Single-Level Strip Mall with New
For Sale
$1,199,000
385 NE Alsea Hwy, Waldport, OR 97394
Fully occupied, single-level commercial center with C-1 zoning and highway frontage.
Property Size6,902 SF
Days on Market212
Property Features for 385 NE Alsea Hwy
General Information
Standard status
Active
Size
6,902 SF
Total Parking Spaces
37
Property subtype
Commercial
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$11,566
Building Details
Building Size
6,902 SF
Year Built
1998
Buildings
1
Stories
1
Listing Agency:
Taylor & Taylor Realty Co.
(541) 994-4169
Listed By:
Dennis Regen · License #810604051
(541) 994-4169
Source:
Metanars
Added: Jan 31
Changed: Aug 31
Last Checked: Aug 31 at 1:15AM
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 Taylor & Taylor Realty Co.
Investment Insights
Based on property information with market context.
This single-level strip mall contains seven total units, including a ground lease, within 6,902 square feet of commercial space. The property sits on over half an acre and received a new roof in 2024. All units are configured on one level for straightforward access, and the center is 100 % occupied.
Located at 385 NE Alsea Hwy in Waldport, the property provides approximately 300 feet of frontage along the Alsea Highway. Its position near Waldport amenities serves local traffic and pass-through visitors, while C-1 zoning supports its commercial classification. The center was built in 1998.
Located at 385 NE Alsea Hwy in Waldport, the property provides approximately 300 feet of frontage along the Alsea Highway. Its position near Waldport amenities serves local traffic and pass-through visitors, while C-1 zoning supports its commercial classification. The center was built in 1998.
Key Highlights
- Seven total units, including a ground lease
- 6,902 square feet of single‑level commercial space
- 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
Current Use
Location Intelligence
Trade Area within ½ mile
173
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
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied, single-level commercial center with C-1 zoning and highway frontage.
Where is this strip mall located?
The property is located at 385 NE Alsea Hwy 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 total units, including a ground lease; 6,902 square feet of single‑level commercial space; 100 % occupied
