6-Unit Apartment
For Sale
$1,300,000
550 SW 3rd Street, Newport, OR 97365
Residential Income, Newport, OR
Property Size7,056 SF
Lot Size0.29 Acres
Price / SF$184.24
Days on Market137
Property Features for 550 SW 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-3 Residential
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 1, Bathroom 1
Parking
5
Parking features
Off Street
Appliances
Dishwasher, Electric Oven, Refrigerator, Dishwasher, Electric Oven, Refrigerator
Subdivision
Bayley and Case's
Directions
West off Hwy 101 to SW Elizabeth. Corner of SW 3rd and Elizabeth.
Standard status
Active
APN
111108BC-501-00
Size
7,056 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10792
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Building Details
Year built
1973
Floors in Building
2
Number of units
6
Flooring type
Carpet, Laminate
Building materials
Cedar
Roof type
Composition
Listing Agency:
Mishey Real Estate
Listed By:
Woody Ouderkirk · License #890400094
(541) 265-2281
Added: Jun 15
Changed: Oct 29
Last Checked: Oct 29 at 7:06PM
MLS# 26-1647
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.
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Investment Insights
Based on property information with market context.
This six-unit apartment property contains 7,056 square feet on a 0.29-acre parcel and was built in 1973. Cedar construction and a composition roof are listed among its building details. Interior finishes include carpet and laminate flooring, with electric baseboard heat. The units include dishwashers, electric ovens, and refrigerators.
Zoned R-3 Residential, the property is served by public water and public sewer. Off-street parking is available, and some ocean views are noted.
Zoned R-3 Residential, the property is served by public water and public sewer. Off-street parking is available, and some ocean views are noted.
Key Highlights
- Six‑unit apartment property
- 7,056 square feet on 0.29 acres
- Built in 1973
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$60,543
Cap Rate
4.66%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property has off-street parking and public water and sewer service.
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‑unit apartment property; 7,056 square feet on 0.29 acres; Built in 1973
