Renovated Duplex With River
For Sale
$475,000
450 Commercial St, Astoria, OR 97103
Upper residence is renovated and vacant, while the lower unit has an established long-term renter.
Property Size3,072 SF
Days on Market12
Property Features for 450 Commercial St
General Information
Standard status
Active
Size
3,072 SF
Property subtype
Multi Family Home
Zoning
R3
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,618
Amenities
backyard
Building Details
Building Size
3,072 SF
Year Built
1930
Units
3
Listing Agency:
Sowins Real Estate & Property Management, LLC
(503) 440-1870
Listed By:
Carla Martens-Sowins
(503) 440-1870
Source:
Metanars
Added: Aug 9
Changed: Aug 14
Last Checked: Aug 19 at 3:45PM
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 Sowins Real Estate & Property Management, LLC
Investment Insights
Based on property information with market context.
Built in 1930, this duplex offers two separate residential units with different occupancy profiles. The upper unit has undergone a full renovation and is currently vacant. The lower unit includes 2 BDR and 1 BA and is occupied by a long-term renter.
The property includes a backyard and a peekaboo view of the Columbia River. Its location at 450 Commercial St places it within walking distance of town and the Riverwalk. R3 zoning is also identified for the property.
The property includes a backyard and a peekaboo view of the Columbia River. Its location at 450 Commercial St places it within walking distance of town and the Riverwalk. R3 zoning is also identified for the property.
Key Highlights
- Upper unit has been fully renovated and is currently vacant
- Lower unit includes 2 BDR and 1 BA with a long‑term renter
- Peekaboo view of the Columbia River
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
$22,064
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
4.65%
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%
$441,280
$441.3K
Cap Rate 7%
$315,200
$315.2K
Cap Rate 9%
$245,156
$245.2K
Market Conditions
NOI Build-Up for 3,072 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
$42.4K $13.80/SF
− Vacancy
−$10.9K −$3.54/SF
EGI
$31.5K $10.26/SF
− OpEx
−$9.5K −$3.08/SF
NOI
$22.1K $7.18/SF
Area
Clatsop County, OR
Vacancy
25.65%
Lease Rate
$13.80 /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%
$441,280
Cap Rate 7%
$315,200
Cap Rate 9%
$245,156
Alternative Uses
Best Use
Multifamily LT 5
$315.2K
$275.8K – $367.7K
NOI $22,064 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$285.4K
$249.8K – $333.0K
NOI $19,981 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$893.2K
$781.5K – $1.04M
NOI $62,521 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,021
Businesses Nearby
Explore this area
Business Placement
Demographics for 97103, OR
18,080
Population
8,007
Households
2.3
Avg Household Size
44
Median Age
25%
College-Educated
93%
High-School Grad
163.3 sq mi
ZIP Area
111
Density / Sq Mi
$75,080
Median Household Income
$41,222
Median Earnings
$1,156
Median Rent
$437,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Upper residence is renovated and vacant, while the lower unit has an established long-term renter.
Where is this duplex located?
The property is located at 450 Commercial St Astoria, OR.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Upper unit has been fully renovated and is currently vacant; Lower unit includes 2 BDR and 1 BA with a long‑term renter; Peekaboo view of the Columbia River
