Updated Triplex with Ocean
For Sale
$539,000
675 SE Keel Ave, Lincoln City, OR 97367
Coastal three-unit property with a fenced backyard, mature landscaping, and access to nearby shops and the beach.
Property Size3,090 SF
Price / SF$174.43
Days on Market54
Property Features for 675 SE Keel Ave
General Information
Standard status
Active
Size
3,090 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Amenities
woodsy views
partial ocean views
fully fenced backyard
mature landscaping
Building Details
Year Built
1969
Listing Agency:
Keller Williams PDX Central
(503) 548-4848
Listed By:
Mark Charlesworth · License #200907037
Source:
Rosecityrealtygroup
Added: Jul 9
Changed: Aug 29
Last Checked: Aug 30 at 7:40PM
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 Keller Williams PDX Central
Investment Insights
Based on property information with market context.
This 3,090-square-foot triplex, built in 1969, includes two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. Each residence has received thoughtful updates, providing a varied unit mix within a single property. A fully enclosed backyard and established landscaping add outdoor space and privacy.
The property is located at 675 SE Keel Ave in Lincoln City, Oregon, in a quiet neighborhood near shops, grocery stores, restaurants, and the post office. The sandy beach is within a short walk. Front-facing woodsy views and partial ocean views from the upper level further define the setting.
The property is located at 675 SE Keel Ave in Lincoln City, Oregon, in a quiet neighborhood near shops, grocery stores, restaurants, and the post office. The sandy beach is within a short walk. Front-facing woodsy views and partial ocean views from the upper level further define the setting.
Key Highlights
- 3,090‑square‑foot triplex at 675 SE Keel Ave, Lincoln City, OR 97367
- Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- Built in 1969 with updates in each unit
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
$28,799
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
5.34%
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%
$575,980
$576.0K
Cap Rate 7%
$411,414
$411.4K
Cap Rate 9%
$319,989
$320.0K
Market Conditions
NOI Build-Up for 3,090 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
$42.6K $13.80/SF
− Vacancy
−$1.5K −$0.49/SF
EGI
$41.1K $13.31/SF
− OpEx
−$12.3K −$3.99/SF
NOI
$28.8K $9.32/SF
Area
Lincoln County, OR
Vacancy
3.52%
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%
$575,980
Cap Rate 7%
$411,414
Cap Rate 9%
$319,989
Alternative Uses
Best Use
Multifamily LT 5
$411.4K
$360.0K – $480.0K
NOI $28,799 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$378.8K
$331.4K – $441.9K
NOI $26,513 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$806.0K
$705.2K – $940.3K
NOI $56,418 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
503
Businesses Nearby
Explore this area
Business Placement
Demographics for 97367, OR
11,095
Population
8,138
Households
1.4
Avg Household Size
53
Median Age
29%
College-Educated
91%
High-School Grad
45.7 sq mi
ZIP Area
243
Density / Sq Mi
$58,845
Median Household Income
$37,370
Median Earnings
$1,333
Median Rent
$388,800
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?
Triplex - Coastal three-unit property with a fenced backyard, mature landscaping, and access to nearby shops and the beach.
Where is this triplex located?
The property is located at 675 SE Keel Ave Lincoln City, OR.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: 3,090‑square‑foot triplex at 675 SE Keel Ave, Lincoln City, OR 97367; Unit mix includes two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; Built in 1969 with updates in each unit
