5280 Shell World PlNewport, OR 97365

Property Details for 5280 Shell World Pl

Year built

1970

Lot size

0.16 AC

Property size (Sq ft)

4,692 SF

Zone code

C-1;COMMERCIAL

Property type

Retail properties

Property subtype

Other retail properties

APN

10-11-29-BD-08700-00

APU

101129BD0870000

Description

This exceptional commercial property in Newport, Oregon, presents a unique investment opportunity. Situated on four tax lots totaling approximately three-quarters of an acre, this property boasts 29,620 square feet of land with a 4,692 square foot building. The building, constructed in 1970 and extensively renovated in 2019, features a spacious open floor plan, a large office, three smaller offices, a kitchenette, and washer/dryer hookups. Two ADA-compliant bathrooms with walk-in tile showers and an ADA-accessible ramp ensure inclusivity. The property includes a 12-unit paved parking lot with additional spaces, including ADA-designated parking. Two commercial garage doors with a loading dock facilitate efficient operations. The property also features a new large deck offering stunning ocean views. The building is equipped with a ductless heat system and LED lighting. This prime location on Highway 101, across from Agate Beach and the Yaquina Lighthouse, offers exceptional visibility and accessibility. The property includes approved space for three food carts, each with separate electricity and addresses. Further development potential is significant, with approved plans for a three-story commercial/residential building adjacent to the existing structure, and the ability to build up to 50 feet on the current building. The C-1 zoning permits retail and service commercial uses. The asking price is $950,000, with an occupancy date of July 20, 2024. This property is vacant and ready for immediate occupancy.

• CAP approach

  CAP return

  Valuation

  6%

  $1,267,111

  6.5%

  $1,169,641

  7%

  $1,086,095

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,862,303

  Geo Method

  $3,029,622

• Alternative Use

  Use

  Valuation

  Residential

  $986,636

  Hospitality

  $903,753

  Educational

  $751,912

  Medical

  $777,771

  Retail

  $1,169,641

Location Insight

City

Newport

County

Lincoln

State

Oregon

Latitude

44.676

Longitude

-124.06

CBSA code

35440

CBSA name

NEWPORT, OR MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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