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    Oceanfront Multifamily Property in Rockaway Beach Title is generated by Realmo AI

    259 S Pacific Street, Rockaway Beach, OR 97136

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    For Sale
    $1,850,000

    MULTI_FAMILY - Rockaway Beach, OR

    Property size:
    3,300 SF
    Lot size:
    0.55 Acres
    Price / SF:
    $560/SF
    Added:
    Apr 6, 2026
    Days on Market:
    46
    Last Refresh:
    May 21 at 4:06 pm

    Property Features for 259 S Pacific Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    C-1 Commercial
    Bedrooms
    8
    Bathrooms
    7
    Rooms
    Bedroom 5, Bathroom 5, Bedroom 2, Bedroom 4, Bathroom 7, Bathroom 2, Bathroom 3, Bedroom 1, Bathroom 6, Bathroom 4, Bedroom 7, Bedroom 3, Bathroom 1, Bedroom 6, Bedroom 8
    Parking
    3
    Parking features
    Garage - Attached
    Window features
    Double Pane Windows
    Patio and Porch features
    Deck
    Interior features
    Walk-In Closet(s), Jack & Jill Bathroom(s)
    Appliances
    Dryer, Dishwasher, Electric Range, Microwave, Refrigerator, Washer, Water Heater
    Standard status
    Active
    APN
    2N1032CC10700
    Size
    3,300 SF
    Lot size
    0.55 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    9395

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating), Central, Baseboard
    Cooling system
    Central Air
    Water source
    Public
    Water front
    1

    Building Details

    Year built
    1945
    Floors in Building
    2
    Number of units
    4
    Flooring type
    Vinyl, Laminate, Carpet
    Building materials
    Fiber Cement, Vinyl Siding
    Roof type
    Composition, Membrane

    We can help!

    Listing Contact
    Ryan James Purdy

    Listing agent Ryan James Purdy License #201234218

    Listing office Real Broker 2175 NW Raleigh St. Ste 110, Portland, OR

    Listing date Apr 6, 2026

    MLS# 26-862 Listing URL

    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.

    HighLights

    • Oceanfront property in Rockaway Beach.
    • Main house featuring 3 bedrooms and 3 baths, plus an attached ADU with transferable short‑term rental license offering 3 bedrooms and 2 baths.
    • Includes a duplex with two 1‑bedroom, 1‑bathroom units.
    • Commercial zoning offers development potential for 6‑12 condominium units.
    • Oversized garage suitable for workshop, storage, or additional rental unit.
    • Enjoy breathtaking 180‑degree oceanfront views from the sunroom.

    Overview

    Located in the coastal town of Rockaway Beach, this oceanfront property includes a large single-family home with 3 bedrooms and 3 baths, along with an attached Accessory Dwelling Unit (ADU) featuring a transferable short-term rental license and an additional 3 bedrooms and 2 baths. Adjacent to the main home is a duplex, with each side offering a private 1-bedroom, 1-bathroom layout. The property benefits from updates made in 2020 to bathrooms, systems, and appliances. A sunroom with 180-degree oceanfront views has been added. The duplex is slated for a new roof in 2025. An oversized garage provides space for a workshop, storage, or potential conversion into an additional rental unit. The property is zoned C-1 Commercial, presenting development possibilities such as accommodating 6 to 12 condominium units. The property is situated on a 0.55-acre lot. The main property size is 3300 square feet. This property is suitable for a high-performing short-term rental portfolio, a multi-family coastal escape, or a development-ready investment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Kitchen & Bath Showroom Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rockaway Beach
    County
    Tillamook
    State
    Oregon
    Longitude
    -123.9453984
    Latitude
    45.6104397

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    FAQs

    What type of property is this?
    Multifamily property - Rare oceanfront property with multiple rental opportunities in Rockaway Beach.
    Where is this multifamily property located?
    The property is located at 259 S Pacific Street Rockaway Beach, OR.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: Oceanfront property in Rockaway Beach.; Main house featuring 3 bedrooms and 3 baths, plus an attached ADU with transferable short‑term rental license offering 3 bedrooms and 2 baths.; Includes a duplex with two 1‑bedroom, 1‑bathroom units.
    (503) 481-0147
    We can help!
    Listing Contact
    Ryan James Purdy
    Real Estate License ID: 201234218
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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