Versatile Mixed-Use Property in
3003 Hwy 101 Gearhart, OR 97138
For Sale
$2,999,999
Pending
Income-generating property with commercial, residential, and storage spaces.
Property Size19,332 SF
Lot Size0.85 Acres
Days on Market856
Property Features for 3003 Hwy 101
General Information
Standard status
Pending
Size
19,332 SF
Lot size
0.85 Acres
Property subtype
Commercial
Building Details
Year Built
1925
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES NORTHWEST REAL ESTATE
(503) 292-9393
Listed By:
WENDY HEMSLEY · License #201235010
Source:
Corcoran
Added: Mar 27, 2024
Changed: Jul 10
Last Checked: Jul 23 at 9:45AM
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 BERKSHIRE HATHAWAY HOMESERVICES NORTHWEST REAL ESTATE
Investment Insights
Based on property information with market context.
This versatile property is located in Gearhart, Oregon, with frontage on Highway 101. Zoned C2 for commercial and residential use, the property includes two commercial lease spaces, four residential apartments, and 25 storage units. There are seven income-generating buildings on the property, with potential for additional development. The property has been meticulously maintained and presents a turnkey investment opportunity with a well-established track record, reliable leases, and minimal vacancies over the past thirty years. The property size is 19332 square feet.
Key Highlights
- Prime frontage on Hwy 101 in Gearhart, OR.
- Zoned C2 for commercial/residential use, offering versatile development options.
- Turnkey investment property with seven income‑generating buildings.
Financial Insights For Self Storage
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $232.0k | $12.00 |
| − Vacancy | −$18.6k | −$0.96 |
| EGI | $213.4k | $11.04 |
| − OpEx | −$64.0k | −$3.31 |
| NOI | $149.4k | $7.73 |
19,332 SF · lease $12.00/SF/yr · vacancy 8.00% · expense 30.00%
Alternative Uses
Best Use
Self Storage
$2.13M
$1.87M – $2.49M
NOI $149,398 @ 7.0% cap · market cap 4.98%
Second Best
Mixed Use
$1.82M
$1.59M – $2.13M
NOI $127,591 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$5.62M
$4.92M – $6.56M
NOI $393,445 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Income-generating property with commercial, residential, and storage spaces.
Where is this mixed-use property located?
The property is located at 3003 Hwy 101 Gearhart, OR.
What is the asking price?
The asking price for this property is $2,999,999.
What are key features of this property?
This property features: Prime frontage on Hwy 101 in Gearhart, OR.; Zoned C2 for commercial/residential use, offering versatile development options.; Turnkey investment property with seven income‑generating buildings.
