CBRE is pleased to present Oak Harbor Terrace, a 14-unit multifamily investment opportunity located in Oak Harbor, Washington, on scenic Whidbey Island. The property offers investors an attractive combination of stable in-place cash flow and clear upside potential in a supply-constrained rental market supported by Naval Air Station Whidbey Island. Originally constructed in 1959, the property includes approximately 7,295 square feet of net rentable area across three buildings: a fourplex with a ground-floor commercial space, a nine-unit apartment building, and a single-family residence. The efficient unit layouts, averaging 521 square feet, are well suited to local workforce housing demand. The asset provides meaningful opportunity to enhance income through rental rate growth, utility reimbursement optimization, and operational improvements. Oak Harbor Terrace benefits from a convenient location nearly equidistant between Downtown Oak Harbor and NAS Whidbey Island, providing residents easy access to shopping, dining, healthcare, and employment while remaining a short commute to work. In addition, the surrounding area offers abundant options for outdoor recreation, including boating, fishing, cycling, and hiking. With durable tenancy, island lifestyle appeal, and multiple avenues for income growth, Oak Harbor Terrace presents a compelling opportunity for investors seeking yield and long-term durability in the Puget Sound region.