Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    302 Cornet Bay Rd, Unit 304 Oak Harbor, WA 98277-9748

    • Investment properties
    • 984 SF
    • 0.25 lot acres
    OFF-MARKET
    Last Sale
    Nov 16, 2023
    $400,000
    Value Estimations
    $490,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0085279
    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.

    Current Use by Public Records

    • Investment properties

    Property Details for 302 Cornet Bay Rd

    Year built
    1948
    Lot size
    0.25 lot acres
    Property size
    984 SF
    Zone code
    10
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    R13436-480-1260
    APU
    R134364801260

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $540,000
      ML approach
      $535,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $343,000
      Market price range: $147k - $344k

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Harbor
    County
    Island
    State
    Washington
    Longitude
    -122.632
    Latitude
    48.3967
    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
    $250,750
    $358,090
    $608,840
    -
    $250,750
    $358,090
    $608,840

    Comparable in this City

    • Value Estimation
      $315,000
      2,638 SF

      1423 7th Pl

      OFFICE/RESIDENTIAL (MIXED USE) • 2,638 SF
      1423 7th Pl, Oak Harbor, WA 98277-9278
      View Details
    • Value Estimation by Request
      1,331 SF

      984 Ely St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,331 SF
      984 Ely St, Oak Harbor, WA 98277-5707
      View Details
    • Value Estimation
      $315,000
      2,638 SF

      729 Paragon Pl

      OFFICE/RESIDENTIAL (MIXED USE) • 2,638 SF
      729 Paragon Pl, Oak Harbor, WA 98277-9281
      View Details
    • Value Estimation
      $405,000
      820 SF

      1488 Whidbey Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 820 SF
      1488 Whidbey Ave, Oak Harbor, WA 98277-4907
      View Details
    • Value Estimation
      $385,000
      1,281 SF

      154 Blazer Ct

      OFFICE/RESIDENTIAL (MIXED USE) • 1,281 SF
      154 Blazer Ct, Oak Harbor, WA 98277-9454
      View Details
    • Value Estimation
      $385,000
      2,653 SF

      1448 Elwha St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,653 SF
      1448 Elwha St, Oak Harbor, WA 98277-3824
      View Details

    Similar Nearby for Sale

    • $2,950,000

      Oak Harbor Commercial Land Investment

      10 Acres, Multi-Use Potential, High Income
      900 24Th Ln, Oak Harbor, WA 98277
      View Details
    • $349,000

      Downtown Oak Harbor Waterview Property

      Mixed-use property with retail and residential potential in developing area.
      945 53, Oak Harbor, WA 98277
      View Details
    • $2,500,000

      Oak Harbor Commercial District Investment

      Prime location commercial property with stable income stream in Oak Harbor.
      31775 State Route 20, Oak Harbor, WA 98277
      View Details
    • $349,000

      Downtown Oak Harbor Waterview Property

      Mixed-use property with retail and residential potential in developing area.
      945 SE Pioneer Way, Oak Harbor, WA 98277
      View Details
    • Contact for pricing

      Oak Harbor Commercial Land Lease

      Prime Medical Office Space Available
      380 Barrington Dr, Oak Harbor, WA 98277
      View Details
    • $80,000

      Dugualla Bay View Lot

      0.314-acre lot with bay and mountain views in Oak Harbor.
      4 E Maplewood Loop, Oak Harbor, WA 98277
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      92,056 SF

      Island Plaza Retail Space For Lease

      Oak Harbor Storefronts, Multiple Units Available
      31565 Sr20, Oak Harbor, WA 98277
      View Details
    • $27 SF/Yr
      3,880 SF

      Oak Harbor Medical Office Space

      3,880 SF medical office space for lease in Oak Harbor.
      380 SE Barrington Dr, Oak Harbor, WA 98277
      View Details
    • $3,500 /Mo
      1,603 SF

      Downtown Oak Harbor Office Building

      Standalone office building in Downtown Oak Harbor with dedicated parking.
      1121 Southeast Dock St, Oak Harbor, WA 98277
      View Details
    • $28 SF/Yr
      1,927 SF

      Medical Office Space Available

      Ground-floor suite ideal for medical or office use.
      230 Southeast Cabot Dr, Oak Harbor, WA 98277
      View Details
    • $16 SF/Yr
      6,891 SF

      Harbor Station Office Suites

      Oak Harbor Office & Retail Space Available
      32650 State Route 20, Oak Harbor, WA 98277
      View Details
    • Contact for pricing
      6,200 SF

      Office Space Near Naval Station

      6,200 SF office space on 2.05 acre lot.
      981 NE 21St Ct, 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.
    302 Cornet Bay Rd, Unit 304
    Oak Harbor, WA 98277-9748
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.