Two-Story Medical Office
For Sale
Under Contract
$439,000
135 NW 15th Street, Newport, OR 97365
Commercial Sale, Newport, OR
Property Size2,337 SF
Lot Size0.24 Acres
Price / SF$187.85
Days on Market488
Property Features for 135 NW 15th Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-3 Highway (Heavy) Comme
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 1
Appliances
Water Heater, Refrigerator, Water Heater, Refrigerator
Directions
Hwy 101, West on NW 15th, immediately on left.
Standard status
Active Under Contract
APN
111105BD-100-00
Size
2,337 SF
Lot size
0.24 Acres
Additional Details
Property Use
Office
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6418
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Water source
Public
Building Details
Year built
1982
Floors in Building
2
Flooring type
Carpet, Vinyl
Building materials
Lap Siding
Roof type
Membrane, Composition
Listing Agency:
S & W REAL ESTATE
(800) 676-7710
Listed By:
Rick Wright · License #780403835
(541) 270-2093
Added: Jul 2, 2025
Changed: Nov 1
Last Checked: Nov 1 at 1:06PM
MLS# LC-104293
Copyright © 2026 Oregon Coast MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This medical office property has 2,337 square feet on a 0.24-acre parcel. The first floor includes five private offices, a reception area, a restroom, storage, a work area, and a dark room or additional storage space. An unfinished ground-floor area provides further office or storage capacity. Upstairs, a kitchen and break room accompany an office or meeting room and a full restroom with a shower.
Concrete parking areas serve the property. Built in 1982, the building has lap siding, carpet and vinyl flooring, and forced-air electric heat. It is zoned C-3 Highway (Heavy) Comme and has public water and sewer.
Concrete parking areas serve the property. Built in 1982, the building has lap siding, carpet and vinyl flooring, and forced-air electric heat. It is zoned C-3 Highway (Heavy) Comme and has public water and sewer.
Key Highlights
- 2,337 square feet on a 0.24‑acre parcel
- Five first‑floor offices plus reception, restroom, work area, and storage
- Second‑floor kitchen/break room, office or meeting room, and full restroom with shower
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,954
Cap Rate
8.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$719,080
$719.1K
Cap Rate 7%
$513,629
$513.6K
Cap Rate 9%
$399,489
$399.5K
Market Conditions
NOI Build-Up for 2,337 SF
Gross rent
$62.3K $26.64/SF
− Vacancy
−$14.3K −$6.13/SF
EGI
$47.9K $20.51/SF
− OpEx
−$12.0K −$5.13/SF
NOI
$36.0K $15.38/SF
Area
Lincoln County, OR
Vacancy
23.00%
Lease Rate
$26.64 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$719,080
Cap Rate 7%
$513,629
Cap Rate 9%
$399,489
Alternative Uses
Best Use
Office B
$513.6K
$449.4K – $599.2K
NOI $35,954 @ 7.0% cap · market cap 8.19%
Second Best
Healthcare Medical
$347.2K
$303.8K – $405.1K
NOI $24,306 @ 7.0% cap · market cap 5.54%
Theoretical Best
Office A
$609.6K
$533.4K – $711.2K
NOI $42,670 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 97365, OR
10,806
Population
6,026
Households
1.8
Avg Household Size
47
Median Age
31%
College-Educated
91%
High-School Grad
41.5 sq mi
ZIP Area
260
Density / Sq Mi
$60,736
Median Household Income
$30,963
Median Earnings
$1,155
Median Rent
$418,500
Median Home Value
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Market
Vacancy Rate% for Office in West region
Similar Off Market Nearby
- Newport Veterinary Hospital — 552 NW 3rd St, Newport, OR 97365
- Animal Medical Care Of Newport — 162 NE 10th St, Newport, OR 97365
- Dr. Eric Brown — 162 NE 10th St, Newport, OR 97365
- Lewer Daniel E DVM — 162 NE 10th St, Newport, OR 97365
Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor unfinished area offers room for additional office or storage space.
Where is this medical office space located?
The property is located at 135 NW 15th Street Newport, OR.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 2,337 square feet on a 0.24‑acre parcel; Five first‑floor offices plus reception, restroom, work area, and storage; Second‑floor kitchen/break room, office or meeting room, and full restroom with shower
