New Construction Duplex with Private
For Sale
$1,179,900
331 SE Jetty Ave, Lincoln City, OR 97367
MULTI_FAMILY - LincolnCity, OR
Property Size3,604 SF
Lot Size0.11 Acres
Price / SF$327.39
Days on Market50
Property Features for 331 SE Jetty Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-M
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 2, Bedroom 4, Bathroom 3, Bedroom 3, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 4, Bedroom 1, Bedroom 6, Bedroom 5, Bedroom 2
Subdivision
EAGLE POINT
Elementary school
Taft
Middle school
Taft
High school
Taft
Directions
Off the Corner of SE Jetty Ave & SW 3rd St
Standard status
Active
APN
R148460
Size
3,604 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
PROPERTY ID R148460 LAKEWOOD, BLOCK 1, LOT 3, DOC202205291
Tax Annual Amount
6956
Legal Description
PROPERTY ID R148460 LAKEWOOD, BLOCK 1, LOT 3, DOC202205291
Utilities
Heating system
Forced Air
Building Details
Year built
2024
Floors in Building
2
Number of units
2
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Jun 23
Changed: Aug 11
Last Checked: Aug 11 at 11:06PM
MLS# 106701836
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.
Newly built duplex built in 2024 offers two side-by-side residences under one roof, each designed with three bedrooms and 2.5 baths. Both homes feature an open main-level layout centered on a kitchen with extensive cabinetry, a full-size island with eat-bar seating, stainless steel appliances, and detailed tilework. The adjoining dining and living areas include a gas fireplace and sliding doors leading to a private deck.
A second-level living area adds flexibility for use as a media room, office, or recreation space. Each primary suite includes expansive windows, a walk-in closet, and a private ensuite bath with dual sinks, with two additional bedrooms and another full bath completing the upper level. Comfort systems include forced-air heating and a composition roof.
Set at 331 SE Jetty Ave, the property sits on a 0.11-acre lot and is zoned R-M. The duplex totals 3,604 square feet and is configured for owner occupancy, multigenerational arrangements, or long-term rental use.
A second-level living area adds flexibility for use as a media room, office, or recreation space. Each primary suite includes expansive windows, a walk-in closet, and a private ensuite bath with dual sinks, with two additional bedrooms and another full bath completing the upper level. Comfort systems include forced-air heating and a composition roof.
Set at 331 SE Jetty Ave, the property sits on a 0.11-acre lot and is zoned R-M. The duplex totals 3,604 square feet and is configured for owner occupancy, multigenerational arrangements, or long-term rental use.
Key Highlights
- Built in 2024 duplex on a 0.11‑acre lot
- Two side‑by‑side residences, each with three bedrooms and 2.5 baths
- Open main level with kitchen island, stainless appliances, and tilework
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
$33,589
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
2.85%
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%
$671,780
$671.8K
Cap Rate 7%
$479,843
$479.8K
Cap Rate 9%
$373,211
$373.2K
Market Conditions
NOI Build-Up for 3,604 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
$49.7K $13.80/SF
− Vacancy
−$1.8K −$0.49/SF
EGI
$48.0K $13.31/SF
− OpEx
−$14.4K −$3.99/SF
NOI
$33.6K $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 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%
$671,780
Cap Rate 7%
$479,843
Cap Rate 9%
$373,211
Alternative Uses
Best Use
Multifamily LT 5
$479.8K
$419.9K – $559.8K
NOI $33,589 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$441.8K
$386.6K – $515.4K
NOI $30,924 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$940.0K
$822.5K – $1.10M
NOI $65,803 @ 7.0% cap · market cap 5.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 97367, OR
11,095
Population
8,138
Households
1.4
Avg Household Size
53
Median Age
29%
College-Educated
91%
High-School Grad
45.7 sq mi
ZIP Area
243
Density / Sq Mi
$58,845
Median Household Income
$37,370
Median Earnings
$1,333
Median Rent
$388,800
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?
Duplex - Newly built side-by-side duplex with two 3-bedroom residences, each featuring 2.5 baths, gas fireplace, and private deck access.
Where is this duplex located?
The property is located at 331 SE Jetty Ave Lincoln City, OR.
What is the asking price?
The asking price for this property is $1,179,900.
What are key features of this property?
This property features: Built in 2024 duplex on a 0.11‑acre lot; Two side‑by‑side residences, each with three bedrooms and 2.5 baths; Open main level with kitchen island, stainless appliances, and tilework
