Renovated Lakefront Apartment
For Sale
Contact for pricing
3456 NE W DEVILS LAKE RD, Lincoln City, OR 97367
Twenty-unit multifamily property with lake views, updated residences, covered parking, garages, and private outdoor spaces.
Property Size16,884 SF
Price / SF$257.64
Days on Market15
Property Features for 3456 NE W DEVILS LAKE RD
General Information
Standard status
Active
Size
16,884 SF
Total Parking Spaces
23
Property subtype
Multifamily
Investment Type
Value Add
Net Operating Income
$267,381
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
20
Amenities
common green space
on-site laundry
private storage units
covered entryways
private balconies or patios
Building Details
Year Built
1964
Units
20
Listing Agency:
Kidder Mathews Portland
(503) 221-9900
Listed By:
Jordan Carter · License #OR 200606025
Source:
Crexi
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 29 at 10:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kidder Mathews Portland
Investment Insights
Based on property information with market context.
This 20-unit apartment property, built in 1964, includes one-, two-, and three-bedroom residences ranging from 656 to 1,160 SF. More than half of the apartments have been renovated within the last four years with refreshed kitchens and bathrooms, new flooring, and updated fixtures. Exterior work includes partial roof replacement, vinyl windows, a new parking lot, and fresh paint. Units feature covered entrances and private balconies or patios oriented toward Devils Lake.
Common facilities include 17 covered parking spaces, six garages, on-site laundry, private storage units, shared green space, and additional off-street parking. An additional storage area may offer a path to creating a 21st unit. The property sits beside Holmes Road Park and its public boat launch, with Highway 101 approximately a half-mile away. Samaritan North Lincoln Hospital, a bus line, neighborhood parks, Oceanlake Elementary School, and the Lincoln City Community Center are also within the surrounding area.
Common facilities include 17 covered parking spaces, six garages, on-site laundry, private storage units, shared green space, and additional off-street parking. An additional storage area may offer a path to creating a 21st unit. The property sits beside Holmes Road Park and its public boat launch, with Highway 101 approximately a half-mile away. Samaritan North Lincoln Hospital, a bus line, neighborhood parks, Oceanlake Elementary School, and the Lincoln City Community Center are also within the surrounding area.
Key Highlights
- 20 one-, two-, and three‑bedroom apartments sized from 656 to 1,160 SF
- More than half of the units renovated within the last four years
- 17 covered parking spaces and six garages
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
$144,870
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
3.33%
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%
$2,897,400
$2.9M
Cap Rate 7%
$2,069,571
$2.1M
Cap Rate 9%
$1,609,667
$1.6M
Market Conditions
NOI Build-Up for 16,884 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
$273.5K $16.20/SF
− Vacancy
−$10.1K −$0.60/SF
EGI
$263.4K $15.60/SF
− OpEx
−$118.5K −$7.02/SF
NOI
$144.9K $8.58/SF
Area
Lincoln County, OR
Vacancy
3.70%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
45.00%
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%
$2,897,400
Cap Rate 7%
$2,069,571
Cap Rate 9%
$1,609,667
Alternative Uses
Best Use
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,870 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.40M
$3.85M – $5.14M
NOI $308,272 @ 7.0% cap · market cap 7.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3
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?
Apartment building - Twenty-unit multifamily property with lake views, updated residences, covered parking, garages, and private outdoor spaces.
Where is this apartment building located?
The property is located at 3456 NE W DEVILS LAKE RD Lincoln City, OR.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 20 one-, two-, and three‑bedroom apartments sized from 656 to 1,160 SF; More than half of the units renovated within the last four years; 17 covered parking spaces and six garages
