421 Midway Blvd Oak Harbor, WA 98277-2659
Entity Owned
Absentee Owner
~
Est. High Equity
Estimated value (blended)
$1.11M
Range $999k – $1.22M (±10%)
Property ID
US90-1232058
Property summary
AI-generated overview
This exceptional 5,987 square foot retail property, located at 421 NE Midway Blvd in Oak Harbor, Washington, presents a unique investment opportunity. Situated on a 1.033-acre lot (45,002 square feet), this vacant building boasts ample parking for over 70 vehicles. Originally constructed in 1987, the property has undergone a complete renovation, including new windows, a new roof, and a new exterior, making it ready for immediate tenant build-out. The property is zoned for Business and Commercial use and benefits from a grandfathered large sign on Midway Boulevard. Its prime location on Midway Blvd, just blocks from the city center and a mile from Naval Air Station Whidbey Island (easily accessible from State Route 20), ensures high visibility and traffic. The property's versatility allows for a wide range of uses, including but not limited to restaurants, retail spaces, or office buildings. Further enhancing its appeal, this Oak Harbor property is located within an opportunity zone, offering significant tax and financing advantages for investors. The asking price is $1,475,000. The seller, a licensed general contractor, may be willing to negotiate design and build-out options. The property's APN is S7285000A0050 and the zip code is 98277.
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
1987
Total area
5,987 SF
Lot
1.03 ac (44,997 SF)
Zoning code
OH
APN
S7285-00-0A005-0
UPID
US90-1232058
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.22M
Blend (final)
Blend
$1.11M
Owner & transaction history
since 2025
Last sale
$1.1M
5 recorded transactions
Zoning & alternative use
OH · Oak Harbor, WA
Top alternative use upside
Retail stores
$1.6M
+2.2%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
17% off on annual
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 4 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 10 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$1.11M
Value range
$999k – $1.22M
±10% around blend
Estimated value / SF
$185 / SF
Confidence
Low
4 county-verified comps
Property data
75
Market benchmarks
100
Comparable evidence
40
$999k
blend $1.11M
$1.22M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
5,987 SF
Lot area
1.03 ac
Year built
1987
Stories
1
APN
S7285-00-0A005-0
Assessed value
$1,190,548
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$1.23M
Weighted, 4 comps · low confidence
Evidence
4 found · 4 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
14.2 mi away · 7,020 SF
20.9 mi away · 5,089 SF
23.8 mi away · 4,964 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.11M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 150 sales
$256
-27%
Submarket 150 sales
$256
-27%
County 208 sales
$273
-32%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $185/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Retail Stores
Gross theoretical uplift
+2%
vs current-use indication
Commercial (general) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
Not available
Assessed value
County record
Zoning designation
Not available
Operating expenses
Not available
Market rent
Not available
Actual rent roll
Not available
Tenant leases
Not available
Physical condition
Not inspected
Conversion costs
Not available
Not analyzed due to unavailable source data: tenant leases, physical condition and capital
requirements were not available for this desktop analysis. Cost Approach excluded due to
availability of income evidence.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 4 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.05M
Move the market yield to see immediate price impact.
Value / SF
$175
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$66k
$1.32M
$945k
$735k
$74k
$1.47M
$1.05M
$817k
$81k
$1.62M
$1.16M
$898k
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
4 found
Low confidence · county-verified
Closest comparable
$1.36M
13.9 mi · Oct 2025 · $236/SF
Property tax & assessments
Property tax & assessments
Assessed value
$1,190,548
Assessed 2023
Previous assessed
$1,065,465
+11.7% YoY
Assessed land
$630,026
Assessed improvement
$560,522
Land market value
$630,026
Improvement market value
$560,522
Total market value
$1,190,548
Applied tax rate
100.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
1987
Heating
PACKAGE
Cooling
YES
Stories
1
Rooms
1
Total area
5,987 SF
Lot
1.03 ac (44,997 SF)
Zoning code
OH
APN
S7285-00-0A005-0
UPID
US90-1232058
Jurisdiction
ISLAND
Zoning & alternative use
OH · Oak Harbor, WAZoning OH · permitted uses
OH · Oak Harbor, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Heating
PACKAGE
Cooling
Yes
Stories
1
Rooms
1
Lot
1.03 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
OH
Jurisdiction
Oak Harbor, WA
Recorded code
OH
Zoning Insight
What can be built and operated here — officially.
The district profile from the municipal source: what is on file for OH in Oak Harbor, WA.
What opens after registration
Zoning profile
3 official documentsVerified municipal sources with file download
Match provenanceAssignment basis, match tier and confidence
Private report access
See the official zoning profile for this address.
Registration is required before the official district profile is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
Registration is required before any owner information is shown.
One complete report on every paid plan · 5 · 30 · 100 reports per month.
Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 421 Midway Blvd?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
Full reports are paid
Unlock the full Property Analytics report
Pick a plan to open full owner contacts, all 4 valuations with methodology, the refine flow, comparable adjustments, the foot-traffic deep dive and PDF / CSV export. Cancel anytime.
