Remodeled Flex Space with
For Sale
$800,000
20 Willow Street, Depoe Bay, OR 97341
Commercial Sale, Depoe Bay, OR
Property Size3,480 SF
Lot Size0.39 Acres
Price / SF$229.89
Days on Market80
Property Features for 20 Willow Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
C-2 General Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking
10
Parking features
RV, Garage - Detached
Fencing
Chain Link
Appliances
Dishwasher, Water Heater, Refrigerator
Subdivision
Lincoln Beach Park
Lot features
Level
Directions
Head South of LINCOLN CITY , OR on HWY 101. Turn right onto Willow Street, turn left into 1st large driveway. Call for appointment as driveway has rope entry.
Standard status
Active
APN
9100
Size
3,480 SF
Lot size
0.39 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2477
Utilities
Sewer type
Private Sewer
Heating system
Natural Gas, Electric (Heating)
Water source
Public
Building Details
Year built
1993
Floors in Building
2
Flooring type
Vinyl, Carpet
Building materials
Concrete, T1-11 Type
Roof type
Composition
Additional Structures
Workshop
Listing Agency:
Barclay - Properties, LLC
(415) 717-4244
Listed By:
Nancy Barclay Moore · License #201211803
(415) 717-4244
Added: Jun 4
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 26-1552
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.
Investment Insights
Based on property information with market context.
This 3,480-square-foot flex property includes three remodeled buildings, including an office/living unit, a 26-by-40-foot shop, and a 20-by-35-foot garage/shop. The office/living building received substantial updates, including foundation work, insulation, sheet rock, windows, a patio door, roofing, heating and air conditioning, electrical service, kitchen finishes, and interior and exterior paint. Appliances include a dishwasher, water heater, and refrigerator.
The property carries C-2 General Commercial zoning and offers 200 feet of frontage along HWY 101 in Depoe Bay. The larger shop has three pull-up doors, while the garage/shop may be rewired for 600 amps. Additional site features include RV and detached-garage parking, chain-link fencing, public water, private sewer, composition roofing, and concrete and T1-11 construction materials.
The property carries C-2 General Commercial zoning and offers 200 feet of frontage along HWY 101 in Depoe Bay. The larger shop has three pull-up doors, while the garage/shop may be rewired for 600 amps. Additional site features include RV and detached-garage parking, chain-link fencing, public water, private sewer, composition roofing, and concrete and T1-11 construction materials.
Key Highlights
- 3,480‑square‑foot flex property with 3 remodeled buildings
- 200' of HWY 101 frontage in Depoe Bay
- 26'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
$53,538
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
6.69%
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%
$1,070,760
$1.1M
Cap Rate 7%
$764,829
$764.8K
Cap Rate 9%
$594,867
$594.9K
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
$92.7K $26.64/SF
− Vacancy
−$21.3K −$6.13/SF
EGI
$71.4K $20.51/SF
− OpEx
−$17.8K −$5.13/SF
NOI
$53.5K $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 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%
$1,070,760
Cap Rate 7%
$764,829
Cap Rate 9%
$594,867
Alternative Uses
Best Use
Office B
$764.8K
$669.2K – $892.3K
NOI $53,538 @ 7.0% cap · market cap 6.69%
Second Best
Warehouse
$610.4K
$534.1K – $712.1K
NOI $42,728 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$907.7K
$794.2K – $1.06M
NOI $63,539 @ 7.0% cap · market cap 7.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
1
Office units
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 Office 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?
Flex space - C-2 General Commercial property with multiple buildings, upgraded office improvements, and adaptable shop space.
Where is this flex space located?
The property is located at 20 Willow Street Depoe Bay, OR.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 3,480‑square‑foot flex property with 3 remodeled buildings; 200' of HWY 101 frontage in Depoe Bay; 26'x40' shop with 3 large pull‑up doors
