cash-on-cash return on current rents. The property features 16 spacious two-bedroom townhome-style units and 4 one-bedroom units, averaging 758 SF. Ownership has invested over $1.1M in capital improvements, delivering modern finishes and durable systems throughout—new roofs, Hardie siding, cabinetry, stainless steel appliances, in-unit washers/dryers, upgraded electrical and mechanical systems, and stylish interior updates. The result is a low-maintenance, high cash-flowing asset poised to capture long-term rent growth in

Key facts

• Fully renovated
• New roofs
• Modern finishes

Tags

• FULLY RENOVATED
• MODERN FINISHES
• NEW ROOFS
• HARDIE SIDING
• STAINLESS STEEL APPLIANCES
• IN-UNIT WASHERS DRYERS

What this means for you Summary

Snapshot

• This is a 20 × 36-bed/20.0-bath units multifamily listed at $5.25M.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative. Per door: $-79/mo.
• To cash-flow at today's rent, offer at most $5.02M (4.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $4.39M (16.3% below list).
• Recommended offer: $4.39M (16.3% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.7% in Silverdale — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 82/100 on livability (#63 in WA, #1,155 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D-, cost of living F.
• Central Kitsap School District (urban): math 55% / reading 67% proficiency, ranked #49 of 291 in WA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-2.0%/yr); 120 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $43,934/mo this rent would consume 474% of the median local household income ($111k/yr) (locally 878% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $36k of loan paydown is wiped out by about $158k of value loss. Plan a longer hold.
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 283 days — a 12% lower offer ($4.62M) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $800k; list at $5.25M implies a 556% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $4,393,400 (16.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 283 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.84% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.28%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.8%
• Equity multiple: 0.27×
• Total profit: $-1,079,046
• Equity at exit: $782,792

10-year hold

• IRR: -25.2%
• Equity multiple: -0.06×
• Total profit: $-1,563,565
• Equity at exit: $453,924

Cash invested: $1,470,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98383

• Home prices YoY: -26.7%
• Rents YoY: -2.0%
• Active inventory: 120
• Price-to-rent: 199.2×

Monthly cashflow live

• Estimated rent: $43,934 medium
• Mortgage (P&I): −$27,532
• Tax est. 1.5%: −$6,562 /mo · $78,750/yr
• Insurance: −$2,188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$9,226
• Net cashflow: $-1,574

Break-even live

Break-even rent $45,926

Max offer price $5,022,282

Occupancy floor 99%

20-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 20× units	36	20	$43,940
Total (20 units)			$43,934

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $1,312,500
• Closing costs: $157,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9222 Silverdale Way NW Silverdale, WA	3.0	2.0	2100	$1,645	$0.78	43d	1	0.22mi

Listing history 38 events

1. 2026-06-18
   days on market $5,250,000 Active 283 DOM
2. 2026-06-17
   days on market $5,250,000 Active 282 DOM
3. 2026-06-16
   days on market $5,250,000 Active 281 DOM
4. 2026-06-15
   days on market $5,250,000 Active 280 DOM
5. 2026-06-14
   days on market $5,250,000 Active 278 DOM
6. 2026-06-13
   days on market $5,250,000 Active 277 DOM
7. 2026-06-10
   days on market $5,250,000 Active 275 DOM
8. 2026-06-09
   days on market $5,250,000 Active 274 DOM
9. 2026-06-08
   days on market $5,250,000 Active 273 DOM
10. 2026-06-07
    days on market $5,250,000 Active 272 DOM
11. 2026-06-05
    days on market $5,250,000 Active 269 DOM
12. 2026-06-02
    days on market $5,250,000 Active 267 DOM
13. 2026-06-01
    days on market $5,250,000 Active 266 DOM
14. 2026-05-31
    days on market $5,250,000 Active 265 DOM
15. 2026-05-30
    days on market $5,250,000 Active 264 DOM
16. 2025-12-11
    historical $1,470
17. 2025-11-08
    historical $1,470
18. 2025-09-08
    listed $5,250,000 Active
19. 2025-07-30
    listed $1,470
20. 2025-07-30
    listed $1,730
21. 2025-07-18
    historical $1,695
22. 2025-05-01
    listed $1,730
23. 2025-05-01
    historical $1,730
24. 2025-04-10
    listed $1,730
25. 2024-09-25
    historical $1,430
26. 2024-08-30
    listed $1,430
27. 2024-04-17
    historical $1,695
28. 2024-01-18
    listed $1,695
29. 2024-01-03
    historical
30. 2023-10-18
    historical
31. 2023-09-19
    listed
32. 2023-08-17
    historical
33. 2012-10-27
    historical
34. 2012-10-25
    soldstatus $800,000 Sold
35. 2012-10-25
    soldstatus $800,000
36. 2012-05-04
    status Pending
37. 2012-03-03
    price $845,000
38. 2012-02-01
    listed $895,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $527,208
• − Mortgage interest: −$294,082
• − Property taxes: −$78,750
• − Insurance: −$26,250
• − Repairs & maintenance: −$42,177
• − Management: −$42,177
• − Depreciation: −$152,727
• Taxable loss: −$108,954
• Est. tax savings @ 24.0%: +$26,149
• After-tax cash flow: $7,264/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Central Kitsap School District
• NCES district ID: 5301080
• Math proficiency: 55% ▲ 1.00%
• Reading proficiency: 67% ▬ 0.00%
• Median HH income: $64,825
• Composite: 54.87/100
• National rank: #2813
• State rank: #49 of 291 in WA

Livability — Silverdale

• Score: 82/100
• State rank: #63
• US rank: #1155

Category grades

Amenities D- Commute B+ Cost of living F Crime C+ Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Silverdale, WA
• County: Kitsap County · 243,099 people
• City population: 21,604
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 21,604
• Household income: $111,139
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 878.0

Population outlook (Kitsap County) Hauer SSP2

• Today (2025): 277,525 people
• By 2030: 285,040 · +2.7%
• By 2040: 294,957 · +6.3%
• By 2050: 300,622 · +8.3%
• By 2075: 315,580 · +13.7%
• By 2100: 304,340 · +9.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Two or more races 11% Asian 8% Hispanic / Latino 8% Black 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 6% Portuguese 5% Slovak 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 90% English-only · Tagalog/Filipino 3% Spanish 3% Other Asian/Pacific 2%

Political lean MEDSL · Kitsap

• 2024 margin: Strong D (+20.9) · D 58.8% · R 37.9% · Other 3.3%
• 2008→2024 swing: +8.6pp toward D · 2008: 12.3pp · 2024: 20.9pp
• All cycles: 2024: D+20.9 2020: D+18.1 2016: D+11.6 2012: D+11.1 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -124.87%
• Current HPI: 343.44
• Rent YoY: ▼ -1.99%
• Metro: Bremerton-Silverdale-Port Orchard, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

-99.8% since first listed

23 events — show timeline

• 2025-12-11 Rental Removed $1,470 Simplifyem
• 2025-11-08 Rental Removed $1,470 Simplifyem
• 2025-09-08 Listed $5,250,000 NWMLS as Distributed by MLS Grid
• 2025-07-30 Listed for Rent $1,470 Simplifyem
• 2025-07-30 Listed for Rent $1,730 Simplifyem
• 2025-07-18 Rental Removed $1,695 Simplifyem
• 2025-05-01 Listed for Rent $1,730 Simplifyem
• 2025-05-01 Rental Removed $1,730 RENT.
• 2025-04-10 Listed for Rent $1,730 RENT.
• 2024-09-25 Rental Removed $1,430 RENT.
• 2024-08-30 Listed for Rent $1,430 RENT.
• 2024-04-17 Rental Removed $1,695 RENT.
• 2024-01-18 Listed for Rent $1,695 RENT.
• 2024-01-03 Rental Removed — RENT.
• 2023-10-18 Rental Removed — RENT.
• 2023-09-19 Listed for Rent — RENT.
• 2023-08-17 Rental Removed — RENT.
• 2012-10-27 Delisted — NWMLS as Distributed by MLS Grid
• 2012-10-25 Sold (Public Records) $800,000 Public Records
• 2012-10-25 Sold (MLS) $800,000 NWMLS as Distributed by MLS Grid
• 2012-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2012-03-03 Price Changed $845,000 NWMLS as Distributed by MLS Grid
• 2012-02-01 Listed $895,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2026): $5,503 · +1.2% YoY. Source: county tax records.