Price: $970,000 Beds: 3 Baths: 2.75 Size: 1,802 Sqft Lot Size: 24,394 Sqft Year Built: 1935 Property Overview: Type: Short-Term Rental — Dual-Unit Waterfront Compound (Cottage + Bungalow) Size: 1,802 sqft total across 2 structures (1,052 sqft Cottage | 750 sqft Bungalow) Lot Size: 24,394 sqft (0.56 acres) | 80 ft of waterfront on Ostrich Bay Year Built: 1935 (Bungalow) / 2004 (Cottage) Zoning: City of Bremerton — Waterfront Residential Bedrooms: 3 total (Cottage: 2 Bed/1.75 Bath | Bungalow: 1 Bed/1 Bath) Current Use: Active Airbnb/VRBO — operating as "Ostrich Bay Seaside Retreat" Property Highlights: Turnkey Waterfront STR Investment — Proven Income, Immediate Cash Flow This is not a project. This is a performing asset on the water, already generating real revenue, with a 5-star Airbnb rating and a full operating infrastructure in place. Two separate structures on a single 0.56-acre Ostrich Bay waterfront lot in Bremerton, WA, each bookable independently or rented together as a combined compound sleeping up to 8 guests. The Cottage (1,052 sqft | 2BD/2BA): Built 2004. Single story. King bedroom with soaking tub, rain shower, and towel warmer. Gas fireplace with bay views. Fully equipped kitchen with gas range, dishwasher, Instapot, and ice maker. In-unit washer/dryer. This is the premium unit. The Bungalow (750 sqft | 1BD/1BA): Original 1935 beach cottage. Queen bed, full kitchen, private bath. Proven rental history via both Airbnb and VRBO. Has operated as a monthly furnished rental generating $2,400/mo during off-peak shoulder months. The Property Experience: What drives the reviews and the repeat bookings is the land itself. A winding garden path through landscaped cottage gardens to the beach, a Glass House greenhouse for morning coffee or evening wine, a children's playhouse, propane fire pit, large deck overlooking Ostrich Bay with bar-height fire pit table, kayak/paddleboard access, and beachcombing on the water's edge. Seals, seabirds, Olympic Mountain views on clear days. This is a destination, not just a rental. The Location: Situated on the eastern shore of Ostrich Bay, Bremerton WA. 30-minute ferry to Seattle. Access to Olympic National Park, Hood Canal, and all of Puget Sound. Strong year-round draw from Seattle/Tacoma metro travelers and military families (PSNS is minutes away). Bremerton STR demand is strong and largely undersupplied at this quality level. Repairs Needed: Property is in good operating condition. No deferred maintenance currently. Plug and play. Routine cosmetic updates to Bungalow interior at buyer's discretion. Seller has maintained property as an active STR. All systems functional. Estimated Repair/Upgrade Costs: $0–$25,000 (buyer's discretion, cosmetic only) ARV / Financial Breakdown: 2025 Verified Income (from owner P&L): Gross STR Revenue (nightly rates + cleaning fees): $63,585 Total Owner Payout after platform fees: $61,564 Property Management Fee (15% BVRM): $8,460 Net to owner after management: ~$53,104 Estimated Annual Operating Expenses: Property Taxes (2026): $6,985 Insurance (est.): ~$4,000 Utilities (est.): ~$3,600 Maintenance/Supplies (est.): ~$3,000 Total Est. Expenses: ~$17,585 Estimated NOI: ~$43,979 Cap Rate at $950,000: ~4.6% Gross Rent Multiplier: 15.4x Note: This is a newer STR listing with only 4 reviews. Significant revenue upside remains as the listing matures, accumulates reviews, and reaches full booking velocity. The property operated partially as monthly furnished rentals in 2025 (Jan–Mar Cottage at $2,100/mo, Bungalow at $2,400/mo through Nov). A fully optimized STR calendar with dynamic pricing could meaningfully increase top-line revenue above 2025 actuals. Potential Returns: Hold & operate as STR: $43,979 NOI on proven 2025 numbers, with clear upside as listing matures and achieves higher occupancy. Revenue trajectory in peak months (July alone: $15,301 owner payout) demonstrates strong ceiling. Optimize & hold: Bring both units to full STR utilization (Cottage ran as monthly rental Jan–Mar 2025 — shifting to nightly STR rates in those months could add $8,000–$15,000 annually) Seller-finance or DSCR opportunity: At $950K, property qualifies for DSCR lending given documented rental income. Buyer with 25% down (~$237,500) can potentially achieve positive cash flow at current income levels depending on rate and terms. Important Closing Terms: Earnest Money - $15,000 Closing Date - July 1st, 2026
