Single-Story Office
For Sale
$465,000
1010 3RD AVE, Seaside, OR 97138
Single-story office building with two tenants, heat pump service, and off-street parking on a 0.21-acre lot.
Property Size1,755 SF
Lot Size0.21 Acres
Price / SF$264.96
Days on Market245
Property Features for 1010 3RD AVE
General Information
Standard status
Active
Size
1,755 SF
Lot size
0.21 Acres
Property subtype
Office
Zoning
R2
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,099
Amenities
Heat Pump
3
Heavy Composition
SqFt7000to9999
Office/Library. Paved Road.
Building Details
Year Built
1980
Stories
1
Tenancy
Multi
Listing Agency:
(503) 440-4670
Listed By:
Keller Williams Sunset Corridor
(503) 440-4670
Source:
Xome
Added: Dec 10, 2025
Changed: Aug 7
Last Checked: Aug 12 at 4:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Sunset Corridor
Investment Insights
Based on property information with market context.
This single-story office building was built in 1980 and includes approximately 1,755 square feet of office space. The property is currently occupied by two tenants in separate units, with leases ending August 31, 2026 and April 2028, respectively. The building is served by an efficient heat pump system for year-round comfort and is connected to public water and sewer services.
The property is located at 1010 3rd Avenue in Seaside, Oregon, directly off the Highway 101 corridor. It sits on a 0.21-acre lot and offers ample dedicated off-street parking, an important convenience for clients and employees.
Zoned R2 for commercial use, this office building presents a stable, income-producing configuration with two in-place leases and dedicated parking.
The property is located at 1010 3rd Avenue in Seaside, Oregon, directly off the Highway 101 corridor. It sits on a 0.21-acre lot and offers ample dedicated off-street parking, an important convenience for clients and employees.
Zoned R2 for commercial use, this office building presents a stable, income-producing configuration with two in-place leases and dedicated parking.
Key Highlights
- 1,755‑SF single‑story office building built in 1980 on a 0.21‑acre lot
- Two tenant‑occupied units with lease end dates of Aug 31, 2026 (unit A) and Apr 2028 (unit B)
- Heat pump HVAC system and public water and sewer services connected
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
$29,467
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
6.34%
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%
$589,340
$589.3K
Cap Rate 7%
$420,957
$421.0K
Cap Rate 9%
$327,411
$327.4K
Market Conditions
NOI Build-Up for 1,755 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
$46.3K $26.40/SF
− Vacancy
−$7.0K −$4.01/SF
EGI
$39.3K $22.39/SF
− OpEx
−$9.8K −$5.60/SF
NOI
$29.5K $16.79/SF
Area
Clatsop County, OR
Vacancy
15.20%
Lease Rate
$26.40 /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%
$589,340
Cap Rate 7%
$420,957
Cap Rate 9%
$327,411
Alternative Uses
Best Use
Office B
$421.0K
$368.3K – $491.1K
NOI $29,467 @ 7.0% cap · market cap 6.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$510.3K
$446.5K – $595.3K
NOI $35,718 @ 7.0% cap · market cap 7.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
983
Businesses Nearby
Explore this area
Business Placement
Demographics for 97138, OR
11,248
Population
7,785
Households
1.4
Avg Household Size
48
Median Age
28%
College-Educated
92%
High-School Grad
146.0 sq mi
ZIP Area
77
Density / Sq Mi
$51,993
Median Household Income
$39,285
Median Earnings
$1,004
Median Rent
$433,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Single-story office building with two tenants, heat pump service, and off-street parking on a 0.21-acre lot.
Where is this office units located?
The property is located at 1010 3RD AVE Seaside, OR.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 1,755‑SF single‑story office building built in 1980 on a 0.21‑acre lot; Two tenant‑occupied units with lease end dates of Aug 31, 2026 (unit A) and Apr 2028 (unit B); Heat pump HVAC system and public water and sewer services connected
