3-Unit Triplex with Office
For Sale
$895,000
220 NW Spring Street, Waldport, OR 97394
MULTI_FAMILY - Contemporary - Waldport, OR
Property Size3,116 SF
Lot Size0.23 Acres
Price / SF$287.23
Days on Market152
Property Features for 220 NW Spring Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
D-D Downtown District (Wa
Bedrooms
3
Bathrooms
4
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 4, Bathroom 3, Bedroom 2, Bathroom 5, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 1
Parking
14
Parking features
Off Street
Window features
Vinyl Frames, Double Pane Windows
Fencing
Privacy, Chain Link
Appliances
Dryer, Electric Oven, Electric Range, Microwave, Refrigerator, Washer, Water Heater
Subdivision
Ruble's to Waldport
Lot features
Level
View
Ocean
Elementary school district
Lincoln County School District
Middle school district
Lincoln County School District
High school district
Lincoln County School District
Directions
Highway 101 to Waldport, at the light turn East. North on Spring. Corner of Spring & Alder
Standard status
Active
APN
131119AC-1700
Size
3,116 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4350
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
laundry room
garage
Building Details
Year built
2003
Floors in Building
2
Number of units
5
Flooring type
Vinyl
Building materials
Shake Siding, Cedar, Shingle Siding
Roof type
Composition
Architectural style
Contemporary
Listing Agency:
Emerald Coast Realty - Seal Rock
(541) 283-3589
Listed By:
Pam Mugleston · License #940600295
(541) 270-7998
Added: Mar 16
Changed: Aug 1
Last Checked: Aug 14 at 6:06AM
MLS# 26-619
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 contemporary, shake-sided triplex building (2003) offers a mix of residential and commercial space. The property includes three residential units with natural light and a residential rental history, plus two commercial office spaces suited to small businesses or remote professionals. A tenant laundry room adds everyday convenience, and an on-site garage can support storage or workshop use. Flooring is vinyl throughout, and the building is served by electric heating and ceiling fans, with composition roofing.
The property sits within the city limits of Waldport on a 0.23-acre lot. It is served by public water and public sewer, and features off-street parking. It is zoned for expansion, with the opportunity to add up to four more residential units.
For buyers considering a live-and-work arrangement or a flexible income property, this configuration provides residential tenancy alongside office space in a single ownership structure.
The property sits within the city limits of Waldport on a 0.23-acre lot. It is served by public water and public sewer, and features off-street parking. It is zoned for expansion, with the opportunity to add up to four more residential units.
For buyers considering a live-and-work arrangement or a flexible income property, this configuration provides residential tenancy alongside office space in a single ownership structure.
Key Highlights
- 0.23‑acre lot in the city limits of Waldport
- 3 residential units plus 2 commercial office spaces
- Tenant laundry room and on‑site garage for storage or workshop use
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
$47,938
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
5.36%
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%
$958,760
$958.8K
Cap Rate 7%
$684,829
$684.8K
Cap Rate 9%
$532,644
$532.6K
Market Conditions
NOI Build-Up for 3,116 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
$83.0K $26.64/SF
− Vacancy
−$19.1K −$6.13/SF
EGI
$63.9K $20.51/SF
− OpEx
−$16.0K −$5.13/SF
NOI
$47.9K $15.38/SF
Area
Lincoln County, OR
Vacancy
23.00%
Lease Rate
$26.64 /SF/Yr
Expense Ratio
25.00%
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%
$958,760
Cap Rate 7%
$684,829
Cap Rate 9%
$532,644
Alternative Uses
Best Use
Office B
$684.8K
$599.2K – $799.0K
NOI $47,938 @ 7.0% cap · market cap 5.36%
Second Best
Multifamily LT 5
$414.9K
$363.0K – $484.0K
NOI $29,041 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$812.8K
$711.2K – $948.2K
NOI $56,893 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 97394, OR
5,361
Population
3,686
Households
1.5
Avg Household Size
59
Median Age
28%
College-Educated
95%
High-School Grad
51.7 sq mi
ZIP Area
104
Density / Sq Mi
$57,708
Median Household Income
$31,690
Median Earnings
$1,104
Median Rent
$354,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Built in 2003 within city limits of Waldport, this triplex pairs three residential units with two office spaces.
Where is this triplex located?
The property is located at 220 NW Spring Street Waldport, OR.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 0.23‑acre lot in the city limits of Waldport; 3 residential units plus 2 commercial office spaces; Tenant laundry room and on‑site garage for storage or workshop use
