Two-Unit Duplex with Private
For Sale
$579,000
1945 Northeast 7th Drive, Lincoln City, OR 97367
Separately addressed units support owner occupancy, rental use, or a combination of both.
Property Size2,406 SF
Price / SF$240.65
Days on Market187
Property Features for 1945 Northeast 7th Drive
General Information
Standard status
Active
Size
2,406 SF
Total Parking Spaces
4
Property subtype
Multi Family
Zoning
R1-7.5
Occupancy
50%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,932
Amenities
gas fireplace
2
Concrete Perimeter
Composition
Vinyl Siding
Building Details
Year Built
1997
Buildings
1
Tenancy
Single
Listing Agency:
Taylor & Taylor Realty Co.
(541) 994-4169
Listed By:
Dennis Regen · License #810604051
(541) 994-4169
Source:
Compass
Added: Feb 25
Changed: Aug 30
Last Checked: Aug 31 at 1:42AM
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.
Built in 1997, this R1-7.5-zoned duplex contains 2,406 square feet across two separately addressed residences. Each unit provides 2 bedrooms, 1.5 bathrooms, a private single-car garage, a gas fireplace, carpeted living areas, and linoleum flooring in the kitchen and utility spaces. The concrete perimeter foundation, vinyl siding, and composition exterior roofing complete the property’s core improvements.
One residence is currently tenant occupied, while the two-unit configuration allows an owner to live in one side and rent the other, or operate both units as rentals. The property is located at 1945 Northeast 7th Drive in Lincoln City, near Devils Lake and area amenities.
One residence is currently tenant occupied, while the two-unit configuration allows an owner to live in one side and rent the other, or operate both units as rentals. The property is located at 1945 Northeast 7th Drive in Lincoln City, near Devils Lake and area amenities.
Key Highlights
- 2,406‑square‑foot duplex built in 1997
- Each unit has 2 bedrooms and 1.5 bathrooms
- Separate addresses and private single‑car garages for both units
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
$22,424
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
3.87%
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%
$448,480
$448.5K
Cap Rate 7%
$320,343
$320.3K
Cap Rate 9%
$249,156
$249.2K
Market Conditions
NOI Build-Up for 2,406 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
$33.2K $13.80/SF
− Vacancy
−$1.2K −$0.49/SF
EGI
$32.0K $13.31/SF
− OpEx
−$9.6K −$3.99/SF
NOI
$22.4K $9.32/SF
Area
Lincoln County, OR
Vacancy
3.52%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
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%
$448,480
Cap Rate 7%
$320,343
Cap Rate 9%
$249,156
Alternative Uses
Best Use
Multifamily LT 5
$320.3K
$280.3K – $373.7K
NOI $22,424 @ 7.0% cap · market cap 3.87%
Second Best
Apartment 5plus
$294.9K
$258.1K – $344.1K
NOI $20,644 @ 7.0% cap · market cap 3.57%
Theoretical Best
Office A
$627.6K
$549.1K – $732.2K
NOI $43,929 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
457
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
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Frequently Asked Questions
What type of property is this?
Duplex - Separately addressed units support owner occupancy, rental use, or a combination of both.
Where is this duplex located?
The property is located at 1945 Northeast 7th Drive Lincoln City, OR.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: 2,406‑square‑foot duplex built in 1997; Each unit has 2 bedrooms and 1.5 bathrooms; Separate addresses and private single‑car garages for both units
