33020 State Route 20
14-Unit Investment Opportunity on Scenic Whidbey Island
Marketing description
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.
Investment highlights
- Upside through rent growth and utility reimbursement optimization
- Strong in-place cash flow with operational upside potential
- Ideally located between downtown Oak Harbor and NAS Whidby Island
- Five minutes to downtown Oak Harbor shops, dining, services, and waterfront
- Ten Minutes to NAS Whidbey Island supporting 11,000+ jobs
- Efficient floor plans serving local workforce housing demand
- Island lifestyle with exceptional quality of life and outdoor recreation
- Commercial space provides income with annual rent increases
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Is there information that looks off?
