4-Unit Residential
New
For Sale
$795,000
246 NE 3rd Street, Newport, OR 97365
Residential Income, Newport, OR
Property Size2,992 SF
Lot Size0.11 Acres
Price / SF$265.71
Days on Market1
Property Features for 246 NE 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R-3 Residential
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 6, Bathroom 2, Bathroom 4, Bedroom 3
Parking
4
Parking features
On Street
Window features
Blinds
Appliances
Dishwasher, Electric Range, Refrigerator, Water Heater, Dishwasher, Electric Range, Refrigerator, Water Heater
Subdivision
Fredericksburg
Directions
From Olive, go north on SE Coos Street, then turn left (west) onto NE 3rd. The complex is on your left.
Standard status
Active
APN
111108AB-1702-00
Size
2,992 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5240
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1978
Floors in Building
2
Number of units
4
Flooring type
Tile, Vinyl, Carpet
Building materials
T1-11 Type, Wood Frame
Roof type
Composition
Architectural style
Other
Listing Agency:
Martek Real Estate
(541) 265-8785
Listed By:
Michael T Burkhard · License #201235321
(541) 961-9544
Added: Oct 6
Last Checked: Oct 6 at 11:06PM
MLS# 26-2681
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 four-unit residential property has a mix of two one-bedroom apartments and two two-bedroom apartments. Built in 1978, the building has wood-frame construction with T1-11 siding, a composition roof, and tile, vinyl, and carpet flooring. Electric heating serves the units, which include dishwashers, electric ranges, refrigerators, and water heaters.
The property occupies a 0.11-acre lot in Newport and is zoned R-3 Residential. Public water and sewer are available, and parking is on the street.
The property occupies a 0.11-acre lot in Newport and is zoned R-3 Residential. Public water and sewer are available, and parking is on the street.
Key Highlights
- Four apartments: two 1‑bedroom units and two 2‑bedroom units
- 0.11‑acre lot
- R‑3 Residential zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,885
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$557,700
$557.7K
Cap Rate 7%
$398,357
$398.4K
Cap Rate 9%
$309,833
$309.8K
Market Conditions
NOI Build-Up for 2,992 SF
Gross rent
$41.3K $13.80/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$39.8K $13.31/SF
− OpEx
−$12.0K −$3.99/SF
NOI
$27.9K $9.32/SF
Area
Lincoln County, OR
Vacancy
3.52%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$557,700
Cap Rate 7%
$398,357
Cap Rate 9%
$309,833
Alternative Uses
Best Use
Multifamily LT 5
$398.4K
$348.6K – $464.8K
NOI $27,885 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$366.7K
$320.9K – $427.9K
NOI $25,672 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$780.4K
$682.9K – $910.5K
NOI $54,629 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,238
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - The unit mix includes two one-bedroom apartments and two two-bedroom apartments.
Where is this quadplex located?
The property is located at 246 NE 3rd Street Newport, OR.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four apartments: two 1‑bedroom units and two 2‑bedroom units; 0.11‑acre lot; R‑3 Residential zoning
