Waterfront Land with Lake
For Sale
$575,000
Pending
4006 NE W Devils Lake Road, Lincoln City, OR 97367
Commercial Sale, Lincoln City, OR
Property Size2,655 SF
Lot Size0.24 Acres
Days on Market629
Property Features for 4006 NE W Devils Lake Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RC - Recreational Commerc
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
Driveway
Security features
Security System
Fireplace
1
Appliances
Water Heater
Subdivision
Lakonia
Lot features
Level
View
Lake
Directions
Highway 101 north or southbound to West Devils Lake Rd.
Standard status
Pending
APN
071102BD
Size
2,655 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Water front
1
Building Details
Year built
1932
Floors in Building
2
Flooring type
Vinyl, Carpet
Building materials
T1-11 Type
Roof type
Metal
Listing Agency:
Taylor & Taylor Realty Company
(800) 462-0197
Listed By:
Dennis M Regen · License #810604051
(541) 994-4169
Added: Dec 3, 2024
Changed: Aug 19
Last Checked: Aug 24 at 2:06PM
MLS# LC-102657
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 0.24-acre waterfront property includes a 2,655-square-foot home built in 1932. The structure is not habitable and is offered in its present condition, with no repairs planned by the seller. Existing features include a metal roof, forced-air natural gas heat, public water, public sewer, and driveway parking.
The property occupies the north end of Devils Lake and has 120+ feet of lake frontage. It is zoned RC - Recreational Commerc, with identified uses including a hotel, condominium development, boat moorage, boat rental business, and vacation rental. Dock improvements are subject to a 99-year submerged land lease. The Devils Lake Water Improvement District also leases office space and boat moorage on the property.
The adjacent parcel to the north is also available, and any sale must close concurrently with that parcel.
The property occupies the north end of Devils Lake and has 120+ feet of lake frontage. It is zoned RC - Recreational Commerc, with identified uses including a hotel, condominium development, boat moorage, boat rental business, and vacation rental. Dock improvements are subject to a 99-year submerged land lease. The Devils Lake Water Improvement District also leases office space and boat moorage on the property.
The adjacent parcel to the north is also available, and any sale must close concurrently with that parcel.
Key Highlights
- North‑end Devils Lake waterfront property with 120+ feet of lake frontage
- 0.24 acres of land with a 2,655‑square‑foot structure
- RC - Recreational Commerc zoning
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
$22,781
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
3.96%
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%
$455,620
$455.6K
Cap Rate 7%
$325,443
$325.4K
Cap Rate 9%
$253,122
$253.1K
Market Conditions
NOI Build-Up for 2,655 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
$43.0K $16.20/SF
− Vacancy
−$1.6K −$0.60/SF
EGI
$41.4K $15.60/SF
− OpEx
−$18.6K −$7.02/SF
NOI
$22.8K $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%
$455,620
Cap Rate 7%
$325,443
Cap Rate 9%
$253,122
Alternative Uses
Best Use
Apartment 5plus
$325.4K
$284.8K – $379.7K
NOI $22,781 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$692.5K
$606.0K – $807.9K
NOI $48,476 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
358
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Waterfront Land - Recreational Commercial zoning supports documented lodging and boating uses.
Where is this waterfront land located?
The property is located at 4006 NE W Devils Lake Road Lincoln City, OR.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: North‑end Devils Lake waterfront property with 120+ feet of lake frontage; 0.24 acres of land with a 2,655‑square‑foot structure; RC - Recreational Commerc zoning
