Triplex with Partial Ocean
For Sale
$525,000
675 SE Keel Avenue, Lincoln City, OR 97367
Residential Income, Lincoln City, OR
Property Size3,090 SF
Lot Size0.11 Acres
Price / SF$169.90
Days on Market67
Property Features for 675 SE Keel Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-M Residential, Multifam
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 2
Parking
4
Parking features
Off Street, Garage - Attached
Patio and Porch features
Deck, Patio, Porch
Appliances
Dishwasher, Electric Range, Refrigerator, Water Heater, Dishwasher, Electric Range, Refrigerator, Water Heater
Subdivision
Lake Wood
Elementary school district
Lincoln County School District
Middle school district
Lincoln County School District
High school district
Lincoln County School District
Directions
From Highway 101 in Lincoln City: Turn east onto SE 9th Street. Continue to SE Keel Avenue, then turn left.
Standard status
Active
APN
071115DA-206-00
Size
3,090 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3747
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard
Water source
Public
Amenities
fully fenced backyard
mature landscaping
Building Details
Year built
1969
Number of units
3
Flooring type
Carpet
Building materials
Wood Siding, T1-11 Type
Roof type
Composition
Architectural style
Other
Listing Agency:
Keller Williams Capital City, Oregon Coast · Keller Williams Realty
Listed By:
Colleen Benson · License #961200091
(503) 830-9467
Added: Aug 24
Changed: Oct 29
Last Checked: Oct 29 at 11:06PM
MLS# 26-2375
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 3,090-square-foot triplex contains three units: two with two bedrooms and one bathroom apiece, and a third with one bedroom and one bathroom. Built in 1969, the property has electric baseboard heat, carpet flooring, wood siding, and a composition roof. An attached garage and additional off-street parking are provided, along with a deck, patio, and porch. Public water and sewer serve the property.
The upper level has partial ocean views, while the front overlooks wooded surroundings. The 0.11-acre parcel also includes a fully fenced backyard with mature landscaping. The property is zoned R-M Residential, Multifam.
The upper level has partial ocean views, while the front overlooks wooded surroundings. The 0.11-acre parcel also includes a fully fenced backyard with mature landscaping. The property is zoned R-M Residential, Multifam.
Key Highlights
- Three units: two 2‑bedroom, 1‑bath residences and one 1‑bedroom, 1‑bath residence
- 3,090 square feet on a 0.11‑acre parcel
- Upper‑level partial ocean views and wooded views from the front
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,799
Cap Rate
5.49%
Suggested Prices Based on Cap Rates
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
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 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 5.49%
Second Best
Apartment 5plus
$378.8K
$331.4K – $441.9K
NOI $26,513 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$806.0K
$705.2K – $940.3K
NOI $56,418 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
520
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Three residences include two two-bedroom layouts and one one-bedroom layout, each with one bathroom.
Where is this triplex located?
The property is located at 675 SE Keel Avenue Lincoln City, OR.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Three units: two 2‑bedroom, 1‑bath residences and one 1‑bedroom, 1‑bath residence; 3,090 square feet on a 0.11‑acre parcel; Upper‑level partial ocean views and wooded views from the front
