10-Unit Corner Multifamily
213 NE 7th Street Newport, OR 97365
For Sale
$1,950,000
COMMERCIAL - Newport, OR
Property Size15,944 SF
Lot Size0.33 Acres
Price / SF$122.30
Days on Market58
Property Features for 213 NE 7th Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- R-3 Residential
- Bathrooms
- 11
- Rooms
- Bathroom 7, Bathroom 2, Bathroom 10, Bathroom 8, Bathroom 9, Bathroom 3, Bathroom 11, Bathroom 1, Bathroom 6, Bathroom 4, Bathroom 5
- Parking features
- Garage - Attached
- Standard status
- Active
- APN
- 2800,2500,2400
- Size
- 15,944 SF
- Lot size
- 0.33 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 17224
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating)
- Water source
- Public
Building Details
- Year built
- 1990
- Floors in Building
- 3
- Roof type
- Composition
Listing Agency:
Martek Real Estate
(541) 265-8785
Listed By:
Doretta L Smith · License #200707030
(541) 961-6688
Added: May 29
Changed: Jul 24
Last Checked: Jul 25 at 5:06PM
MLS# 26-1511
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 established 10-unit multifamily property features nine 2-bedroom units and one 3-bedroom unit, providing a mix of apartment sizes. A standout amenity is the availability of off-street garages for every unit.
Located on a corner lot in Newport, Oregon, the property is served by public utilities and offers easy access throughout the area. The asset is described as well-maintained and professionally maintained, supporting straightforward ownership for an investor seeking an established property.
Zoned R-3 Residential, the property is situated on a 0.33-acre lot and includes a total building size of 15,944 square feet.
Located on a corner lot in Newport, Oregon, the property is served by public utilities and offers easy access throughout the area. The asset is described as well-maintained and professionally maintained, supporting straightforward ownership for an investor seeking an established property.
Zoned R-3 Residential, the property is situated on a 0.33-acre lot and includes a total building size of 15,944 square feet.
Key Highlights
- Established 10‑unit multifamily property (nine 2‑bedroom units and one 3‑bedroom unit)
- Off‑street garages included for every unit
- Corner lot location in Newport with public utilities
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $258.3k | $16.20 |
| − Vacancy | −$9.6k | −$0.60 |
| EGI | $248.7k | $15.60 |
| − OpEx | −$111.9k | −$7.02 |
| NOI | $136.8k | $8.58 |
15,944 SF · lease $16.20/SF/yr · vacancy 3.70% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.95M
$1.71M – $2.28M
NOI $136,805 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.16M
$3.64M – $4.85M
NOI $291,109 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Established 10-unit multifamily on a corner lot with off-street garages for every unit in Newport, Oregon.
Where is this apartment building located?
The property is located at 213 NE 7th Street Newport, OR.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Established 10‑unit multifamily property (nine 2‑bedroom units and one 3‑bedroom unit); Off‑street garages included for every unit; Corner lot location in Newport with public utilities
