Two-Level Office
242 W Olive Street, Newport, OR 97365
For Sale
$579,000
Commercial Sale, Newport, OR
Property Size2,295 SF
Lot Size0.29 Acres
Price / SF$252.29
Days on Market1286
Property Features for 242 W Olive Street
General Information
Property type
Property subtype
Zoning
Bathrooms
Full bathrooms
Rooms
Parking
Security features
Appliances
Subdivision
Lot features
Directions
Standard status
APN
Size
Lot size
Additional Details
Property Use
Taxes and HOA fees
Tax Year
Tax Annual Amount
Utilities
Utilities
Sewer type
Heating system
Cooling system
Water source
Amenities
ocean views
kitchen/break room
air-conditioning
Building Details
Year built
Floors in Building
Flooring type
Building materials
Roof type
Buildings
Listing Agency:
Taylor & Taylor Realty Company
(800) 462-0197
Listed By:
Dennis M Regen · License OR #810604051
(541) 994-4169
Added: May 9, 2023
Changed: Oct 28
Last Checked: Nov 14 at 12:06AM
MLS# LC-98676
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 2,295-square-foot office building has two floors, with a reception area, four offices, a kitchen-break room, and a bathroom on the main level. The upper floor contains a reception area, two offices, another kitchen-break room, and a second bathroom. Each level is separately metered and has a gas furnace, heat pump, and air-conditioning. The building was constructed in 1957 and has C-1 Commercial zoning. Public water and sewer are available. The sale includes a mandatory 48-month leaseback to the seller.
Key Highlights
- 2,295‑square‑foot office building on a 0.29‑acre lot
- Main level includes four offices, reception, kitchen‑break room, and bathroom
- Upper level includes two offices, reception, kitchen‑break room, and bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,308
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$706,160
$706.2K
Cap Rate 7%
$504,400
$504.4K
Cap Rate 9%
$392,311
$392.3K
Market Conditions
NOI Build-Up for 2,295 SF
Gross rent
$61.1K $26.64/SF
− Vacancy
−$14.1K −$6.13/SF
EGI
$47.1K $20.51/SF
− OpEx
−$11.8K −$5.13/SF
NOI
$35.3K $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 Rate 5%
$706,160
Cap Rate 7%
$504,400
Cap Rate 9%
$392,311
Alternative Uses
Best Use
Office B
$504.4K
$441.4K – $588.5K
NOI $35,308 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$598.6K
$523.8K – $698.4K
NOI $41,903 @ 7.0% cap · market cap 7.24%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,397
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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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Each floor has its own reception area, break room, and bathroom alongside dedicated office space.
Where is this office building located?
The property is located at 242 W Olive Street Newport, OR.
What is the asking price?
The asking price for this property is $579,000.
What are key features of this property?
This property features: 2,295‑square‑foot office building on a 0.29‑acre lot; Main level includes four offices, reception, kitchen‑break room, and bathroom; Upper level includes two offices, reception, kitchen‑break room, and bathroom
