Office Space with Multiple
For Sale
Contact for pricing
135 NW 15th Street, Newport, OR 97365
Office space featuring individual offices, reception, and storage areas.
Property Size2,337 SF
Price / SF$187.85
Days on Market1233
Property Features for 135 NW 15th Street
General Information
Standard status
Active
Size
2,337 SF
Property subtype
Special Purpose
Zoning
C-3
Building Details
Year Built
1982
Listing Agency:
S & W REAL ESTATE
(541) 270-2093
Listed By:
Rick Wright · License #780403835
Source:
Crexi
Added: Apr 6, 2023
Changed: Aug 8
Last Checked: Aug 8 at 4:25AM
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 S & W REAL ESTATE
Investment Insights
Based on property information with market context.
This office space encompasses 2,337 square feet and includes five individual offices, a reception area, and a restroom. It offers ample storage and a work area, along with a dark room or additional storage space, all located on the first floor. The second floor features a kitchen/break room and an office or meeting room with a full restroom including a shower. The ground floor provides a large, unfinished area suitable for additional office or storage space. The property also includes a concrete parking area.
Key Highlights
- Multiple individual offices (5) plus additional office/meeting room provide flexible workspace.
- Large unfinished ground floor area offers potential for expansion or significant storage.
- Dedicated kitchen/break room and two restrooms (one with shower) enhance convenience for staff.
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
$35,954
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
8.19%
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%
$719,080
$719.1K
Cap Rate 7%
$513,629
$513.6K
Cap Rate 9%
$399,489
$399.5K
Market Conditions
NOI Build-Up for 2,337 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
$62.3K $26.64/SF
− Vacancy
−$14.3K −$6.13/SF
EGI
$47.9K $20.51/SF
− OpEx
−$12.0K −$5.13/SF
NOI
$36.0K $15.38/SF
Area
Lincoln County, OR
Vacancy
23.00%
Lease Rate
$26.64 /SF/Yr
Expense Ratio
25.00%
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%
$719,080
Cap Rate 7%
$513,629
Cap Rate 9%
$399,489
Alternative Uses
Best Use
Office B
$513.6K
$449.4K – $599.2K
NOI $35,954 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$609.6K
$533.4K – $711.2K
NOI $42,670 @ 7.0% cap · market cap 9.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office space featuring individual offices, reception, and storage areas.
Where is this office units located?
The property is located at 135 NW 15th Street Newport, OR.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Multiple individual offices (5) plus additional office/meeting room provide flexible workspace.; Large unfinished ground floor area offers potential for expansion or significant storage.; Dedicated kitchen/break room and two restrooms (one with shower) enhance convenience for staff.
