10-Unit Apartment
For Sale
$1,950,000
213 NE 7th Street, Newport, OR 97365
Commercial Sale, Newport, OR
Property Size15,944 SF
Lot Size0.33 Acres
Price / SF$122.30
Days on Market103
Property Features for 213 NE 7th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-3 Residential
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 11, Bathroom 2, Bathroom 10, Bathroom 8, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 9, Bathroom 3, Bathroom 7, Bathroom 4
Parking features
Garage - Attached
Subdivision
Phelps - Newport
Lot features
Level
Directions
Hwy 101 to 7th st to address
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: Sep 5
Last Checked: Sep 8 at 9:06PM
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.
The property contains 10 apartment units within a 15,944-square-foot building completed in 1990. The configuration includes nine two-bedroom residences and one three-bedroom residence, with an attached garage assigned to every unit. Electric heating, a composition roof, public water, public sewer, and cable availability are among the documented property features.
Positioned on a 0.33-acre corner lot at 213 NE 7th Street in Newport, the asset carries R-3 Residential zoning. Its setting in Newport places the property near shopping, services, employment centers, and other community amenities. The established unit mix and individual garage parking provide a defined physical configuration for multifamily ownership.
Positioned on a 0.33-acre corner lot at 213 NE 7th Street in Newport, the asset carries R-3 Residential zoning. Its setting in Newport places the property near shopping, services, employment centers, and other community amenities. The established unit mix and individual garage parking provide a defined physical configuration for multifamily ownership.
Key Highlights
- 10‑unit apartment property with 9 two‑bedroom units and 1 three‑bedroom unit
- 15,944 square feet on a 0.33‑acre corner lot
- Attached garage provided for every unit
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
$136,805
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
7.02%
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%
$2,736,100
$2.7M
Cap Rate 7%
$1,954,357
$2.0M
Cap Rate 9%
$1,520,056
$1.5M
Market Conditions
NOI Build-Up for 15,944 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
$258.3K $16.20/SF
− Vacancy
−$9.6K −$0.60/SF
EGI
$248.7K $15.60/SF
− OpEx
−$111.9K −$7.02/SF
NOI
$136.8K $8.58/SF
Area
Lincoln County, OR
Vacancy
3.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,736,100
Cap Rate 7%
$1,954,357
Cap Rate 9%
$1,520,056
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,157
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily 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?
Apartment building - Nine two-bedroom units and one three-bedroom unit, each with an attached garage.
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: 10‑unit apartment property with 9 two‑bedroom units and 1 three‑bedroom unit; 15,944 square feet on a 0.33‑acre corner lot; Attached garage provided for every unit
