242 Olive StNewport, OR 97365

Property Details for 242 Olive St

Year built

1957

Construction

WOOD

Lot size

0.29 AC

Property size (Sq ft)

2,295 SF

Zone code

C-1;COMMERCIAL

Property type

Office properties

APN

11-11-08-BA-02200-00

APU

111108BA0220000

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.

• CAP approach

  CAP return

  Valuation

  6%

  $421,621

  6.5%

  $389,188

  7%

  $361,389

• Comparable approach

  Method

  Valuation

  Relative Method

  $361,472

  Geo Method

  $588,048

• Alternative Use

  Use

  Valuation

  Residential

  $482,594

  Hospitality

  $442,053

  Educational

  $367,783

  Medical

  $380,432

  Retail

  $572,107

Location Insight

City

Newport

County

Lincoln

State

Oregon

Latitude

44.6367

Longitude

-124.055

CBSA code

35440

CBSA name

NEWPORT, OR MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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