Sonic

$2,545,000

31425 State Route 20, Oak Harbor, WA 98277

For Sale

Retail Free Standing

Active

Last Updated: 10/20/2026

Details:

Cap Rate: 5.5%

NOI: $140,000

Building Size: 1,292 sqft

Lot Area: 0.72 sqft

Occupancy: 100%

Lease Type: Absolute Net

Year Built: 2024

Tenancy: Single

Highlights:

Long-Term Lease: 20-year absolute net sale-leaseback featuring 10% rental increases every 5 years
Respectable Credit: Lease is signed by one of the largest Sonic franchisees in the country (see below)
Newer Building: 2024 build-to-suit construction with drive-thru
Ideal Positioning: Located at the signalized intersection of State Route 20 & S Oak Harbor Street (36,530 VPD)
Top Ranked Franchisee: Ranked #51 on the 2026 Restaurant 200 (Franchise Times, August 2026), which did not include their recent 42-store acquisition
Robust Sales: Annual revenues total ~$300 million

Description:

Sale-leaseback QSR building with drive-thru located at a signalized intersection exposed to 36,530 VPD

This 20-year absolute net sale-leaseback Sonic location is operated by one of the largest Sonic franchisees in the country with over 175 units in their system that generate ~$300 million annually. The lease features 10% rental increases every 5 years throughout the base term and options, providing investors a steady hedge against inflation. The subject property is located in Oak Harbor, the largest city on Whidbey Island , which serves as a primary commercial, retail, and service hub for northern Whidbey Island and surrounding Island County communities.