C2 Mixed-Use Commercial
For Sale
$1,395,000
3470 HIGHWAY 101, Gearhart, OR 97138
CommercialSale, Gearhart, OR
Property Size8,020 SF
Lot Size0.67 Acres
Price / SF$173.94
Days on Market282
Property Features for 3470 HIGHWAY 101
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Directions
Highway 101 just North of Pacific way on the west side
Subdivision
_182
Standard status
Active
APN
52535
Size
8,020 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Description
METES & BOUNDS
Tax Annual Amount
9240
Legal Description
METES & BOUNDS
Utilities
Heating system
Forced Air, Heat Pump (Heating)
Building Details
Year built
2001
Floors in Building
1
Building materials
ShakeSiding, WoodFrame
Roof type
Composition
Listing Agency:
Windermere Realty Trust · Windermere Real Estate
(503) 738-8522
Listed By:
Pamela Ackley · License #920100149
(503) 717-3796
Added: Nov 17, 2025
Changed: Aug 25
Last Checked: Aug 26 at 1:06AM
MLS# 578079206
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 commercial property contains 8,020 square feet on a 0.67-acre parcel and was constructed in 2001. The main tenant area has been refreshed with new paint and modern flooring. Existing occupancy includes long-term tenants, while the configuration supports retail, office, or combined commercial use. Construction consists of wood framing with shake siding, complemented by a composition roof. Heating is provided by forced air and a heat pump.
The property fronts Highway 101 in Gearhart, Oregon, providing direct exposure along the coastal route. C2 zoning supports the property's commercial positioning. Its established tenant presence, updated primary space, and flexible retail-office format provide a practical foundation for continued commercial occupancy.
The property fronts Highway 101 in Gearhart, Oregon, providing direct exposure along the coastal route. C2 zoning supports the property's commercial positioning. Its established tenant presence, updated primary space, and flexible retail-office format provide a practical foundation for continued commercial occupancy.
Key Highlights
- 8,020‑square‑foot mixed‑use commercial property on 0.67 acres
- C2 zoning with retail, office, and mixed‑use potential
- Positioned along Highway 101 in Gearhart, Oregon
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
$123,230
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
8.83%
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%
$2,464,600
$2.5M
Cap Rate 7%
$1,760,429
$1.8M
Cap Rate 9%
$1,369,222
$1.4M
Market Conditions
NOI Build-Up for 8,020 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
$258.9K $32.28/SF
− Vacancy
−$82.8K −$10.33/SF
EGI
$176.0K $21.95/SF
− OpEx
−$52.8K −$6.59/SF
NOI
$123.2K $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%
$2,464,600
Cap Rate 7%
$1,760,429
Cap Rate 9%
$1,369,222
Alternative Uses
Best Use
Office B
$1.92M
$1.68M – $2.24M
NOI $134,659 @ 7.0% cap · market cap 9.65%
Second Best
Retail
$1.76M
$1.54M – $2.05M
NOI $123,230 @ 7.0% cap · market cap 8.83%
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,223 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 97138, OR
11,248
Population
7,785
Households
1.4
Avg Household Size
48
Median Age
28%
College-Educated
92%
High-School Grad
146.0 sq mi
ZIP Area
77
Density / Sq Mi
$51,993
Median Household Income
$39,285
Median Earnings
$1,004
Median Rent
$433,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Highway-facing commercial property with refreshed finishes in the primary tenant area and retail, office, or mixed-use flexibility.
Where is this mixed-use property located?
The property is located at 3470 HIGHWAY 101 Gearhart, OR.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 8,020‑square‑foot mixed‑use commercial property on 0.67 acres; C2 zoning with retail, office, and mixed‑use potential; Positioned along Highway 101 in Gearhart, Oregon
