Interest in water wave power generation, a promising source of renewable energy, is increasing. Numerous types of wave energy converters (WECs) have been designed to transform wave energy into electricity. In this study, we focus on heaving point absorbers (HPAs) of the Wavestar type, which consist of multiple floats connected to a bottom-fixed ocean structure by structural arms and hinges. Each float moves up and down due to wave forces and produces electricity using the hydraulic power take-off (PTO) system connected directly to the float. A numerical procedure using the three-dimensional augmented formulation was developed to calculate the rotational motion of the float. The frequency-dependent coefficients were calculated using the hydrodynamic solver WAMIT. The nonlinear Froude–Krylov and hydrostatic forces were considered. For the environmental conditions, the wave data of four nearshore areas in Korea, obtained from the Korea Meteorological Administration (KMA), were used. Under the given environmental conditions, Buan was found to be the most suitable area among the locations selected for installing a Wavestar-type WEC without considering installation and maintenance costs.