Seven-Unit Strip
For Sale
$1,199,000
385 NE Alsea Highway, Waldport, OR 97394
COMMERCIAL - Waldport, OR
Property Size6,902 SF
Lot Size0.51 Acres
Price / SF$173.72
Days on Market201
Property Features for 385 NE Alsea Highway
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1 Commercial
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 6, Bathroom 2, Bathroom 5, Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 7
Parking
37
Parking features
Open, Off Street
Window features
Vinyl Frames
Subdivision
Railroad - Waldport
Lot features
Level
Directions
Hwy 101 to NW Hemlock St. NW Hemlock turns into NE Alsea Hwy. Property located on right-hand side. No sign.
Standard status
Active
APN
13-11-19-AA-01700-00
Size
6,902 SF
Lot size
0.51 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11567
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1998
Floors in Building
1
Flooring type
Vinyl
Building materials
Fiber Cement, Lap Siding
Roof type
Composition
Listing Agency:
Taylor & Taylor Realty Company
(800) 462-0197
Listed By:
Dennis M Regen · License #810604051
(541) 994-4169
Added: Jan 30
Changed: Aug 14
Last Checked: Aug 19 at 10:06PM
MLS# 26-187
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.
Investment Insights
Based on property information with market context.
This single-level strip mall contains seven commercial units, including a ground lease, within 6,902 square feet of space. The 0.51-acre property was built in 1998 and features fiber cement and lap siding, vinyl flooring, wall-furnace heating, and a composition roof replaced in 2024. Public water and sewer serve the site, with open and off-street parking available. The center is 100% occupied and positioned along approximately 300 feet of Alsea Highway frontage at 385 NE Alsea Highway in Waldport. C-1 Commercial zoning supports its established commercial use, while the location provides direct exposure along a highway corridor connecting local and pass-through traffic.
Key Highlights
- Seven commercial units, including a ground lease
- 6,902 square feet of single‑level commercial space on 0.51 acres
- 100% occupied
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
$84,000
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
7.01%
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%
$1,680,000
$1.7M
Cap Rate 7%
$1,200,000
$1.2M
Cap Rate 9%
$933,333
$933.3K
Market Conditions
NOI Build-Up for 6,902 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
$124.2K $18.00/SF
− Vacancy
−$4.2K −$0.61/SF
EGI
$120.0K $17.39/SF
− OpEx
−$36.0K −$5.22/SF
NOI
$84.0K $12.17/SF
Area
Lincoln County, OR
Vacancy
3.41%
Lease Rate
$18.00 /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%
$1,680,000
Cap Rate 7%
$1,200,000
Cap Rate 9%
$933,333
Alternative Uses
Best Use
Retail
$1.20M
$1.05M – $1.40M
NOI $84,000 @ 7.0% cap · market cap 7.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,018 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
269
Businesses Nearby
Explore this area
Business Placement
Demographics for 97394, OR
5,361
Population
3,686
Households
1.5
Avg Household Size
59
Median Age
28%
College-Educated
95%
High-School Grad
51.7 sq mi
ZIP Area
104
Density / Sq Mi
$57,708
Median Household Income
$31,690
Median Earnings
$1,104
Median Rent
$354,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Single-level commercial center with C-1 Commercial zoning, public utilities, and off-street parking.
Where is this strip mall located?
The property is located at 385 NE Alsea Highway Waldport, OR.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Seven commercial units, including a ground lease; 6,902 square feet of single‑level commercial space on 0.51 acres; 100% occupied
