Remodeled Grocery and Convenience
For Sale
$775,000
599 Pacific Way, Gearhart, OR 97138
Coolers, deli cases, ovens, and two half bathrooms support grocery, deli, retail, or office use.
Property Size4,122 SF
Price / SF$188.02
Days on Market67
Property Features for 599 Pacific Way
General Information
Standard status
Active
Size
4,122 SF
Building Details
Year Built
1950
Listing Agency:
Windermere Realty Trust
Listed By:
Jody Conser · License #201237903
(971) 320-7542
Source:
Christiesrealestateevg
Added: Aug 10
Changed: Oct 8
Last Checked: Oct 7 at 2:28PM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
This 4,122-square-foot building was constructed in 1950 and has since been remodeled. The existing improvements include coolers, deli cases, ovens, and two half bathrooms. The rear portion of the building is currently used for storage.
Located at 599 Pacific Way in downtown Gearhart, the property is near the beach, shopping, and schools. The stated use options include grocery, deli, retail, and office space, allowing the existing configuration and equipment to serve several commercial formats. Its combination of installed food-service features, customer-oriented space, and storage supports continued retail or food-related use.
Located at 599 Pacific Way in downtown Gearhart, the property is near the beach, shopping, and schools. The stated use options include grocery, deli, retail, and office space, allowing the existing configuration and equipment to serve several commercial formats. Its combination of installed food-service features, customer-oriented space, and storage supports continued retail or food-related use.
Key Highlights
- 4,122‑square‑foot commercial building constructed in 1950
- Remodeled interior with coolers, deli cases, and ovens
- Two half bathrooms included
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,336
Cap Rate
8.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,266,720
$1.3M
Cap Rate 7%
$904,800
$904.8K
Cap Rate 9%
$703,733
$703.7K
Market Conditions
NOI Build-Up for 4,122 SF
Gross rent
$133.1K $32.28/SF
− Vacancy
−$42.6K −$10.33/SF
EGI
$90.5K $21.95/SF
− OpEx
−$27.1K −$6.59/SF
NOI
$63.3K $15.37/SF
Area
Clatsop County, OR
Vacancy
32.00%
Lease Rate
$32.28 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,266,720
Cap Rate 7%
$904,800
Cap Rate 9%
$703,733
Alternative Uses
Best Use
Retail
$904.8K
$791.7K – $1.06M
NOI $63,336 @ 7.0% cap · market cap 8.17%
Second Best
Specialty Retail
$872.9K
$763.8K – $1.02M
NOI $61,100 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $83,891 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
292
Businesses Nearby
6k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 89%
Home Improvements & Furnishings 11%
Dollar General
Shops & Services
5,272 visits/mo
0.4 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
655 visits/mo
0.4 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Coolers, deli cases, ovens, and two half bathrooms support grocery, deli, retail, or office use.
Where is this grocery and convenience store located?
The property is located at 599 Pacific Way Gearhart, OR.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 4,122‑square‑foot commercial building constructed in 1950; Remodeled interior with coolers, deli cases, and ovens; Two half bathrooms included
