Lincoln City Home with Ocean
For Sale
Contact for pricing
1333 NE Keel Avenue, Lincoln City, OR 97367
Partially finished 4-bed, 2-bath home with vacation rental zoning.
Property Size1,648 SF
Price / SF$248.73
Days on Market312
Property Features for 1333 NE Keel Avenue
General Information
Standard status
Active
Size
1,648 SF
Property subtype
Hospitality, Office
Zoning
OP-MSH
Building Details
Year Built
1950
Listing Agency:
Taylor & Taylor Realty Co.
(541) 994-9111
Listed By:
Dennis Regen · License #810604051
Source:
Crexi
Added: Oct 7, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:29AM
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 Taylor & Taylor Realty Co.
Investment Insights
Based on property information with market context.
Located in Lincoln City, this partially finished home offers ocean views from the upper level. The property features 4 bedrooms and 2 bathrooms. Interior improvements are underway, with electrical, plumbing, and sheetrock having been completed. The structure is situated on a level lot with convenient access. Its central location offers both residential comfort and commercial potential. The property is zoned to allow for short-term rentals. It is located near shopping, dining, the casino, and beaches. The property has a size of 1648 square feet and is being sold as-is.
Key Highlights
- Vacation Rental Zoning (STR Allowed)
- Ocean Views from Upper Level
- Partially Finished: Electrical, Plumbing, and Sheetrock Complete
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
$14,140
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
3.45%
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%
$282,800
$282.8K
Cap Rate 7%
$202,000
$202.0K
Cap Rate 9%
$157,111
$157.1K
Market Conditions
NOI Build-Up for 1,648 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
$26.7K $16.20/SF
− Vacancy
−$988 −$0.60/SF
EGI
$25.7K $15.60/SF
− OpEx
−$11.6K −$7.02/SF
NOI
$14.1K $8.58/SF
Area
Lincoln County, OR
Vacancy
3.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$282,800
Cap Rate 7%
$202,000
Cap Rate 9%
$157,111
Alternative Uses
Best Use
Apartment 5plus
$202.0K
$176.8K – $235.7K
NOI $14,140 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$429.9K
$376.1K – $501.5K
NOI $30,090 @ 7.0% cap · market cap 7.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
439
Businesses Nearby
Explore this area
Business Placement
Demographics for 97367, OR
11,095
Population
8,138
Households
1.4
Avg Household Size
53
Median Age
29%
College-Educated
91%
High-School Grad
45.7 sq mi
ZIP Area
243
Density / Sq Mi
$58,845
Median Household Income
$37,370
Median Earnings
$1,333
Median Rent
$388,800
Median Home Value
Market
Vacancy Rate% for Multifamily 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?
Short term rental property - Partially finished 4-bed, 2-bath home with vacation rental zoning.
Where is this short term rental property located?
The property is located at 1333 NE Keel Avenue Lincoln City, OR.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: Vacation Rental Zoning (STR Allowed); Ocean Views from Upper Level; Partially Finished: Electrical, Plumbing, and Sheetrock Complete
