Salmonberry Square: 810 Broadway, Seaside, Oregon 97138

A collection of distinctive spaces in the heart of downtown seaside. 

Retail / office building in the upscale shopping & working district.

	The seller has agreed to enter into a three year master lease with a buyer, giving the buyer a guaranteed 7% nnn return on investment of $7,000 per month, $84,000 per year from direct deposits from the bank.
	Located in Seaside's historic Gilbert District, which has earned regional & national media attention.
	Recent quality, custom remodel - no expense spared. The building has an appealing open air atmosphere to shop, work or relax in.
	12,000 gross sq. ft. and 8800 net rentable sq. ft.
	Perfect for owner / user
	Offered at $1.2M

Totally renovated in 2004, Salmonberry Square is a beautiful two-story building. Zoned C-4, the building can embrace retail, restaurant, service business, or office uses. Currently, the downstairs spaces are leased to two retail businesses specializing in fine gifts, antiques, and home décor. An upstairs space is rented as a management and sales office for a new condo hotel being built nearby.
 

Salmonberry Square is located in the heart of Seaside, just 8 blocks to the beach and within easy walking to most of the shops and restaurants in town.
 

Proforma in PDF format available HERE

City Center Motel, 250 First Avenue Seaside, Oregon.
 

Price: $2,500,000.
 

Location: 250 First Avenue, only one block to the beach and Convention Center, and two blocks to Broadway. City Center Motel occupies one square block of about 33,333 square feet of PRIME real estate in the heart of Seaside. The property fronts along First Avenue, Columbia, Second Avenue, and N. Downing.

Summary: City Center Motel is a 40 room motel plus manager’s apartment. It has an indoor pool/spa. City Center is comprised of various sections dating from the 1940’s. The structures are nicely maintained featuring clean affordable rooms. Daily vacation rentals occur from about April-October. Weekly and monthly rentals for many of the units occur from November-April. The property is zoned RR (Resort Residential) which allows for the highest density in Seaside of up to 30 units per acre, and up to four stories (45 feet).

Financials: The combination of new managers and refurbishing efforts has brought in a record income with the gross for 2007 at $356,608. Annual gross is thus estimated to be well above $350,000. Conservatively, figure about 50% expenses, or about $178,304 per year net operating income for a 7.1 CAP rate. The City Center Motel complex is the largest available parcel in Seaside this close to Broadway, the Convention Center and the beach.
 

For additional information please contact Les Bick, broker or one of the principles.

(503) 297-3910. bickwest@comcast.net
 

Price: $1,430,000.

Location: About 2.3 acres with approximately 350 feet of frontage along Neawanna Creek at the juncture of Hwy. 101 N. and 24th Avenue.

Rental spaces:
Six apartments (one for assistant manager).
Ten mobile home spaces.
Nineteen RV spaces.
Four tent spaces.

Zoning: Residential Medium Density (R-2). Figure about 22 residences if submitted as a Planned Development (row housing, duplexes, town homes).
Some outright permitted uses:
1. Single family dwelling.
2. Two family dwelling or duplex.
3. Family care facility.
4. Residential home care.
5. Family day care provider.
6. “0” lot line townhomes.
Some uses permitted under Conditional Use Permit:
1. Church.
2. School.
3. Manufactured dwelling park.
4. Nursing home and hospitals.
5. Professional offices.
6. Bed & breakfast.

Income 2/1/06-1/31/07: $202,321
Expenses: -$102,864
Net operating Income: $ 99,457
Cap rate: 7.2

Price: $1,430,000 cash to seller. Buyer to cooperate with seller, at no cost to buyer, regarding a possible tax-deferred exchange.

The above information obtained from sources First West Realty deems reliable, but First West Realty and its brokers do not guarantee the figures herein. Buyer is expected to perform their own due diligence prior to closing.
 

Price: $3,875,000

Property: The 1.75 acre site is the largest property along the Necanicum River in Seaside. It currently has a residential rental property on it as well as a large two story storage rental building. It is located on a main north/south street, South Holladay Drive between the Shilo Hotel and the Sandpiper Condominiums. The site is only about a five minute walk to the beaches.

Zoning: The property is zoned C3 (commercial) which can accommodate several uses including hotel. The owners also have an approved Conditional Use Permit for 53 condominiums. The survey has been completed as well as the preliminary renderings and floor plans for condominiums. The same design might work for hotel.

Price: $3,875,000. This figures to about $30,750 per room if a 126 room hotel were to be developed on the site.

Renderings & Photo: To follow under separate email transmissions.

Contact: Please contact Les Bick for additional information at the above numbers.
 

Inn at the Shore

Look  for listings coming soon..

Click Images for a larger view