Remodeled Flex Space with
For Sale
$950,000
20 Willow St, Depoe Bay, OR 97341
Three updated buildings provide office, living, and workshop functionality within a commercially zoned property.
Property Size3,480 SF
Price / SF$272.99
Days on Market40
Property Features for 20 Willow St
General Information
Standard status
Active
Size
3,480 SF
Zoning
Commercial
Site & Location
Road Frontage
200 ft
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Asking Price
$800,000
Land Use
commercial
Building Details
Year Built
1993
Buildings
3
Listing Agency:
Barclay-Properties LLC
(415) 717-4244
Listed By:
Nancy Moore · License #201211803
Source:
Wisser
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:29PM
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 Barclay-Properties LLC
Investment Insights
Based on property information with market context.
This flex-space property includes three remodeled buildings arranged for office, living, and workshop use. Improvements to the office/living building include foundation work, insulation, sheetrock, windows, a patio door, roofing, heating and air conditioning, an electrical panel, kitchen, and interior and exterior paint. The larger 25-by-40-foot shop has three pull-up doors, while a separate 20-by-35-foot garage/shop may be rewired for 600 amps. The property has 200 feet of frontage along Highway 101 at 20 Willow St in Depoe Bay, Oregon. Commercial zoning supports a range of business-oriented uses, and the site includes room for equipment and RVs. County confirmation indicates that the vacant lot can connect to county water and sewer service.
Key Highlights
- Three remodeled buildings with office, living, and shop components
- 200 feet of frontage along Highway 101
- 25'x40' shop with 3 large pull‑up doors
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
$42,728
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
4.50%
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%
$854,560
$854.6K
Cap Rate 7%
$610,400
$610.4K
Cap Rate 9%
$474,756
$474.8K
Market Conditions
NOI Build-Up for 3,480 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
$52.2K $15.00/SF
− Vacancy
−$1.9K −$0.56/SF
EGI
$50.3K $14.45/SF
− OpEx
−$7.5K −$2.17/SF
NOI
$42.7K $12.28/SF
Area
Lincoln County, OR
Vacancy
3.70%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$854,560
Cap Rate 7%
$610,400
Cap Rate 9%
$474,756
Alternative Uses
Best Use
Warehouse
$610.4K
$534.1K – $712.1K
NOI $42,728 @ 7.0% cap · market cap 4.50%
Second Best
Industrial
$502.7K
$439.9K – $586.5K
NOI $35,188 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$907.7K
$794.2K – $1.06M
NOI $63,539 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97341, OR
2,659
Population
2,693
Households
1
Avg Household Size
60
Median Age
32%
College-Educated
98%
High-School Grad
9.9 sq mi
ZIP Area
269
Density / Sq Mi
$62,917
Median Household Income
$47,273
Median Earnings
$1,316
Median Rent
$344,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Three updated buildings provide office, living, and workshop functionality within a commercially zoned property.
Where is this flex space located?
The property is located at 20 Willow St Depoe Bay, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Three remodeled buildings with office, living, and shop components; 200 feet of frontage along Highway 101; 25'x40' shop with 3 large pull‑up doors
