Single-Story Office
For Sale
$465,000
1010 3rd Ave, Seaside, OR 97138
Two leased office units with dedicated parking, heat pump service, and public water and sewer connections.
Property Size1,755 SF
Lot Size0.21 Acres
Price / SF$264.96
Days on Market12
Property Features for 1010 3rd Ave
General Information
Standard status
Active
Size
1,755 SF
Lot size
0.21 Acres
Zoning
R2
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Office Units
2
Building Details
Year Built
1980
Buildings
1
Stories
1
Building Size
1,755 SF
Tenancy
Multi
Listing Agency:
Keller Williams Sunset Corridor
(503) 338-5200
Listed By:
David Hoggard · License #200306004
Source:
Christiesrealestateevg
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 11:45AM
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.
Built in 1980, this 1,755-square-foot office building provides a single-story configuration with two occupied units. Unit A is leased through August 31, 2026, while Unit B has a lease ending in April 2028. The property includes a heat pump system and is connected to public water and sewer services.
The building sits on a 0.21-acre lot at 1010 3rd Ave in Seaside, Oregon, just off Highway 101 and near 3rd Avenue. Dedicated off-street parking serves the property. Zoning is identified as R2 for commercial use.
The building sits on a 0.21-acre lot at 1010 3rd Ave in Seaside, Oregon, just off Highway 101 and near 3rd Avenue. Dedicated off-street parking serves the property. Zoning is identified as R2 for commercial use.
Key Highlights
- 1,755‑square‑foot single‑story office building constructed in 1980
- Two occupied units with lease expirations of August 31, 2026 and April 2028
- 0.21‑acre lot with dedicated off‑street parking
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
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
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
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Frequently Asked Questions
What type of property is this?
Office building - Two leased office units with dedicated parking, heat pump service, and public water and sewer connections.
Where is this office building 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‑square‑foot single‑story office building constructed in 1980; Two occupied units with lease expirations of August 31, 2026 and April 2028; 0.21‑acre lot with dedicated off‑street parking
