Two-Story Mixed-Use
For Sale
$1,750,000
215 NW 15TH Street, Newport, OR 97365
Commercial Sale, Newport, OR
Property Size11,232 SF
Lot Size1.71 Acres
Price / SF$155.80
Days on Market114
Property Features for 215 NW 15TH Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-3 Highway (Heavy) Comme
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bathroom 5, Bathroom 4, Bathroom 2, Bathroom 3, Bathroom 1
Parking
121
Parking features
Off Street
Security features
Security System
Fencing
Chain Link
Accessibility
Accessible Approach with Ramp
Lot features
Level
Directions
West on 15th off Hwy 101
Standard status
Active
APN
111105BD-300-00
Size
11,232 SF
Lot size
1.71 Acres
Taxes and HOA fees
Tax Year
2025
Building Details
Year built
1977
Floors in Building
2
Flooring type
Laminate, Tile, Carpet
Building materials
Aluminum Siding, HardiPlank Type
Roof type
Composition
Listing Agency:
Martek Real Estate
(541) 265-8785
Listed By:
Michael T Burkhard · License #201235321
(541) 961-9544
Added: May 13
Changed: Aug 20
Last Checked: Sep 3 at 2:06PM
MLS# 26-1284
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.
Located at 215 NW 15TH Street in Newport, this two-story mixed-use facility contains 11,232 square feet on a 1.71-acre site. The building is currently arranged for church and school functions and includes six bathrooms, laminate, tile, and carpet flooring, aluminum siding and HardiPlank-type exterior materials, and a composition roof. The property was built in 1977 and has an accessible approach with ramp entry.
The site is positioned just off Highway 101 and includes off-street parking, chain-link fencing, and the C-3 Highway (Heavy) Comme zoning designation. Its existing layout and broad commercial classification provide a substantial footprint for continued institutional use or reconfiguration within the applicable zoning framework.
The site is positioned just off Highway 101 and includes off-street parking, chain-link fencing, and the C-3 Highway (Heavy) Comme zoning designation. Its existing layout and broad commercial classification provide a substantial footprint for continued institutional use or reconfiguration within the applicable zoning framework.
Key Highlights
- 11,232‑square‑foot two‑story facility on 1.71 acres
- Current church and school configuration
- C‑3 Highway (Heavy) Comme zoning designation
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
$102,941
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
5.88%
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%
$2,058,820
$2.1M
Cap Rate 7%
$1,470,586
$1.5M
Cap Rate 9%
$1,143,789
$1.1M
Market Conditions
NOI Build-Up for 11,232 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
$175.2K $15.60/SF
− Vacancy
−$10.5K −$0.94/SF
EGI
$164.7K $14.66/SF
− OpEx
−$61.8K −$5.50/SF
NOI
$102.9K $9.17/SF
Area
Lincoln County, OR
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,058,820
Cap Rate 7%
$1,470,586
Cap Rate 9%
$1,143,789
Alternative Uses
Best Use
Mixed Use
$1.47M
$1.29M – $1.72M
NOI $102,941 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.56M – $3.42M
NOI $205,077 @ 7.0% cap · market cap 11.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 97365, OR
10,806
Population
6,026
Households
1.8
Avg Household Size
47
Median Age
31%
College-Educated
91%
High-School Grad
41.5 sq mi
ZIP Area
260
Density / Sq Mi
$60,736
Median Household Income
$30,963
Median Earnings
$1,155
Median Rent
$418,500
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Currently configured for church and school use, with off-street parking and accessible ramp entry.
Where is this mixed-use property located?
The property is located at 215 NW 15TH Street Newport, OR.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 11,232‑square‑foot two‑story facility on 1.71 acres; Current church and school configuration; C‑3 Highway (Heavy) Comme zoning designation
