33020 State Rte 20, Unit 114

Oak Harbor, WA 98277

$2,000,000
Price
7
Beds
14
Baths
7,295 Sq. Ft.
$274 / Sq. Ft.
7,295
Sq. Ft.
$274
per Sq. Ft.
Get preapproved with Rocket Mortgage1
Listing provided courtesy of Windermere/Whidbey Mgmt Serv.
Source: Northwest MLS

Description

Oak Harbor Terrace, a 14-unit multifamily investment opportunity located in Oak Harbor. 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...Oak Harbor Terrace, a 14-unit multifamily investment opportunity located in Oak Harbor. 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 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.
  1. Listed by Jason McFadyen • Windermere/Whidbey Mgmt Serv.
    P: 208-360-675-3329 jmcfadyen@windermere.com

Property Details for 33020 State Rte 20, Unit 114

Community Name
City Of Oak Harbor
School District
Oak Harbor
Number of Assigned Spaces
23
Total Covered Parking
1
Entry Date
06-04-2026
Energy Source
Electric
Sewer
Sewer Connected
LISTING UPDATED: 06/04/2026 11:01 AM

Property Details for 33020 State Rte 20, Unit 114

StatusActive
MLS #2531319
Days on Market2
Cumulative Days on Market2
Taxes$12,736 / year
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income
Year Built1959
Lot Size1.45 AC / 63,000 SF
CountyIsland County
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Location

Listing Courtesy of Windermere/Whidbey Mgmt Serv.
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Building Information for 33020 State Rte 20, Unit 114

Stories1Residences15Year Built1959Building Size-Lot Size1.45 AC / 63,000 SF

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$11,028 per month

30 year fixed, 6.36% Interest

Principal and Interest

$9,966

Property Taxes

$1,061

HOA Dues

$0

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Property Information for 33020 State Rte 20, Unit 114

Summary
Location and General Information
  • Style: 56 - 10+ Units
  • Area: 813 - North Whidbey Island
  • Elementary School: Buyer To Verify
  • Middle Or Junior School: Buyer To Verify
  • High School: Buyer To Verify
  • Effective Year Built Source: Public Records
  • Directions: From Oak Harbor, north on 20, on the right after the Midway/Goldie light. From the bridge, on left just before the Midway/Goldie light (across from the Best Western).
  • Leased Items: None
  • Property Sub Type: MULT
  • View: No
  • Waterfront: No
Taxes and HOA Information
  • Tax Year: 2026
Parking
  • Garage Spaces: 1.0
  • Number of Carport Spaces: 0.0
  • Carport: No
  • Open Parking: No
Interior and Exterior Features
Bathroom Information
  • Full Baths Upper: 0
  • Three Quarter Baths Upper: 0
  • Half Baths Upper: 0
  • Main Level Bathrooms: 0
Bedroom Information
  • Bedrooms Upper: 0
Interior Features
  • Fireplaces Total: 0
  • Floor Covering: Laminate, Vinyl Plank, Carpet
  • Amenities: Coin Op Laundry
  • Cooling: No
  • Cooling: None
  • Fireplace: No
  • Heating: Yes
  • Heating: Baseboard, Forced Air, Wall Furnace
  • FIRPTA: No
Exterior Features
  • Exterior: Cement/Concrete, Wood
  • Roof: Composition, Flat, Torch Down
Property
Utilities
  • Water Source: Public
  • Water/Sewer/Garbage: 10000
  • Power Company: PSE
  • Sewer Company: City
  • Water Company: City
  • Power Production Type: Electric
Property and Assessments
  • New Construction YN: No
  • Zoning Jurisdiction: City
  • Foundation: Block, Slab
  • Zoning Remarks: Commercial,Multi-Family
  • First Right Of Refusal: false
  • Possible Use: Commercial, Multi-Family
  • MLS Square Footage Source: Realist
  • Preliminary Title Ordered: No
  • Senior Community: No
  • Special Listing Conditions: None
  • Year Built Effective: 1959
  • Photos Count: 32
Lot Information
  • Lot Details: Paved
  • Lot Size Source: Realist
  • Parcel Number Free Text: R133353674010
  • Building Condition: Good
  • Calculated Square Footage: 7295
  • Structure Type: Multi Family
  • Square Footage Finished: 0
  • Square Footage Unfinished: 0
  • Building Area Total: 7295.0
  • Building Area Units: Square Feet
  • Property Type: Residential Income
  • Elevation Units: Feet
  • Irrigation Water Rights: No
Multi Family
Building Details
  • Total Uncovered Parking: 22
  • Number of Stories in Building: 1
  • Unit Number: 1-14
  • Vacancy Rate: 4
  • Number Of Units Total: 15
  • Units Below Grade: false
  • Units In Building Total: 14
Financing / Income and Expenses
  • Electric Expense: $11,501
  • Total Expenses: 61183
  • Gross Adjusted Income: 207936
  • Gross Rent Multiplier: 9.2
  • Gross Scheduled Income: $216,600
  • Insurance Expense: $11,455
  • Net Operating Income: $146,753
  • Other Expenses: $15,491
  • Total Monthly Income: 18050
  • Fuel Expense: $0
Unit 1
  • Name Unit 1: 1
  • Washer/Dryer Unit 1: false
  • Range/Oven Unit 1: true
  • Refrigerator Unit 1: true
  • Dishwasher Unit 1: false
  • Square Feet Unit 1: 600
  • Rent Unit 1: $950.00
  • Bedrooms Unit 1: 1
  • Bathrooms Unit 1: 1
Unit 2
  • Name Unit 2: 2
  • Washer/Dryer Unit 2: false
  • Range/Oven Unit 2: false
  • Refrigerator Unit 2: true
  • Dishwasher Unit 2: false
  • Square Feet Unit 2: 600
  • Rent Unit 2: $1,025.00
  • Bedrooms Unit 2: 1
  • Bathrooms Unit 2: 1
Unit 3
  • Name Unit 3: 3
  • Washer/Dryer Unit 3: false
  • Range/Oven Unit 3: false
  • Refrigerator Unit 3: true
  • Dishwasher Unit 3: false
  • Square Feet Unit 3: 450
  • Rent Unit 3: $1,225.00
  • Bedrooms Unit 3: 0
  • Bathrooms Unit 3: 1
Unit 4
  • Name Unit 4: 4
  • Washer/Dryer Unit 4: false
  • Range/Oven Unit 4: false
  • Refrigerator Unit 4: true
  • Dishwasher Unit 4: false
  • Square Feet Unit 4: 450
  • Rent Unit 4: $1,200.00
  • Bedrooms Unit 4: 0
  • Bathrooms Unit 4: 1
Unit 5
  • Name Unit 5: 5
  • Washer/Dryer Unit 5: false
  • Range/Oven Unit 5: false
  • Refrigerator Unit 5: true
  • Dishwasher Unit 5: false
  • Square Feet Unit 5: 450
  • Rent Unit 5: $1,200.00
  • Bedrooms Unit 5: 0
  • Bathrooms Unit 5: 1
Unit 6
  • Name Unit 6: 6
  • Washer/Dryer Unit 6: false
  • Range/Oven Unit 6: false
  • Refrigerator Unit 6: true
  • Dishwasher Unit 6: false
  • Square Feet Unit 6: 600
  • Rent Unit 6: $1,325.00
  • Bedrooms Unit 6: 1
  • Bathrooms Unit 6: 1
Unit 7
  • Name Unit 7: 7
  • Washer/Dryer Unit 7: false
  • Range/Oven Unit 7: true
  • Refrigerator Unit 7: true
  • Dishwasher Unit 7: false
  • Square Feet Unit 7: 600
  • Rent Unit 7: $1,475.00
  • Bedrooms Unit 7: 1
  • Bathrooms Unit 7: 1
Unit 8
  • Name Unit 8: 8
  • Washer/Dryer Unit 8: false
  • Range/Oven Unit 8: true
  • Refrigerator Unit 8: true
  • Dishwasher Unit 8: false
  • Square Feet Unit 8: 600
  • Rent Unit 8: $1,450.00
  • Bedrooms Unit 8: 1
  • Bathrooms Unit 8: 1
Unit 9
  • Name Unit 9: 201
  • Washer/Dryer Unit 9: false
  • Range/Oven Unit 9: false
  • Refrigerator Unit 9: true
  • Dishwasher Unit 9: false
  • Square Feet Unit 9: 225
  • Rent Unit 9: $1,125.00
  • Bedrooms Unit 9: 0
  • Bathrooms Unit 9: 1
Unit 10
  • Name Unit 10: 202
  • Washer/Dryer Unit 10: false
  • Range/Oven Unit 10: false
  • Refrigerator Unit 10: true
  • Dishwasher Unit 10: false
  • Square Feet Unit 10: 225
  • Rent Unit 10: $1,125.00
  • Bedrooms Unit 10: 0
  • Bathrooms Unit 10: 1
Unit 11
  • Name Unit 11: 203
  • Washer/Dryer Unit 11: false
  • Range/Oven Unit 11: false
  • Refrigerator Unit 11: true
  • Dishwasher Unit 11: false
  • Square Feet Unit 11: 225
  • Rent Unit 11: $1,100.00
  • Bedrooms Unit 11: 0
  • Bathrooms Unit 11: 1
Unit 12
  • Name Unit 12: 204
  • Washer/Dryer Unit 12: false
  • Range/Oven Unit 12: false
  • Refrigerator Unit 12: true
  • Dishwasher Unit 12: false
  • Square Feet Unit 12: 225
  • Rent Unit 12: $675.00
  • Bedrooms Unit 12: 0
  • Bathrooms Unit 12: 1
Unit 13
  • Name Unit 13: House
  • Washer/Dryer Unit 13: true
  • Range/Oven Unit 13: true
  • Refrigerator Unit 13: true
  • Dishwasher Unit 13: true
  • Square Feet Unit 13: 1100
  • Rent Unit 13: $2,250.00
  • Bedrooms Unit 13: 2
  • Fireplaces Unit 13: 1
  • Bathrooms Unit 13: 1
Unit 14
  • Name Unit 14: Commercial
  • Washer/Dryer Unit 14: false
  • Range/Oven Unit 14: false
  • Refrigerator Unit 14: true
  • Dishwasher Unit 14: false
  • Rent Unit 14: $1,450.00
  • Bathrooms Unit 14: 1
Unit 15
  • Name Unit 15: Garage
  • Square Feet Unit 15: 150
  • Rent Unit 15: $350.00
Rental
Rent Information
  • Occupant Type: Tenant
  • Leasable Area: 7295.0

Property History for 33020 State Rte 20, Unit 114

DateEvent & SourcePriceAppreciation
Jun 4, 2026

Listed (Active)

NWMLS #2531319

$2,000,000—
DateEvent & SourcePrice
06/04/2026

Listed (Active)

NWMLS #2531319

$2,000,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Schools near 33020 State Rte 20, Unit 114

This home is within Oak Harbor School District.
Rating
School
Type
Grades
Distance
Olympic View Elementary School
Public - K to 4
North Whidbey Middle School
Public - 7 to 8
Oak Harbor High School
Public - 9 to 12
HomeConnection
Public - K to 12
Rating
School
Distance
Olympic View Elementary School
PublicK to 4

North Whidbey Middle School
Public7 to 8

Oak Harbor High School
Public9 to 12

HomeConnection
PublicK to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 33020 State Rte 20, Unit 114, Oak Harbor, WA 98277

33020 State Rte 20, Unit 114 is a multi-family home for sale in Oak Harbor, WA 98277. This property was listed for sale on June 4, 2026 by Windermere/Whidbey Mgmt Serv., it's currently listed at $2,000,000. This listing's school district is Oak Harbor School District. Nearby schools include Olympic View Elementary School, North Whidbey Middle School and Oak Harbor High School. 33020 State Rte 20, Unit 114 is a 7-bed, 14-bath, 7,295 sqft multi-family home built in 1959.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Windermere/Whidbey Mgmt Serv.

Based on information submitted to the MLS GRID as of 06/04/2026 11:01 AM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Properties displayed may be listed or sold by various participants in the MLS. IDX information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed by MLS GRID. Use of the MLS GRID data may be subject to an end user license agreement prescribed by the applicable MLS of the Member Participant, if any, and as amended from time to time.