Oak Harbor Midtown Core Development Site

OFFERING MEMORANDUMExclusively listed by:

TABLE OF CONTENTSPROPERTY DESCRIPTION

EXECUTIVE SUMMARY 4

INVESTMENT OVERVIEW 5

ZONING DESCRIPTION 6

TENANT MAP 7

SITE PLAN 8

LOCATION OVERVIEW

OAK HARBOR LOCATION 10

WHIDBEY ISLAND OVERVIEW 11

AERIAL PHOTOS 12 - 14

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE

DETAILS.

01Property

Description

FOR SALE OR LEASE

Midtown Core Development Site SE Pioneer Way & SW Bayshore Dr Oak Harbor, WA 98277

Midtown Core Development Site │ Oak Harbor, WAExecutive Summary

Sale Price/SF $21.00

Lot Size (SF) 136,778 (Divisible)

Lease Rate $2.50 - $1.65/SF/Year

Price/Acre $914,650

Type of Ownership Fee Simple

Lot Size (Acres) 3.14 - 0.50

Midtown Core Development Site is Being Offered For Sale or For Ground Lease. Up To 3.14 Acres Are Available and Divisible to 0.5 acres.

Rare Oak Harbor Development Opportunity of 3.14 Acres (divisible to 0.5 acres) of Commercially Zoned Land Located in Downtown Oak Harbor, WA.

The Surrounding Retail Trade Area Creates an Immediate Substantial Retail Draw With Many National Tenants in the Immediate Area.

Strategically located in between State Route 20 and SW Bayshore Drive Offering Egress and Ingress On Both Sides of the Property With Combined Daily Traffic Counts of Over 20,000 VPD.

Located 3 miles south of Naval Air Station Whidbey Island, the largest naval aviation installation in the Pacific Northwest Employing More Than 6,900 People.

The Property resides within the C-5 Highway Corridor Commercial District Which Allows For a Wide Variety of Development Options.

INVESTMENT HIGHLIGHTS

Tenant Map

7

Marcus & Millichap is pleased to present a rare Oak Harbor development opportunity – Midtown Core Development Site (the “Property”). A 3.14 - acre site located amongst many national tenants in a strong trade area in downtown Oak Harbor. Midtown Core Development Site is strategically situated between State Route 20 and SW Bayshore Drive with egrees and ingress on both sides of the property. Boasting daily traffic counts of approximately 20,000 vehicles per day, State Route 20 is considered the area’s most utilized transit corridor.

The Property is located directly in between 7-Eleven and Whidbey Island Bank with a Safeway located across the street. Many other national tenants surround the Property including Walmart, Walgreens, Haggen Foods, The Home Depot, Wendy’s, Dairy Queen, Ace Hardware, Les Schwab, Applebee’s, Jiffy Lube, AutoZone, O’Reilly, Key Bank, Sherwin-Williams, Tractor Supply, Burger King and Wells Fargo.

Adding to the sites vitality, Naval Air Station Whidbey Island is located 3 miles north of the subject property. This station is the largest naval aviation installation in the Pacific Northwest, bringing significant capital to the immediate area. Employing more than 6,900 people, Naval Air Station Whidbey Island acts as a strong economic stabilizing force for the city of Oak Harbor.

The Property sits immediately in the C-5 Highway Corridor Commercial District. C-5 Zoning is an extremely flexible zoning designation and offers the following uses: restaurants, retail, office, multi-family, hospitality and more.

Midtown Core Development Site │ Oak Harbor, WAInvestment Overview

INVESTMENT HIGHLIGHTS

Rare Oak Harbor Development Opportunity of 3.14 Acres (divisible to 0.5 acres) of Commercially Zoned Land Located in Downtown Oak Harbor, WA.

The Surrounding Retail Trade Area Creates an Immediate Substantial Retail Draw With Many National Tenants in the Immediate Area.

Strategically located in between State Route 20 and SW BayshoreDrive Offering Egress and Ingress On Both Sides of the Property With Combined Daily Traffic Counts of Over 20,000 VPD.

Located 3 miles south of Naval Air Station Whidbey Island, the largest naval aviation installation in the Pacific Northwest Employing More Than 6,900 People.

The Property resides within the C-5 Highway Corridor Commercial District Which Allows For a Wide Variety of Development Options.

5

Midtown Core Development Site │ Oak Harbor, WAZoning Description

Minimum Lot Width: No Limitations

Minimum Lot Area: No Limitations

Minimum Lot Depth: No Limitations

Minimum Front Yard 30 – 50 Feet

Minimum Side Yard: 30 Feet

Minimum Rear Yard: 30 Feet

Maximum Height: 35 Feet

Maximum Lot Coverage: No Limitation

The C-5 Highway Corridor Commercial District is intended to provide for those types of uses which, because of traffic and other requirements, are regional in impact and may be located in the Highway Corridor. It is intended to provide a means of allowing these uses along the highway corridor but with limited access to SR 2.

Restaurants (including sidewalk cafés), Coffee shops, Pharmacy and drug store, Sporting Goods, Office Supply and Equipment store, Antique shops, Artist’s Studios and Supplies, Bakery (retail only), Bank, Barber and Beauty Shops, Bars, Bed and Breakfast Inns, Bed and Breakfast Rooms, Bicycle Shop, Billiards and Pool Hall, Blueprinting, Bookstore, Brew pub, Camera and Supply Shop, Clothes and Apparel Shop, Cocktail Lounge, Confectionery Store, Conference Center, Data Processing Facility, Delicatessen, Department Store, Dry Cleaners, Furniture Shop, Florist Shop, Gift Shop, Grocery Store, Hardware Store, Hobby Shop, Hotel and Motel, Ice Cream Parlor, Interior Design Studio, Jewelry Store, Leather Goods Store, Music Store, Offices, Pet Shop, Photographic Film Processing and Associated Sales, Photographic Studio and Supplies, Photocopying, Post Office, Printing Shop, Schools for the Fine Arts, Shoe Repair Shop, Shoe Store, Tailor Shop, Tavern, Taxi Service, Theater, Tobacco Shop, Toy Store, Travel Agencies, Trophy Shop, Upholstery Shop, Variety Store, Visitor Information Center and more. See listing broker for complete list of permitted uses.

Permitted Uses

C-5 Zoning Overview

Density Provisions

6

Midtown Core Development Site │ Oak Harbor, WASite Plan

8

02Location

overview

Oak Harbor Location

10

Oak Harbor is situated on Whidbey Island, the largest island in Washington state. Located 30 miles north of Seattle, Whidbey Island lies between the Olympic Peninsula and the I-5 corridor of Western Washington.

Whidbey Island is home to more than 70,000 Residents with Oak Harbor being the largest City on the Island. Often referred to as Puget Sound’s Largest Artist’s Colony, Whidbey is home to numerous working artists, writers, and performers. These include many well-known painters, sculptors, glass artists, wood workers, metal workers, mixed media artists, photographers, authors, poets, actors, and musicians.

Located 3 miles north of Oak Harbor is Naval Air Station Whidbey Island. Built in 1942 during WWII, this station is the largest naval aviation installation in the Pacific Northwest. Employing more than 6,900 people, Naval Air Station Whidbey Island offers employment to a significant population of Oak Harbor acting as a strong economic stabilizing force.

Located just 15 minutes from downtown Oak Harbor is Deception Pass State Park, which is the most visited state park in Washington State and serves as a major tourist attraction for visitors around the world. Serving the majority of the Island is Oak Harbor School District, which operates within the city limits as well. Within the district, there is one high school, one alternative high school, two middle schools, and five elementary schools. In addition, Embry-Riddle Aeronautical University, which specializes in aviation and aerospace education, is located approximately 1 mile from the subject property.

WhidbeyIsland Overview

Midtown Core Development Site │ Oak Harbor, WA

7,985 26,198 35,324

8,066 26,331 35,456

7,730 25,881 35,117

$48,203 $49,828 $52,893

Naval Air Station

Subject Property

Population

2016 Housing Income

11

03Aerial

photos

Midtown Core Development Site │ Oak Harbor, WAAerial Photos

Midtown Core Development Site │ Oak Harbor, WATenant Map

Oak Harbor Midtown Core Development Site

Exclusively listed by: