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    35 SE Ely St Oak Harbor, WA 98277
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    35 SE Ely St, Oak Harbor, WA 98277

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    • Office buildings
    • 4,488 SF
    • 0.69 lot acres
    For Sale
    $875,000
    View Listing →
    Oak Harbor Office Building For Sale For Sale
    $875,000
    4,488 SF

    Oak Harbor Office Building For Sale

    Office building with highway frontage and investment potential.

    35 SE Ely St, Oak Harbor, WA 98277
    View Listing
    Property ID
    US90-1595357
    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

    • 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

    Property Details for 35 SE Ely St

    Year built
    1948
    Construction
    WOOD
    Lot size
    0.69 lot acres
    Zone code
    OH
    Property type
    Office buildings
    APN
    S7600-00-01006-2
    APU
    S760000010062

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 27, 2026 — The Bangston Exemption Trust — Deed · related $346k · 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 $500k · Wells Fargo Bank NA
    — — Bangston Trust — Deed Of Trust · related $450k · Savibank

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $395,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $631,000
      Market price range: $281k - $1.02M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $610,000
      Current use
      RETAIL STORES
      $670,000
      Change: +10% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Harbor
    County
    Island
    State
    Washington
    Longitude
    -122.653
    Latitude
    48.2981
    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
    $601,128
    $525,226
    $1,126,354
    -
    $601,128
    $525,226
    $1,126,354

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      4,488 SF

      Oak Harbor Office Building For Sale

      Office building with highway frontage and investment potential.
      35 SE Ely St, Oak Harbor, WA 98277
      View Details
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      Oak Harbor Office Building

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      Office Space Available For Lease

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      Medical Office Space For Lease

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    View Listing
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    35 SE Ely St
    Oak Harbor, WA 98277
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    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
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