Property Details

33020 SR 20

Oak Harbor, WA 98277

$2,000,000

Available

CBA# 713184 courtesy of CBA Listing firm: CBRE

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Office / Retail

Property Type

6,795

Bldg Sq Ft

Units

6.00%

Cap Rate

1959

Year Built

Property Overview

We are pleased to present Oak Harbor Terrace, a 14-unit multifamily investment opportunity located in Oak Harbor, Washington, on scenic Whidbey Island. The property offers investors an attractive combination of stable in-place cash flow and clear upside potential in a supply-constrained rental market supported by Naval Air Station Whidbey Island.Originally constructed in 1959, the property includes approximately 7,295 square feet of net rentable area across three buildings: a fourplex with a ground-floor commercial space, a nine-unit apartment building, and a single-family residence. The efficient unit layouts, averaging 521 square feet, are well suited to local workforce housing demand. The asset provides meaningful opportunity to enhance income through rental rate growth, utility reimbursement optimization, and operational improvements.