Two-Level Office
For Sale
$579,000
242 W Olive Street, Newport, OR 97365
Commercial Sale, Newport, OR
Property Size2,295 SF
Lot Size0.29 Acres
Price / SF$252.29
Days on Market1248
Property Features for 242 W Olive Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1 Commercial
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking
12
Security features
Security System
Appliances
Microwave, Water Heater, Microwave, Water Heater
Subdivision
Nob Hill Beach
Lot features
Level
View
Ocean
Directions
From Hwy 101, turn west onto Olive St. Located on your right hand side.
Standard status
Active
APN
111108BA-2200-00
Size
2,295 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
6442
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Central, Natural Gas
Cooling system
Gas (Cooling), Central Air
Water source
Public
Amenities
ocean views
reception area
kitchen-break room
bathroom
Building Details
Year built
1957
Floors in Building
2
Flooring type
Vinyl, Carpet
Building materials
Concrete
Roof type
Metal
Listing Agency:
Taylor & Taylor Realty Company
(800) 462-0197
Listed By:
Dennis M Regen · License #810604051
(541) 994-4169
Added: May 9, 2023
Changed: Oct 3
Last Checked: Oct 7 at 1:06AM
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.
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.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,397
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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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
