Mixed-Use Property with Rental
For Sale
$850,000
2921 MARINE Dr, Astoria, OR 97103
CommercialSale, Astoria, OR
Property Size3,408 SF
Lot Size0.06 Acres
Price / SF$249.41
Days on Market111
Property Features for 2921 MARINE Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C3
View
River
Directions
Marine Drive Across the street from Fireman's Museum.
Subdivision
_180
Standard status
Active
APN
23734
Size
3,408 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Description
SHIVELYS N 97 OF W 1/2 LT 5 BLK 3
Tax Annual Amount
3468
Legal Description
SHIVELYS N 97 OF W 1/2 LT 5 BLK 3
Utilities
Heating system
Ductless (Heating)
Cooling system
Heat Pump
Building Details
Year built
1900
Floors in Building
3
Building materials
WoodSiding
Roof type
Built-Up
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 738-8522
Listed By:
Jody Conser · License #201237903
(503) 440-0457
Added: May 8
Changed: May 15
Last Checked: Aug 26 at 11:06AM
MLS# 543371502
Copyright © 2026 Regional Multiple Listing Services. 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 property contains 3,408 square feet across a primary building and a separate rear structure. The main building includes a 1,560-square-foot upstairs apartment with full-time renters in place. A furnished 288-square-foot short-term rental occupies the additional building, and its furnishings are included.
Built in 1900, the property sits on 0.06 acres with 25 feet of frontage along Highway 30. Construction features wood siding, while heating is provided by a ductless system and cooling by a heat pump. The built-up roof and C3 zoning add to the property's documented physical and land-use profile.
Built in 1900, the property sits on 0.06 acres with 25 feet of frontage along Highway 30. Construction features wood siding, while heating is provided by a ductless system and cooling by a heat pump. The built-up roof and C3 zoning add to the property's documented physical and land-use profile.
Key Highlights
- 3,408‑square‑foot mixed‑use property on 0.06 acres
- 1,560‑square‑foot upstairs apartment with full‑time renters in place
- Separate 288‑square‑foot furnished short‑term rental building
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
$52,365
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
6.16%
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%
$1,047,300
$1.0M
Cap Rate 7%
$748,071
$748.1K
Cap Rate 9%
$581,833
$581.8K
Market Conditions
NOI Build-Up for 3,408 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
$110.0K $32.28/SF
− Vacancy
−$35.2K −$10.33/SF
EGI
$74.8K $21.95/SF
− OpEx
−$22.4K −$6.59/SF
NOI
$52.4K $15.37/SF
Area
Clatsop County, OR
Vacancy
32.00%
Lease Rate
$32.28 /SF/Yr
Expense Ratio
30.00%
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%
$1,047,300
Cap Rate 7%
$748,071
Cap Rate 9%
$581,833
Alternative Uses
Best Use
Retail
$748.1K
$654.6K – $872.8K
NOI $52,365 @ 7.0% cap · market cap 6.16%
Second Best
Mixed Use
$321.3K
$281.2K – $374.9K
NOI $22,493 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$990.9K
$867.0K – $1.16M
NOI $69,360 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 97103, OR
18,080
Population
8,007
Households
2.3
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
163.3 sq mi
ZIP Area
111
Density / Sq Mi
$75,080
Median Household Income
$41,222
Median Earnings
$1,156
Median Rent
$437,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C3-zoned property combines an occupied apartment with a furnished short-term rental building.
Where is this mixed-use property located?
The property is located at 2921 MARINE Dr Astoria, OR.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 3,408‑square‑foot mixed‑use property on 0.06 acres; 1,560‑square‑foot upstairs apartment with full‑time renters in place; Separate 288‑square‑foot furnished short‑term rental building
