Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1281 Ely St Oak Harbor, WA 98277-4071
    Property profile & analytics

    1281 Ely St, Oak Harbor, WA 98277-4071

    View on Map
    • Turn key restaurants
    • 2,388 SF
    • 0.14 lot acres
    Off-Market
    Property ID
    US90-1510530
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Perla's Oriental / Grocery & Convenience Store

    Property Details for 1281 Ely St

    Year built
    1969
    Lot size
    0.14 lot acres
    Zone code
    OH
    Property type
    Turn key restaurants
    APN
    R13202-229-1900
    APU
    R132022291900

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jul 25, 2018 — Oak Bay Properties LLC Bettner,donald E & Angelina L Quit Claim Deed · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Oak Harbor
    County
    Island
    State
    Washington
    Longitude
    -122.651
    Latitude
    48.2884
    CBSA code
    36020
    CBSA name
    OAK HARBOR, WA MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    0
    $0.00
    $97,574
    $89,798
    $187,372
    -
    $97,574
    $89,798
    $187,372

    Comparable in this City

    • Value Estimation by Request
      3,344 SF

      41020 State Rte 20

      RESTAURANT
      41020 State Rte 20, Oak Harbor, WA 98277-7947
      View Details
    • Value Estimation by Request
      3,366 SF

      31340 State Rte 20

      RESTAURANT
      31340 State Rte 20, Oak Harbor, WA 98277-3170
      View Details
    • Value Estimation by Request
      7,657 SF

      1150 Dock St

      RESTAURANT
      1150 Dock St, Oak Harbor, WA 98277-4067
      View Details
    • Value Estimation by Request
      1,776 SF

      91 Midway Blvd

      RESTAURANT
      91 Midway Blvd, Oak Harbor, WA 98277-2649
      View Details
    • Value Estimation
      $520,000
      4,346 SF

      705 Pioneer Way

      RESTAURANT
      705 Pioneer Way, Oak Harbor, WA 98277-5725
      View Details
    • Value Estimation
      $1,345,000
      2,350 SF

      32205 State Rte 20

      RESTAURANT
      32205 State Rte 20, Oak Harbor, WA 98277-3775
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Oak Harbor Mixed-Use Building

      Mixed-use building with bar, restaurant, and residential income potential.
      880 SE Pioneer Way, Oak Harbor, WA 98277
      View Details
    • Contact for pricing
      2,694 SF

      Oak Harbor Restaurant/Bar Opportunity

      Restaurant and bar with outdoor dining and upper level lounge.
      31359 State Route 20, Oak Harbor, WA 98277
      View Details
    • Contact for pricing

      Oak Harbor Drive-Thru Investment

      New construction drive-thru at high-traffic Oak Harbor corner.
      31485 State Highway 20, Oak Harbor, WA 98277
      View Details
    • Contact for pricing

      Oak Harbor Commercial Building For Sale

      Commercial building with frontage on SR 20 in Oak Harbor.
      31359 State Route 20, Oak Harbor, WA 98277
      View Details
    • Contact for pricing

      Pottery Painting Studio with Coffee

      Pottery painting studio with coffee bar in Oak Harbor.
      860 SE Pioneer Way, Oak Harbor, WA 98277
      View Details
    • Contact for pricing

      Retail Property on State Route

      Retail property for sale on State Route 20, Oak Harbor.
      31179 State Route 20, Oak Harbor, WA 98277
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,694 SF

      Oak Harbor Restaurant/Bar Opportunity

      Former restaurant and bar with high visibility and outdoor space.
      31359 State Route 20, Oak Harbor, WA 98277
      View Details
    • $1,664 /Mo
      1,051 SF

      Retail Space in Harbor Station

      Ground floor retail space in a high-traffic retail center.
      32650 State Highway 20, Oak Harbor, WA 98277
      View Details
    • $1,973 /Mo
      1,246 SF

      Retail Space in Oak Harbor

      Retail space for lease in a busy Oak Harbor center.
      32650 State Highway 20, Oak Harbor, WA 98277
      View Details
    • $1,904 /Mo
      1,428 SF

      Retail Space in Oak Harbor

      Retail space for lease in Oak Harbor's business center.
      32650 State Highway 20, Oak Harbor, WA 98277
      View Details
    • $35,769
      35,769 SF

      Retail Space in Oak Harbor

      Junior anchor space in busy retail center near downtown.
      32185 State Highway 20, Oak Harbor, WA 98277
      View Details
    • Contact for pricing
      40,753 SF

      Retail Space in Oak Harbor

      Junior anchor space in busy retail center on State Route 20.
      32185-32209 State Highway 20, Oak Harbor, WA 98277
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1281 Ely St
    Oak Harbor, WA 98277-4071
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1281 Ely St, Oak Harbor, WA, 98277
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!