Mixed-Use Building with Office
For Sale
$895,000
220 NW Spring Street, Waldport, OR 97394
Residential Income, Waldport, OR
Property Size3,116 SF
Lot Size0.23 Acres
Price / SF$287.23
Days on Market200
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 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bathroom 5, Bedroom 2
Parking
14
Parking features
Off Street
Window features
Vinyl Frames, Double Pane Windows
Fencing
Chain Link, Privacy
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: Sep 13
Last Checked: Oct 1 at 5:06AM
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 mixed-use property contains 3 residential units and 2 commercial office spaces within 3,116 square feet. The building also includes a laundry room, garage, off-street parking, and storage or workshop space. Electric heating, ceiling fans, vinyl flooring, public water, and public sewer serve the property. Built in 2003, the structure features cedar and shake siding with a composition roof.
The 0.23-acre property is within the city limits of Waldport at 220 NW Spring Street. The property information identifies expansion capacity for up to 4 additional residential units. Appliances include a washer, dryer, refrigerator, microwave, electric oven, electric range, and water heater.
The 0.23-acre property is within the city limits of Waldport at 220 NW Spring Street. The property information identifies expansion capacity for up to 4 additional residential units. Appliances include a washer, dryer, refrigerator, microwave, electric oven, electric range, and water heater.
Key Highlights
- 3 residential units and 2 commercial office spaces
- 3,116 square feet on a 0.23‑acre property
- Expansion capacity for up to 4 additional residential units
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
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Open Analytics
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
271
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three residential units and two commercial offices share a flexible property with laundry and garage space.
Where is this mixed-use property 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: 3 residential units and 2 commercial office spaces; 3,116 square feet on a 0.23‑acre property; Expansion capacity for up to 4 additional residential units
