Building Details

Year Built 1980

Buildings 1

Stories 1

Building Size 1,755 SF

Tenancy Multi

Listing Agency: Keller Williams Sunset Corridor

Listed By: David Hoggard · License #200306004 Show Phone

Source: Rosecityrealtygroup

Added: Sep 7 Changed: Oct 3 Last Checked: Oct 7 at 2:58PM

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Investment Insights

Based on property information with market context.

This 1,755-square-foot office building at 1010 3rd Ave in Seaside provides a single-story layout on a 0.21-acre lot. Constructed in 1980, the property has two occupied units, a heat pump system, and connections to public water and sewer. Off-street parking is available on the site, and the stated zoning is R2 for commercial use.

The property sits near the intersection of Highway 101 and 3rd Avenue, placing it within Seaside’s active commercial area and near the city’s downtown district. Its coastal Oregon setting is supported by a year-round tourism economy and established resort activity.

Key Highlights

• 1,755‑square‑foot office building on a 0.21‑acre lot
• Two occupied units with a multi‑tenant configuration
• Single‑story building constructed in 1980

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$29,467

Cap Rate

6.56%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$589,340 $589.3K

Cap Rate 7%

$420,957 $421.0K

Cap Rate 9%

$327,411 $327.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,755 SF

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 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 (±1% cap)

NOI $29,467 @ 7.0% cap · market cap 6.56%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$510.3K

$446.5K – $595.3K (±1% cap)

NOI $35,718 @ 7.0% cap · market cap 7.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick Big Box & Wholesale Store Storage Facility Auto Parts Store HVAC Service Dental Office Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Office units

Multi-tenant

Tenancy

Yes

Highway 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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Two occupied units provide an existing multi-tenant configuration near Highway 101 in Seaside.

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 $449,000.

What are key features of this property?

This property features: 1,755‑square‑foot office building on a 0.21‑acre lot; Two occupied units with a multi‑tenant configuration; Single‑story building constructed in 1980