Vacant Two-Unit
For Sale
$409,950
1035 & 1037 SW 15th Street, Lincoln City, OR 97367
Residential Income, Lincoln City, OR
Property Size1,840 SF
Lot Size0.29 Acres
Price / SF$222.80
Days on Market188
Property Features for 1035 & 1037 SW 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R1-7.5
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Parking
6
Parking features
Driveway, Garage - Detached
Lot features
Level
Elementary school district
Lincoln County School District
Middle school district
Lincoln County School District
High school district
Lincoln County School District
Directions
From Hwy 101; West on SW 14th St; Left on SW Harbor Ave; Right on SW 15th St to address on right.
Standard status
Active
APN
R377606
Size
1,840 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3526
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1948
Floors in Building
1
Number of units
2
Building materials
Lap Siding
Roof type
Composition
Architectural style
Ranch
Listing Agency:
Taylor & Taylor Realty Company
(800) 462-0197
Listed By:
Amy Graham · License #200310128
(541) 992-1050
Added: Feb 27
Changed: Aug 28
Last Checked: Sep 3 at 11:06PM
MLS# 26-416
Copyright © 2026 Oregon Coast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This vacant duplex contains 1,840 square feet arranged as two separate residences, each with two bedrooms and one bathroom. Built in 1948, the ranch-style property features lap siding, composition roofing, wall-furnace heating, public water, and public sewer. Parking includes a detached garage and driveway, while the 0.29-acre site is zoned R1-7.5.
The property is located on SW 15th Street in Lincoln City’s southwest area. Beach access, grocery shopping, an outlet mall, and the library are identified as nearby destinations. Cable service is available, and the current vacancy supports straightforward property access for evaluation.
The property is located on SW 15th Street in Lincoln City’s southwest area. Beach access, grocery shopping, an outlet mall, and the library are identified as nearby destinations. Cable service is available, and the current vacancy supports straightforward property access for evaluation.
Key Highlights
- Two‑unit duplex with 1,840 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- 0.29‑acre site zoned R1‑7.5
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$17,149
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.18%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$342,980
$343.0K
Cap Rate 7%
$244,986
$245.0K
Cap Rate 9%
$190,544
$190.5K
Market Conditions
NOI Build-Up for 1,840 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.4K $13.80/SF
− Vacancy
−$894 −$0.49/SF
EGI
$24.5K $13.31/SF
− OpEx
−$7.3K −$3.99/SF
NOI
$17.1K $9.32/SF
Area
Lincoln County, OR
Vacancy
3.52%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$342,980
Cap Rate 7%
$244,986
Cap Rate 9%
$190,544
Alternative Uses
Best Use
Multifamily LT 5
$245.0K
$214.4K – $285.8K
NOI $17,149 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$225.5K
$197.4K – $263.1K
NOI $15,788 @ 7.0% cap · market cap 3.85%
Theoretical Best
Office A
$479.9K
$419.9K – $559.9K
NOI $33,595 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Explore this area
Business Placement
Demographics for 97367, OR
11,095
Population
8,138
Households
1.4
Avg Household Size
53
Median Age
29%
College-Educated
91%
High-School Grad
45.7 sq mi
ZIP Area
243
Density / Sq Mi
$58,845
Median Household Income
$37,370
Median Earnings
$1,333
Median Rent
$388,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are vacant and provide two bedrooms plus one bathroom each.
Where is this duplex located?
The property is located at 1035 & 1037 SW 15th Street Lincoln City, OR.
What is the asking price?
The asking price for this property is $409,950.
What are key features of this property?
This property features: Two‑unit duplex with 1,840 square feet; Each unit includes 2 bedrooms and 1 bathroom; 0.29‑acre site zoned R1‑7.5
