Building Details

Year built 1985

Floors in Building 2

Building materials CrawlSpace, ShakeSiding, WoodFrame

Roof type Flat, Membrane

Listing Agency: RE/MAX Equity Group · RE/MAX International r***@equitygroup.com Show Phone

Listed By: Mona Kelly · License #200108115 Show Phone

Added: Dec 10, 2024 Changed: Oct 10 Last Checked: Oct 10 at 1:06PM

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MLS# 24430835

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 25-unit motel property includes five two-bedroom units and 20 one-bedroom units, each equipped with a kitchenette. Guests have access to an on-site coin-operated laundry, while the property also includes a 3,623-square-foot storage building. The improvements were constructed in 1985 and feature wood-frame construction, shake siding, crawl-space foundations, and flat membrane roofing.

The property encompasses 5.49 acres across two tax lots and provides 77 parking spaces. It has 217sf of frontage on Hwy 101 and is approximately 1/2 mile from the beach. C2 zoning permits Commercial / Residential use. Unit rentals are offered on nightly, weekly, bi-weekly, or monthly terms.

Key Highlights

• 25 motel units: five 2‑bedroom units and 20 1‑bedroom units
• 5.49 acres across 2 tax lots
• 3,623sf storage building included

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$109,740

Cap Rate

5.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,194,800 $2.2M

Cap Rate 7%

$1,567,714 $1.6M

Cap Rate 9%

$1,219,333 $1.2M

Market Conditions

NOI Build-Up for 15,939 SF

Gross rent

$143.5K $9.00/SF

− Vacancy

−$14.3K −$0.90/SF

EGI

$129.1K $8.10/SF

− OpEx

−$19.4K −$1.21/SF

NOI

$109.7K $6.89/SF

Area

Clatsop County, OR

Vacancy

10.00%

Lease Rate

$9.00 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,194,800

Cap Rate 7%

$1,567,714

Cap Rate 9%

$1,219,333

Alternative Uses

Best Use

Warehouse

$1.57M

$1.37M – $1.83M (±1% cap)

NOI $109,740 @ 7.0% cap · market cap 5.49%

Second Best

Hotel Hospitality

$1.38M

$1.21M – $1.61M (±1% cap)

NOI $96,531 @ 7.0% cap · market cap 4.83%

Theoretical Best

Office A

$4.63M

$4.05M – $5.41M (±1% cap)

NOI $324,391 @ 7.0% cap · market cap 16.22%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Motels

Suggested Use

Top Pick Parking Lot & Garage Electrical Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Garden Center Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

59

Businesses Nearby

Well-served

Demand for This Use

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 Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this motels located? What is the asking price? Find similar properties What are key features of this property?

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Similar Off Market Nearby

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Frequently Asked Questions

What type of property is this?

Motel - C2-zoned motel offering kitchenette-equipped units, on-site laundry, parking, and an additional storage building.

Where is this motel located?

The property is located at 4253 Hwy 101 N Gearhart, OR.

What is the asking price?

The asking price for this property is $2,000,000.

What are key features of this property?

This property features: 25 motel units: five 2‑bedroom units and 20 1‑bedroom units; 5.49 acres across 2 tax lots; 3,623sf storage building included