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Property profile & analytics
FOR SALE
Office buildings
35 SE Ely St Oak Harbor, WA 98277
Trust Owned
10-yr Hold
~
Est. High Equity
Property ID
US90-1595357
For Sale
1 / 40
$875,000
35 SE Ely St, Oak Harbor, WA 98277
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Property summary
AI-generated overview
This exceptional commercial land parcel, located at 35 SE Ely Street in Oak Harbor, Washington, presents a compelling investment opportunity. Boasting 194 feet of highway frontage at the main intersection of Highway 20 and Whidbey Avenue, this property ensures unparalleled visibility and accessibility. A large reader board further enhances its marketing potential. The existing building on the site offers 4,488 square feet of total space, divided across two floors. The main floor comprises 3,278 square feet, with 2,643 square feet currently leased and 635 square feet available. The upper floor, totaling 1,210 square feet, is currently vacant. Recent improvements include a fresh coat of paint, remodeled restrooms, and a new monitored fire alarm system. The property offers ample parking and versatile office spaces suitable for a single tenant or multiple occupants. Its prime location in Oak Harbor, Island County, WA 98277 (48.2981497, -122.6526039), guarantees high traffic and strong potential for return on investment. This is an ideal opportunity for those seeking a high-impact commercial property with significant growth potential. The asking price for this exceptional property is $875,000.
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1948
Construction
WOOD
Total area
4,488 SF
Lot
0.69 ac (30,056 SF)
Zoning code
OH
APN
S7600-00-01006-2
UPID
US90-1595357
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
STAR Behavior Consulting Crisis Center Medical Clinic
-
Ryan's House for Youth Oak Harbor Drop-In Center Charitable Organization Social Service Agency
-
Bill Lapthorne Realator Coldwell Banker Tara Prooperties, Whidbey Island WA Real Estate Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$395k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$632k
Blend (final)
Blend
$515k
Owner & transaction history
Bangston Trust · 10 yrs held
Bangston Trust
since 2016
6 recorded transactions
Zoning & alternative use
OH · Oak Harbor, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$670,000
+10.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Oak Harbor submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Oak Harbor submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$395,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$610,000
Current use
RETAIL STORES
$670,000
Change: +10% · Conversion: Moderate
Blend value · Realmo final
$515k
Range $464k – $567k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$115 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Property tax & assessments
Assessed value
$1,126,354
Assessed 2023
Previous assessed
$1,027,623
+9.6% YoY
Assessed land
$601,128
Assessed improvement
$525,226
Land market value
$601,128
Improvement market value
$525,226
Total market value
$1,126,354
Applied tax rate
100.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Status
For Sale
Year built
1948
Construction
WOOD
Heating
ELECTRIC
Stories
2
Rooms
1
Total area
4,488 SF
Lot
0.69 ac (30,056 SF)
Zoning code
OH
APN
S7600-00-01006-2
UPID
US90-1595357
Jurisdiction
ISLAND
Zoning & alternative use
OH · Oak Harbor, WA
Zoning OH · permitted uses
OH · Oak Harbor, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Oak Harbor. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$610,000
RETAIL STORES
Est. value
$670,000
OFFICE BUILDING Current
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1948
Construction
WOOD
Heating
ELECTRIC
Stories
2
Rooms
1
Lot
0.69 ac
Current owner
From public records · entity-resolved
Bangston Trust
Trust
Mailing address
PO BOX 1179, FREELAND, WA 98249-1179
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 27, 2026
—
The Bangston Exemption Trust
—
Deed
related
$346,000 · Harborstone Credit Union
May 2, 2016
—
Bangston Trust
Bangston Cynthia Elaine
Quit Claim Deed
related
—
Mar 16, 2016
—
Bangston Trust
Bangston Trust
Quit Claim Deed
related
—
Oct 7, 2015
—
Bangston Trust
Bangston,cynthia E
Quit Claim Deed
related
—
Sep 5, 2006
—
Erling F Bangston
Erling Faye Bangston
Intrafamily Transfer
related
$500,000 · Wells Fargo Bank NA
—
—
Bangston Trust
—
Deed Of Trust
related
$450,000 · Savibank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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