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Office

Beach View Plaza

275 SE Pioneer Way, Oak Harbor, WA 98277

Listing Price: $3,965,000

Cap Rate
8.00%
Gross SF
25,399
Rentable SF
25,399
Price/Gross SF
$156.11
Lot Size
1.47 acres
Year Built
1972

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Beach View Plaza, a 25,399 square foot, government-anchored professional plaza in the waterfront district of picturesque Oak Harbor, Washington. The property is 92.4% occupied with 62.9% of the property leased to Washington State government entities and 27.3% to People’s Bank. The Washington State Department of Social & Health Services (DSHS) is in final lease negotiations to extend an expiring lease for five years, demonstrating their commitment to this essential location. In this property, Washington State, via DSHS, DCYF and CADA, operates programs in support of at-risk families, children and youth and vocational rehabilitation. Located in the heart of Oak Harbor along the main waterfront way, the subject property abuts the recently rebuilt public works facility and Windjammer Park. This extraordinary location affords tenants ample parking, sweeping waterfront views and beach, picnic, and playfield access. Across the street the primary commercial district offers dozens of shops, restaurants, cafes and personal service businesses within a two-block walk. With the unparalleled combination of quality, amenities and location, tenants recognize this is the best professional setting in Oak Harbor. Oak Harbor is situated on Whidbey Island, the largest island in Washington state. Located 30 miles north of Seattle, Whidbey Island lies between the I-5 corridor of Western Washington and the Olympic Peninsula and is accessed via both bridge and ferries. Whidbey Island is home to more than 80,000 Residents with Oak Harbor being the largest city on the Island. Established during WWII, Naval Air Station Whidbey Island is the largest naval aviation installation in the Pacific Northwest has been an essential component of the national defense plan ever since. NAS Whidbey Island is the home base and training center for patrol & reconnaissance, electronic warfare, search & rescue, and most recently, unmanned aerial vehicle units. Employing nearly 10,000 people, Naval Air Station Whidbey Island offers employment to a significant population of Oak Harbor and is a consistently strong economic stabilizing force.

Investment Highlights

  • Investment Grade Anchor Tenant: The State of Washington (S&P AA+) occupies 55.4% of the total GLA as the Department of Social & Health Services and the Department of Children, Youth and Families.
  • Recent Anchor Lease Renewal: DSHS recently exercised a 5-year renewal option, extending their lease term through September of 2026, and showing their commitment to the building.
  • Abundant Parking: The property offers 107 parking stalls (4.48 per 1,000 sf), which includes 49 stalls in the adjacent property's parking lot. These stalls are exclusively reserved to the tenants of the Property from 8 am – 7 pm, Monday – Friday. Outside these times, the stalls are shared.
  • Recent Renovations & Capital Improvements: The Property has been well-maintained with significant recent capital improvements completed such as HVAC replacement and upgrade, roof replacement (southern building), parking lot repaved & striped, as well as interior flooring, lighting and painting renovations.
  • Essential Government Programs: Washington State operates programs in support of at-risk families, children and youth, and vocational rehabilitation.
  • Opportunity Zone: Situated in an Opportunity Zone, which provides significant tax benefits to investors and tenants who invest in such areas.
  • Bank Space Triple Drive Thrus: People's Bank occupies 27.3% of the GLA and recently renewed its lease through February of 2023. Their space offers rare and valuable triple-drive thru ATM's.
  • Unobstructed Water Views: Abutting the recently renovated Windjammer Park, the property provides its tenants with unobstructed views of Puget Sound, making it one of the most attractive office buildings in the market.

Exclusively Listed By

Listing Price: $3,965,000

Cap Rate
8.00%
Gross SF
25,399
Rentable SF
25,399
Price/Gross SF
$156.11
Lot Size
1.47 acres
Year Built
1972

Investment Highlights

  • Investment Grade Anchor Tenant: The State of Washington (S&P AA+) occupies 55.4% of the total GLA as the Department of Social & Health Services and the Department of Children, Youth and Families.
  • Recent Anchor Lease Renewal: DSHS recently exercised a 5-year renewal option, extending their lease term through September of 2026, and showing their commitment to the building.
  • Abundant Parking: The property offers 107 parking stalls (4.48 per 1,000 sf), which includes 49 stalls in the adjacent property's parking lot. These stalls are exclusively reserved to the tenants of the Property from 8 am – 7 pm, Monday – Friday. Outside these times, the stalls are shared.
  • Recent Renovations & Capital Improvements: The Property has been well-maintained with significant recent capital improvements completed such as HVAC replacement and upgrade, roof replacement (southern building), parking lot repaved & striped, as well as interior flooring, lighting and painting renovations.
  • Essential Government Programs: Washington State operates programs in support of at-risk families, children and youth, and vocational rehabilitation.
  • Opportunity Zone: Situated in an Opportunity Zone, which provides significant tax benefits to investors and tenants who invest in such areas.
  • Bank Space Triple Drive Thrus: People's Bank occupies 27.3% of the GLA and recently renewed its lease through February of 2023. Their space offers rare and valuable triple-drive thru ATM's.
  • Unobstructed Water Views: Abutting the recently renovated Windjammer Park, the property provides its tenants with unobstructed views of Puget Sound, making it one of the most attractive office buildings in the market.

Investment Overview

Marcus & Millichap is pleased to exclusively offer for sale Beach View Plaza, a 25,399 square foot, government-anchored professional plaza in the waterfront district of picturesque Oak Harbor, Washington. The property is 92.4% occupied with 62.9% of the property leased to Washington State government entities and 27.3% to People’s Bank. The Washington State Department of Social & Health Services (DSHS) is in final lease negotiations to extend an expiring lease for five years, demonstrating their commitment to this essential location. In this property, Washington State, via DSHS, DCYF and CADA, operates programs in support of at-risk families, children and youth and vocational rehabilitation. Located in the heart of Oak Harbor along the main waterfront way, the subject property abuts the recently rebuilt public works facility and Windjammer Park. This extraordinary location affords tenants ample parking, sweeping waterfront views and beach, picnic, and playfield access. Across the street the primary commercial district offers dozens of shops, restaurants, cafes and personal service businesses within a two-block walk. With the unparalleled combination of quality, amenities and location, tenants recognize this is the best professional setting in Oak Harbor. Oak Harbor is situated on Whidbey Island, the largest island in Washington state. Located 30 miles north of Seattle, Whidbey Island lies between the I-5 corridor of Western Washington and the Olympic Peninsula and is accessed via both bridge and ferries. Whidbey Island is home to more than 80,000 Residents with Oak Harbor being the largest city on the Island. Established during WWII, Naval Air Station Whidbey Island is the largest naval aviation installation in the Pacific Northwest has been an essential component of the national defense plan ever since. NAS Whidbey Island is the home base and training center for patrol & reconnaissance, electronic warfare, search & rescue, and most recently, unmanned aerial vehicle units. Employing nearly 10,000 people, Naval Air Station Whidbey Island offers employment to a significant population of Oak Harbor and is a consistently strong economic stabilizing force.

Exclusively Listed By

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