31179 State Route 20
Oak Harbor, WA 98277
Retail Property For Sale

This single-tenant retail asset leased to Petco presents an exceptional opportunity to acquire a nationally recognized tenant on a long-term net lease. Built in 2013, the 7,980-square-foot building sits on a 37,897-square-foot lot along State Route 20, Oak Harbor’s primary commercial corridor. The property offers a stable income stream with 4.5 years remaining on the current NNN lease and four additional five-year renewal options. Scheduled rental increases of 8% every five years further enhance long-term upside potential for investors.
Located adjacent to Walmart and Safeway, the property benefits from strong co-tenancy and consistent traffic drawn from Oak Harbor’s dominant retail node. The nearby Naval Air Station Whidbey Island, Whidbey Health Medical Center, and other major employers provide a strong and stable customer base. Additionally, Whidbey Island’s growing retail spending and tourism trends position this asset for sustained performance. Oak Harbor’s economic indicators, including an average household income of $103,371 within a five-mile radius, underscore its retail strength. With fee simple ownership and low landlord responsibilities, this property provides investors with predictable cash flow and minimal operational risk.