Triplex with Two Office
For Sale
$895,000
220 NW Spring Street, Waldport, OR 97394
COMMERCIAL - Waldport, OR
Property Size3,116 SF
Lot Size0.23 Acres
Price / SF$287.23
Days on Market152
Property Features for 220 NW Spring Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
D-D Downtown District (Wa
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bathroom 5
Parking
14
Parking features
Off Street
Window features
Vinyl Frames, Double Pane Windows
Fencing
Privacy, Chain Link
Appliances
Microwave, Electric Oven, Electric Range, Water Heater, Washer, Dryer, Refrigerator
Subdivision
Ruble's to Waldport
Lot features
Level
View
Ocean
Directions
Highway 101, east on Hwy 34, left on Spring. On corner of Spring & Alder
Standard status
Active
APN
13-11-19-AC-1700
Size
3,116 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4350
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
laundry room
garage
Building Details
Year built
2003
Floors in Building
2
Flooring type
Vinyl
Building materials
Shake Siding, Cedar, Shingle Siding
Roof type
Composition
Listing Agency:
Emerald Coast Realty - Seal Rock
(541) 283-3589
Listed By:
Pam Mugleston · License #940600295
(541) 270-7998
Added: Mar 16
Changed: Aug 4
Last Checked: Aug 14 at 5:06AM
MLS# 26-617
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 mixed-use triplex property includes 3 residential units plus 2 commercial office spaces, providing a live-and-work or tenant-and-income setup. The building offers a laundry room for tenant convenience and a garage for storage or workshop use. Interior finishes include vinyl flooring, and utilities are served through public water and public sewer. Heating is electric and cooling is provided by ceiling fan(s). Construction materials include shake siding, cedar, and shingle siding, with a composition roof.
Set within the city limits of Waldport, the property is located at 220 NW Spring Street. It includes off-street parking and privacy and chain link fencing.
The property is zoned for expansion, with room to add up to 4 more residential units. Built in 2003, this configuration supports multiple occupancy types while retaining the ability to grow residential density under the zoning framework provided.
Set within the city limits of Waldport, the property is located at 220 NW Spring Street. It includes off-street parking and privacy and chain link fencing.
The property is zoned for expansion, with room to add up to 4 more residential units. Built in 2003, this configuration supports multiple occupancy types while retaining the ability to grow residential density under the zoning framework provided.
Key Highlights
- Includes 3 residential units plus 2 commercial office spaces
- Laundry room for tenant convenience
- Garage for storage or workshop use
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
$47,938
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
5.36%
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%
$958,760
$958.8K
Cap Rate 7%
$684,829
$684.8K
Cap Rate 9%
$532,644
$532.6K
Market Conditions
NOI Build-Up for 3,116 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
$83.0K $26.64/SF
− Vacancy
−$19.1K −$6.13/SF
EGI
$63.9K $20.51/SF
− OpEx
−$16.0K −$5.13/SF
NOI
$47.9K $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%
$958,760
Cap Rate 7%
$684,829
Cap Rate 9%
$532,644
Alternative Uses
Best Use
Office B
$684.8K
$599.2K – $799.0K
NOI $47,938 @ 7.0% cap · market cap 5.36%
Second Best
Multifamily LT 5
$414.9K
$363.0K – $484.0K
NOI $29,041 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$812.8K
$711.2K – $948.2K
NOI $56,893 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
274
Businesses Nearby
Explore this area
Business Placement
Demographics for 97394, OR
5,361
Population
3,686
Households
1.5
Avg Household Size
59
Median Age
28%
College-Educated
95%
High-School Grad
51.7 sq mi
ZIP Area
104
Density / Sq Mi
$57,708
Median Household Income
$31,690
Median Earnings
$1,104
Median Rent
$354,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex on a 0.23-acre lot with 3 residential units, 2 office spaces, laundry room, and off-street parking.
Where is this triplex located?
The property is located at 220 NW Spring Street Waldport, OR.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Includes 3 residential units plus 2 commercial office spaces; Laundry room for tenant convenience; Garage for storage or workshop use
