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    711 2Nd St Newport, OR 97365

    Sponsored
    For Sale
    $1,350,000

    Prime Nye Beach location, fully equipped restaurant, high potential.

    Property size:
    2,276 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional property at 711 NW 2nd St, Newport, Oregon, presents a unique investment opportunity. Currently operating as a successful tapas restaurant, "Zuritas," this 2-story, 2,276 square foot building sits on a 5,175 square foot lot and offers immense versatility. Built in 2006, the structure is zoned C-2, allowing for a range of commercial and potentially residential uses. The building boasts a full-service restaurant and bar setup, ready for immediate operation or creative repurposing. Located in the heart of Nye Beach, a vibrant neighborhood renowned for its culinary scene, inns, and hotels, this property enjoys a prime location just two blocks from the beach, ensuring high visibility and foot traffic. The asking price is $1,350,000, and the property is offered free and clear, representing a compelling value-add investment in a thriving coastal Oregon community. The existing restaurant infrastructure provides a solid foundation for continued success in the hospitality sector, while the flexible zoning opens doors to diverse commercial ventures or even mixed-use development. This is an exceptional chance to acquire a well-situated property with significant upside potential in a desirable coastal market.

    Property Features for 711 2Nd St

    General Information

    Property type
    Restaurants
    Square Feet
    2,276 SF

    Building Details

    Year Built
    2006
    Buildings
    1
    Stories
    2

    HighLights

    • Exceptional investment opportunity: 2,276 sq ft, 2‑story building on a 5,175 sq ft lot in Newport, OR's vibrant Nye Beach.
    • Currently operating as a successful tapas restaurant ("Zuritas") with full‑service restaurant and bar setup.
    • C‑2 zoning allows for diverse commercial and potential residential uses.
    • Prime location two blocks from the beach, ensuring high visibility and foot traffic.
    • Offered at $1,350,000 free and clear.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Lincoln
    State
    Oregon
    Longitude
    -124.060938
    Latitude
    44.6373122

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    FAQs

    What type of property is this?
    Restaurant - Prime Nye Beach location, fully equipped restaurant, high potential.
    Where is this restaurant located?
    The property is located at 711 2Nd St Newport, OR.
    What is the asking price?
    The asking price for this property is $1,350,000.
    What are key features of this property?
    This property features: Exceptional investment opportunity: 2,276 sq ft, 2-story building on a 5,175 sq ft lot in Newport, OR's vibrant Nye Beach.; Currently operating as a successful tapas restaurant ("Zuritas") with full-service restaurant and bar setup.; C-2 zoning allows for diverse commercial and potential residential uses.
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    711 2Nd St Newport, OR 97365
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    Newport, OR 97365
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    711 2Nd St Newport, OR 97365
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