Two-Story Mixed-Use
215 NW 15TH Street, Newport, OR 97365
For Sale
$1,650,000
Commercial Sale, Newport, OR
Property Size11,232 SF
Lot Size1.71 Acres
Price / SF$146.90
Days on Market186
Property Features for 215 NW 15TH Street
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Parking
Parking features
Security features
Fencing
Accessibility
Lot features
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Building Details
Year built
Floors in Building
Flooring type
Building materials
Roof type
Listing Agency:
Martek Real Estate
(541) 265-8785
Listed By:
Michael T Burkhard · License OR #201235321
(541) 961-9544
Added: May 13
Changed: Nov 1
Last Checked: Nov 14 at 12:06AM
MLS# 26-1284
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.
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Investment Insights
Based on property information with market context.
This two-story mixed-use property contains 11,232 square feet on a 1.71-acre parcel. The existing configuration serves church and school functions, and the space is described for potential retail, office, creative workspace, daycare, or live/work use. C-3 zoning applies. The building dates to 1977 and has six bathrooms, tile, carpet, and laminate flooring, plus an accessible approach with a ramp.
The property is just off Highway 101 in Newport. Additional site features include off-street parking and chain-link fencing. Exterior materials include aluminum siding and HardiPlank-type siding, beneath a composition roof.
The property is just off Highway 101 in Newport. Additional site features include off-street parking and chain-link fencing. Exterior materials include aluminum siding and HardiPlank-type siding, beneath a composition roof.
Key Highlights
- 11,232‑square‑foot building on 1.71 acres
- Two‑story layout currently configured for church and school functions
- C‑3 zoning; potential uses described include retail, office, creative workspace, daycare, and live/work
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$102,941
Cap Rate
6.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,058,820
$2.1M
Cap Rate 7%
$1,470,586
$1.5M
Cap Rate 9%
$1,143,789
$1.1M
Market Conditions
NOI Build-Up for 11,232 SF
Gross rent
$175.2K $15.60/SF
− Vacancy
−$10.5K −$0.94/SF
EGI
$164.7K $14.66/SF
− OpEx
−$61.8K −$5.50/SF
NOI
$102.9K $9.17/SF
Area
Lincoln County, OR
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,058,820
Cap Rate 7%
$1,470,586
Cap Rate 9%
$1,143,789
Alternative Uses
Best Use
Mixed Use
$1.47M
$1.29M – $1.72M
NOI $102,941 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.93M
$2.56M – $3.42M
NOI $205,077 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The building is arranged for church and school functions, with C-3 zoning and off-street parking.
Where is this mixed-use property located?
The property is located at 215 NW 15TH Street Newport, OR.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 11,232‑square‑foot building on 1.71 acres; Two‑story layout currently configured for church and school functions; C‑3 zoning; potential uses described include retail, office, creative workspace, daycare, and live/work
