77 11Th StAstoria, OR 97103

Property Details for 77 11Th St

Year built

1890

Lot size

0.53 AC

Property type

Retail properties

Property subtype

Retail space

APN

80908CB00200

APU

80908CB00200

Description

This exceptional commercial investment opportunity encompasses two iconic Astoria waterfront buildings totaling 15,532 square feet on a 1.18-acre lot. The first, the renowned Pier 11 Building, boasts a rich history and currently houses two restaurants, a thriving lounge, the Winekraft Wine Bar, and ample retail space. An additional Airbnb unit is under development, showcasing the property's versatility and income potential. The second building, the Wheelhouse, is a truly unique structure situated on pilings above the pier, offering breathtaking 360-degree views of the Megler Bridge, Astoria Column, and the city's hilltop homes. Its prime location provides unparalleled views of the Columbia River and its maritime traffic. The Wheelhouse currently operates as a successful Airbnb, adaptable for short-term or long-term rentals, or even as a part-time residence. This building also includes substantial warehouse space and additional retail area below. This combined property presents a rare chance to acquire established businesses with existing leases, allowing for immediate income generation and the flexibility to adapt to future market demands. The potential for expansion and diversification within the existing framework is significant, making this a compelling investment for discerning buyers seeking a unique and profitable venture in a vibrant waterfront location. The sale includes both buildings as a single package.

• CAP approach

  CAP return

  Valuation

  6%

  $7,718,788

  6.5%

  $7,125,034

  7%

  $6,616,104

• Comparable approach

  Method

  Valuation

  Relative Method

  $11,490,771

  Geo Method

  $11,204,158

• Alternative Use

  Use

  Valuation

  Residential

  $6,010,234

  Hospitality

  $5,505,342

  Educational

  $4,580,380

  Medical

  $4,737,906

  Retail

  $7,125,034

Location Insight

City

Astoria

County

Clatsop

State

Oregon

Latitude

46.1908

Longitude

-123.832

CBSA code

11820

CBSA name

ASTORIA, OR MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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