Single-Story Office
New
For Sale
$459,000
1010 3rd Ave, Seaside, OR 97138
Two occupied units provide an existing multi-tenant configuration near Highway 101 in Seaside.
Property Size1,755 SF
Lot Size0.21 Acres
Price / SF$261.54
Days on Market2
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
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
Listed By:
David Hoggard · License #200306004
(503) 338-5200
Source:
Rosecityrealtygroup
Added: Sep 7
Last Checked: Sep 7 at 2:34PM
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 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.
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 = 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
6.42%
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 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$510.3K
$446.5K – $595.3K
NOI $35,718 @ 7.0% cap · market cap 7.78%
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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $459,000.
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
