Well-Kept Six-Plex
For Sale
Contact for pricing
550 SW 3rd Street, Newport, OR 97365
For sale sixplex with reported strong rental performance and some ocean view potential.
Property Size7,056 SF
Price / SF$184.24
Days on Market58
Property Features for 550 SW 3rd Street
General Information
Standard status
Active
Size
7,056 SF
Total Parking Spaces
5
Property subtype
Multifamily
Zoning
R-3 Residential
Additional Details
Multifamily Units
6
Building Details
Year Built
1973
Buildings
1
Units
6
Listing Agency:
Mishey Real Estate
Listed By:
Woody Ouderkirk
Source:
Crexi
Added: Jun 15
Changed: Aug 8
Last Checked: Aug 11 at 3:04PM
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 Mishey Real Estate
Investment Insights
Based on property information with market context.
This well-kept six-plex multifamily property offers a straightforward rental building configuration with multiple residential units under one ownership. The property is described as well maintained, and the units include some ocean views, adding an appealing residential feature.
Located at 550 SW 3rd Street in Newport, Oregon, the building is positioned in the city for day-to-day accessibility. The listing notes a good rental history, which can be an important consideration for buyers seeking an income-producing residential property.
As a for-sale apartment building, this sixplex may fit investors and owner-operators looking for a small, manageable multifamily asset. With ocean views noted in the offering and an established rental performance history reported by the seller, it provides a practical option for those evaluating residential income opportunities. Buyers are encouraged to review unit-level details, current lease terms, and any condition information during due diligence.
Located at 550 SW 3rd Street in Newport, Oregon, the building is positioned in the city for day-to-day accessibility. The listing notes a good rental history, which can be an important consideration for buyers seeking an income-producing residential property.
As a for-sale apartment building, this sixplex may fit investors and owner-operators looking for a small, manageable multifamily asset. With ocean views noted in the offering and an established rental performance history reported by the seller, it provides a practical option for those evaluating residential income opportunities. Buyers are encouraged to review unit-level details, current lease terms, and any condition information during due diligence.
Key Highlights
- Six‑plex built in 1973
- Some ocean views reported
- Good rental history reported
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
$60,543
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
4.66%
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%
$1,210,860
$1.2M
Cap Rate 7%
$864,900
$864.9K
Cap Rate 9%
$672,700
$672.7K
Market Conditions
NOI Build-Up for 7,056 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
$114.3K $16.20/SF
− Vacancy
−$4.2K −$0.60/SF
EGI
$110.1K $15.60/SF
− OpEx
−$49.5K −$7.02/SF
NOI
$60.5K $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%
$1,210,860
Cap Rate 7%
$864,900
Cap Rate 9%
$672,700
Alternative Uses
Best Use
Apartment 5plus
$864.9K
$756.8K – $1.01M
NOI $60,543 @ 7.0% cap · market cap 4.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.84M
$1.61M – $2.15M
NOI $128,830 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,309
Businesses Nearby
Explore this area
Business Placement
Demographics for 97365, OR
10,806
Population
6,026
Households
1.8
Avg Household Size
47
Median Age
31%
College-Educated
91%
High-School Grad
41.5 sq mi
ZIP Area
260
Density / Sq Mi
$60,736
Median Household Income
$30,963
Median Earnings
$1,155
Median Rent
$418,500
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?
Apartment building - For sale sixplex with reported strong rental performance and some ocean view potential.
Where is this apartment building located?
The property is located at 550 SW 3rd Street Newport, OR.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Six‑plex built in 1973; Some ocean views reported; Good rental history reported
