33020 WA-20 | Oak Harbor, WA 98277
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- LoopNet Team
33020 WA-20
Oak Harbor, WA 98277
Multifamily Property For Sale
·
12 Units
INVESTMENT HIGHLIGHTS
- Whidbey Island has experienced consistent population growth prior to COVID, and an acceleration of population growth since COVID.
- In-place rents at $1.63 / SF. Value-add opportunity to raise rents to market rent at $2.01 / SF.
- Incredible location featuring 1.95 acres fronting Highway 20 with excellent visibility.
- Rents are going up as there is a shortage of housing across the board.
- Current cap rate at 4.65%. Pro forma cap rate at 8.10% based on market rents.
- Fully rented property with ideal mix of studios, one-bedrooms, and two-bedroom averaging 566 square feet.
PROPERTY FACTS
| No. Units | 12 | Lot Size | 1.95 AC |
| Property Type | Multifamily | Building Size | 1,892 SF |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Garden | No. Stories | 2 |
| Building Class | B | Year Built/Renovated | 1958/1976 |
| Zoning | C-3 - Community Commercial | ||
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.95 AC |
| Building Size | 1,892 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1958/1976 |
| Zoning | C-3 - Community Commercial |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Kitchen
- Dining Room
- Office
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 5 | - | - |
| 1+1 | 6 | - | - |
| 2+1 | 1 | - | - |
PROPERTY TAXES
| Parcel Number | R13335-367-4010 | Improvements Assessment | $544,844 |
| Land Assessment | $849,420 | Total Assessment | $1,394,264 |
PROPERTY TAXES
Parcel Number
R13335-367-4010
Land Assessment
$849,420
Improvements Assessment
$544,844
Total Assessment
$1,394,264
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