12-Unit Value-Add in Oak Harbor, WA

Oak Harbor, WA
Island County

33020 SR 20, Oak Harbor, WA 98277

Asking Price: Annual Revenue:
$1,300,000 $184,328

Commercial Real Estate: Multi-Family

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RE: 12-Unit Value-Add in Oak Harbor, WA Broker: Aaron Muller

Quick Facts

Asking Price: $1,300,000
Annual Revenue: $184,328
Net Profit: $105,254
Cash Flow: Not Disclosed
Total Debt: Not Disclosed
FF&E: Not Disclosed
Real Estate: $1,300,000
Year Established: 1958
Employees: Not Disclosed
BBN Listing #: 400430494
Broker Reference #: 33020 SR-20

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Business Overview:

New Pricing: $1,300,000

Homes For Rent Property
11 Multi-Family Units + 1 Office Unit
33020 SR 20, Oak Harbor, WA 98277
1.5 miles from Downtown Oak Harbor

Investment Highlights:

• Whidbey Island has experienced consistent population growth prior to COVID, and an acceleration of population growth since COVID. Rents are going up as there is a shortage of housing across the board.

• In-place rents at $1.63 / SF. Value-add opportunity to raise rents to market rent at $2.01 / SF. Current cap rate at 4.65%. Pro forma cap rate at 8.10% based on market rents.

• Incredible location featuring 1.95 acres fronting Highway 20 with excellent visibility.

• Fully rented property with ideal mix of studios, one-bedrooms, and two-bedroom averaging 566 square feet. Total rentable 6,795 square feet.

The property was assessed at $1,704,621 in 2020. Full information package with financials available upon signing NDA.

To request more information regarding this listing, simply check the ADD TO REQUEST INFO BASKET button and when you are done searching and have made all your selections, simply click on the REQUEST INFO button at the bottom of the page.

Additional Details:

  • The property is owned.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

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