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Oak Harbor Terrace 33020 WA-20 14 Unit Apartment Building $2,749,920 CAD ($196,423 CAD/Unit) Oak Harbor, WA 98277
Investment Highlights
- Upside Through Rent Growth And Utility Reimbursement Optimization
- Ten Minutes To Nas Whidbey Island Supporting 11,000+ Jobs
- Ideally Located Between Downtown Oak Harbor And Nas Whidbey Island
- Island Lifestyle With Exceptional Quality Of Life And Outdoor Recreation
Executive Summary
CBRE is 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. Oak Harbor Terrace benefits from a convenient location nearly equidistant between Downtown Oak Harbor and NAS Whidbey Island, providing residents easy access to shopping, dining, healthcare, and employment while remaining a short commute to work. In addition, the surrounding area offers abundant options for outdoor recreation, including boating, fishing, cycling, and hiking. With durable tenancy, island lifestyle appeal, and multiple avenues for income growth, Oak Harbor Terrace presents a compelling opportunity for investors seeking yield and long-term durability in the Puget Sound region.
improvements. Oak Harbor Terrace benefits from a convenient location nearly equidistant between Downtown Oak Harbor and NAS Whidbey Island, providing residents easy access to shopping, dining, healthcare, and employment while remaining a short commute to work. In addition, the surrounding area offers abundant options for outdoor recreation, including boating, fishing, cycling, and hiking. With durable tenancy, island lifestyle appeal, and multiple avenues for income growth, Oak Harbor Terrace presents a compelling opportunity for investors seeking yield and long-term durability in the Puget Sound region.
Property Facts
| Price | $2,749,920 CAD | Building Class | B |
| Price Per Unit | $196,423 CAD | Lot Size | 1.95 AC |
| Sale Type | Investment | Building Size | 7,295 SF |
| No. Units | 14 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1958/1976 |
| Apartment Style | Low-Rise | Parking Ratio | 1.78/1,000 SF |
| Zoning | C-3 - Community Commercial | ||
| Price | $2,749,920 CAD |
| Price Per Unit | $196,423 CAD |
| Sale Type | Investment |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.95 AC |
| Building Size | 7,295 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1958/1976 |
| Parking Ratio | 1.78/1,000 SF |
| Zoning | C-3 - Community Commercial |
Amenities
Unit Amenities
- Dishwasher
- Kitchen
- Dining Room
- Office
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 7 | - | 350 - 995 |
| 1+1 | 6 | - | 550 |
| 2+1 | 1 | - | 1,100 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | R13335-367-4010 | Improvements Assessment | $749,139 CAD |
| Land Assessment | $1,167,918 CAD | Total Assessment | $1,917,057 CAD |
Property Taxes
Parcel Number
R13335-367-4010
Land Assessment
$1,167,918 CAD
Improvements Assessment
$749,139 CAD
Total Assessment
$1,917,057 CAD
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Oak Harbor Terrace | 33020 WA-20
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