Property Details
33020 State Route 20 #1-14
Oak Harbor, WA 98277
$2,000,000
Active
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Property Overview
Oak Harbor Terrace, a 14-unit multifamily investment opportunity located in Oak Harbor. 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 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.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Island
Neighborhood
City Of Oak Harbor
Listed
Jun 4, 2026
Structure Type
Multi Family
Parcel Number
R133353674010
Tax & HOA
Annual Property Tax
$12,736 (2026)
Est. Monthly Tax
$1,061/mo
Financial Summary
Cap Rate
7.30%
Net Operating Income
$146,753
Gross Scheduled Income
$216,600
Gross Rent Multiplier
9.20
Total Expenses
$61,183
Vacancy Rate
4.0%
Building & Use
Building Sq Ft
7,295
Leasable Area
7,295 sqft
Total Units
15
Zoning
Commercial,Multi-Family
Possible Use
Commercial, Multi-Family
Lot Size
1.45 acres
Year Built
1959
Exterior & Lot
Lot Size
1.45 sqft
Year Built
1959
Garage
1 spaces
Exterior Materials
Cement, Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Paved
Exterior Features
Cement/Concrete, Wood
Community & Access
Directions
From Oak Harbor, north on 20, on the right after the Midway/Goldie light. From the bridge, on left just before the Midway/Goldie light (across from the Best Western).
Location
City
Oak Harbor
County
Island
Coordinates
48.30693, -122.64211
Additional Information
Tax Year
2026
Annual Taxes
$12,736
Possession
Array
Based on information submitted to the MLS GRID as of June 11, 2026 6:30 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
