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    42 Washington St Rockaway Beach, OR 97136

    View on Map
    Sponsored
    For Sale
    $1,129,000

    MULTI_FAMILY - RockawayBeach, OR

    Property size:
    3,276 SF
    Lot size:
    0.11 Acres
    Days on Market:
    11
    Last Refresh:
    Mar 15 at 4:06 pm

    Property Features for 42 Washington St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Zoning
    RK RR
    Rooms
    Bathroom 5, Bedroom 3, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 6, Bedroom 2, Bedroom 5, Bathroom 2, Bedroom 6, Bathroom 3, Bathroom 4
    Bedrooms
    6
    Bathrooms
    6
    APN
    Not Found
    Size
    3,276 SF
    Lot size
    0.11 Acres

    Utilities

    Heating system
    Ductless (Heating)
    Water front features
    Lake
    Water front
    1

    Building Details

    Year built
    2025
    Floors in Building
    2
    Number of units
    2
    Roof type
    Composition

    We can help!

    Listing Contact
    Patti Shmilenko

    Premiere Property Group, LLC (503) 670-9000

    Listing agent Patti Shmilenko (503) 670-9000

    Listing date Mar 4, 2026

    MLS# 649271052

    Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Stunning Duplex Next to Lake Marie

    This stunning duplex is located next to Lake Marie and a short stroll from the ocean. Both units are approved for short-term rentals. The property features engineered hardwood flooring and high ceilings. The open living area includes a gourmet kitchen with quartz counters, tile backsplash, hardwood flooring, and stainless steel appliances, including a drawer-style, top-opening, built-in microwave. The eat-in island is suitable for entertaining. The dining area features a designer chandelier. Double glass sliding doors in the living room lead to a deck with views of Lake Marie. The primary suite includes a walk-in closet with built-ins, vaulted ceilings, and a spa-like bath with under-counter and mood lighting, a custom glass-enclosed spa/shower room with soaking tub, custom tile, and rain shower head. There is a large laundry room upstairs with quartz counters, a sink, and storage. The second and third bedrooms have large closets, vaulted ceilings, and access to a large attic storage area. The property includes an attached garage and plantings. Unit 44 has a hot tub. Restaurants and shopping are a short distance away, as is the Big Tree Trailhead. The property is suitable to live in one side and rent the other. Furnishings are negotiable. The property is located on a lot that is 0.11 acres and the property size is 3276 square feet. The property is zoned RK RR.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Kitchen & Bath Showroom Food Market Storage Facility

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rockaway Beach
    County
    Tillamook
    State
    Oregon
    Longitude
    -123.94553
    Latitude
    45.599959

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    FAQs

    What type of property is this?
    Duplex - Short-term rental approved duplex near the ocean and Lake Marie.
    Where is this duplex located?
    The property is located at 42 Washington St Rockaway Beach, OR.
    What is the asking price?
    The asking price for this property is $1,129,000.
    What are key features of this property?
    This property features: - Short Term Rental (STR) approved for both units with projection data available.; - Located next to Lake Marie and a short walk to the Ocean.; - Gourmet kitchen with quartz counters, tile backsplash, stainless steel appliances, and eat-in island.
    (503) 670-9000
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    42 Washington St Rockaway Beach, OR 97136
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    Rockaway Beach, OR 97136
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    42 Washington St Rockaway Beach, OR 97136
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    We can help!
    Listing Contact
    Patti Shmilenko
    Real Estate License ID: 990100012
    (503) 670-9000 (503) 807-9868
    Learn more
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