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    242 W Olive St Newport, OR 97365
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    242 W Olive St, Newport, OR 97365

    View on Map
    • Office Spaces
    • 2,295 SF
    • 0.29 lot acres
    For Sale
    $579,000
    View Listing →
    Commercial Building with Ocean Views For Sale
    $579,000
    2,295 SF

    Commercial Building with Ocean Views

    Newport commercial building in high-traffic area with ocean views.

    242 W Olive St, Newport, OR 97365
    View Listing
    Property ID
    US71-0408948
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Newport Office Center / Medical Clinic
    • Doctors Office / Medical Clinic
    • Gleneden Beach Med Center / Physician
    • Vinjamuri Vinod K MD / Physician
    • Vinod Kumar Vinjamuri / Physician

    Property Details for 242 W Olive St

    Year built
    1957
    Construction
    WOOD
    Lot size
    0.29 lot acres
    Zone code
    C-1;COMMERCIAL
    Property type
    Office Spaces
    APN
    11-11-08-BA-02200-00
    APU
    111108BA0220000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 24, 2010 $275,000 Vinod K Vinjamuri Blakesiee Properties LLC Warranty Deed $225k · Blakeslee Properties LLC
    Jul 31, 2008 — Blakeslee Properties LLC Blakeslee,william C & Sheila K Quit Claim Deed · related —

    Description

    This exceptional commercial property at 242 W Olive Street in Newport, Oregon, presents a unique investment opportunity. Boasting 2,295 square feet on a sizable 12,632.4 square foot lot, this building offers stunning ocean views and benefits from its location in a high-traffic area. Built in 1957, the property features a well-designed layout spread across two levels. The main level comprises a reception area, four individual offices, a kitchen-break room, and a bathroom. The upper level mirrors this functionality with its own reception area, two offices, a kitchen/break room, and a second bathroom. Each level enjoys independent utility metering, including separate forced-air gas furnaces and heat pumps with air conditioning, ensuring efficient energy management. A key aspect of this sale includes a mandatory 48-month leaseback agreement with the seller. Showings are strictly by appointment only. This property is zoned for commercial and medical office use, making it ideal for a variety of businesses. The property's size and location make it a highly desirable asset in the vibrant Newport market. Don't miss this chance to acquire a well-maintained, income-producing property with significant potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $706,000
      Market price range: $336k - $869k
      AI Estimate
      $706,000
      Market price range: $336k - $869k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $555,000
      Current use
      RETAIL STORES
      $455,000
      Change: -18% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Newport
    County
    Lincoln
    State
    Oregon
    Longitude
    -124.055
    Latitude
    44.6367
    CBSA code
    35440
    CBSA name
    NEWPORT, OR MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $6,160
    $0.00
    $0.00
    $339,410
    -
    $193,780
    $472,380
    $666,160

    Comparable in this City

    • Value Estimation
      $1,380,000
      4,064 SF

      957 Coast Hwy

      OFFICE (GENERAL)
      957 Coast Hwy, Newport, OR 97365-5143
      View Details
    • Value Estimation
      $565,000
      1,862 SF

      1010 Coast Hwy, Unit 2

      OFFICE (GENERAL)
      1010 Coast Hwy, Newport, OR 97365-5288
      View Details
    • Value Estimation
      $1,165,000
      4,372 SF

      607 Hurbert St

      OFFICE (GENERAL)
      607 Hurbert St, Newport, OR 97365-4998
      View Details
    • Value Estimation by Request
      540 SF

      231 Olive St

      OFFICE (GENERAL)
      231 Olive St, Newport, OR 97365-3040
      View Details
    • Value Estimation
      $2,145,000
      6,891 SF

      162 10th St

      OFFICE (GENERAL)
      162 10th St, Newport, OR 97365-3105
      View Details
    • Value Estimation by Request
      2,080 SF

      163 11th St

      OFFICE (GENERAL)
      163 11th St, Newport, OR 97365-3108
      View Details

    Similar Nearby for Sale

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      Commercial Building with Ocean Views

      Newport commercial building in high-traffic area with ocean views.
      242 W Olive St, Newport, OR 97365
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      Office Space with Multiple Amenities

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      Highway 101 Commercial Investment

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    • New
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      Newport Multi-Use Commercial Opportunity

      Versatile 11,232 SF property on 1.71 acres near Highway 101.
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      View Details
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    Newport, OR 97365
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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