432 US-101 S · Rockaway Beach, OR 97136

$1,400,000

70 bd · 56.0 ba · 4,305 sqft · MultiFamily public records · 75 Days on market

Built 1940 0.32 ac lot $325/sqft · 72% above area

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

INCREDIBLE OPPORTUNITY in Rockaway Beach! This updated 7 unit coastal hotel is ideally located just across the street from easy beach access, making it highly desirable for vacationers seeking the ultimate Oregon Coast experience. Recent improvements elevate both comfort and functionality while maintaining the property's inviting coastal charm. The hotel offers multiple room styles and flexible layouts, appealing to a wide range of guests and maximizing rental potential. Outdoor amenities create a true gathering space, featuring a cozy fire pit for evening relaxation, a covered gazebo for year round enjoyment, and a sandy yard perfect for kids to play and explore. With the beach only steps away, guests can effortlessly enjoy ocean walks, stunning sunsets, and classic seaside activities, all within minutes of their rooms. Also, the quaint, beach town of Rockaway Beach is an easy walk and just a few block away. This turnkey hospitality property is well positioned for strong guest demand and repeat bookings. A rare chance to own a Rockaway Beach investment property offering excellent beach proximity, versatile outdoor spaces, and proven vacation appeal ideal for investors seeking a coastal hotel, short-term rental, or boutique lodging opportunity in one of the Oregon Coast's most popular destinations.

Key facts

• 0.32 acre lot
• 8 parking spots
• Built 1940

What this means for you Summary

Snapshot

• This is a 7 × 10-bed/8.0-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $8k ($102k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.40M).
• Recommended offer: $1.32M (6.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 6.6% in Rockaway Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garibaldi Elementary School (math 24% / reading 30%, grade F, #288 of 412 statewide, top 73%, 120 students, 52% FRL); Neah-Kah-Nie Middle School (math 24% / reading 57%, grade F, #41 of 128 statewide, top 32%, 177 students, 44% FRL); Neah-Kah-Nie High School (math 24% / reading 75%, grade D+, #32 of 143 statewide, top 34%, 280 students, 35% FRL).
• Market conditions: 130 active listings in the ZIP; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $392k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $295k; list at $1.40M implies a 375% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,316,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.53% ✓
• Cap rate: 13.57%
• Cash-on-cash: 25.99%
• DSCR: 2.16
• GRM: 5.5

CMA / ARV

• ARV (median comp): $812,393
• List price: $1,400,000
• Delta: 72.33%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.7%
• Equity multiple: 1.80×
• Total profit: $313,499
• Equity at exit: $208,745

10-year hold

• IRR: 27.9%
• Equity multiple: 3.47×
• Total profit: $967,509
• Equity at exit: $121,046

Cash invested: $392,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97136

• Home prices YoY: -34.6%
• Active inventory: 130
• Price-to-rent: 38.2×

Monthly cashflow live

• Estimated rent: $21,382 medium
• Mortgage (P&I): −$7,342
• Tax from tax record: −$475 /mo · $5,704/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,490
• Net cashflow: $8,491

Break-even live

Break-even rent $10,633

Max offer price $1,400,000

Occupancy floor 55%

Sensitivity live

Price	-10% $9,284	-5% $8,888	+0% $8,491	+5% $8,095	+10% $7,699
Rent	-10% $6,802	-5% $7,647	+0% $8,491	+5% $9,336	+10% $10,181
Rate	-1.0pp $9,196	-0.5pp $8,847	base $8,491	+0.5pp $8,129	+1.0pp $7,760

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	10	8	$21,385
Total (7 units)			$21,382

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $1,400,000 Active 75 DOM
2. 2026-06-21
   days on market $1,400,000 Active 74 DOM
3. 2026-06-18
   days on market $1,400,000 Active 72 DOM
4. 2026-06-17
   days on market $1,400,000 Active 71 DOM
5. 2026-06-16
   days on market $1,400,000 Active 70 DOM
6. 2026-06-15
   days on market $1,400,000 Active 69 DOM
7. 2026-06-13
   days on market $1,400,000 Active 67 DOM
8. 2026-06-12
   days on market $1,400,000 Active 66 DOM
9. 2026-06-09
   days on market $1,400,000 Active 63 DOM
10. 2026-06-08
    days on market $1,400,000 Active 62 DOM
11. 2026-06-08
    days on market $1,400,000 Active 61 DOM
12. 2026-06-07
    days on market $1,400,000 Active 60 DOM
13. 2026-06-04
    days on market $1,400,000 Active 57 DOM
14. 2026-06-02
    days on market $1,400,000 Active 56 DOM
15. 2026-06-01
    days on market $1,400,000 Active 55 DOM
16. 2026-05-31
    days on market $1,400,000 Active 54 DOM
17. 2026-04-07
    listed $1,400,000 Active 1319-char remark

    Show marketing remark (1319 chars)

    INCREDIBLE OPPORTUNITY in Rockaway Beach! This updated 7 unit coastal hotel is ideally located just across the street from easy beach access, making it highly desirable for vacationers seeking the ultimate Oregon Coast experience. Recent improvements elevate both comfort and functionality while maintaining the property's inviting coastal charm. The hotel offers multiple room styles and flexible layouts, appealing to a wide range of guests and maximizing rental potential. Outdoor amenities create a true gathering space, featuring a cozy fire pit for evening relaxation, a covered gazebo for year round enjoyment, and a sandy yard perfect for kids to play and explore. With the beach only steps away, guests can effortlessly enjoy ocean walks, stunning sunsets, and classic seaside activities, all within minutes of their rooms. Also, the quaint, beach town of Rockaway Beach is an easy walk and just a few block away. This turnkey hospitality property is well positioned for strong guest demand and repeat bookings. A rare chance to own a Rockaway Beach investment property offering excellent beach proximity, versatile outdoor spaces, and proven vacation appeal ideal for investors seeking a coastal hotel, short-term rental, or boutique lodging opportunity in one of the Oregon Coast's most popular destinations.

18. 2025-12-13
    price $295,000 627-char remark

    Show marketing remark (627 chars)

    Rare opportunity to build a commercial use 1st floor building with separate residences above in Rockaway Beach. This lot is designated commercial land use with multi-family residential (5+ units) above. Residential space could be built above the commercial space below to enjoy incredible ocean views, just 1 block off the beach. Current buildings/ structures on this piece of land are filled with mold and may likely need to be torn down. This is a rare opportunity to improve a small part of Rockaway by adding commercial space along with additional ocean view residences. Don't wait, this rare opportunity may not last long!

19. 2025-12-13
    price $295,000 627-char remark

    Show marketing remark (627 chars)

    Rare opportunity to build a commercial use 1st floor building with separate residences above in Rockaway Beach. This lot is designated commercial land use with multi-family residential (5+ units) above. Residential space could be built above the commercial space below to enjoy incredible ocean views, just 1 block off the beach. Current buildings/ structures on this piece of land are filled with mold and may likely need to be torn down. This is a rare opportunity to improve a small part of Rockaway by adding commercial space along with additional ocean view residences. Don't wait, this rare opportunity may not last long!

20. 2023-03-15
    soldstatus $295,000
21. 2023-03-15
    soldstatus $295,000 Closed
22. 2022-10-10
    status Pending
23. 2022-09-30
    listed $295,000
24. 2022-09-30
    listed $295,000 Active
25. 2022-04-29
    soldstatus $295,000 627-char remark

    Show marketing remark (627 chars)

    Rare opportunity to build a commercial use 1st floor building with separate residences above in Rockaway Beach. This lot is designated commercial land use with multi-family residential (5+ units) above. Residential space could be built above the commercial space below to enjoy incredible ocean views, just 1 block off the beach. Current buildings/ structures on this piece of land are filled with mold and may likely need to be torn down. This is a rare opportunity to improve a small part of Rockaway by adding commercial space along with additional ocean view residences. Don't wait, this rare opportunity may not last long!

26. 2022-03-31
    price $349,000 627-char remark

    Show marketing remark (627 chars)

    Rare opportunity to build a commercial use 1st floor building with separate residences above in Rockaway Beach. This lot is designated commercial land use with multi-family residential (5+ units) above. Residential space could be built above the commercial space below to enjoy incredible ocean views, just 1 block off the beach. Current buildings/ structures on this piece of land are filled with mold and may likely need to be torn down. This is a rare opportunity to improve a small part of Rockaway by adding commercial space along with additional ocean view residences. Don't wait, this rare opportunity may not last long!

27. 2022-03-24
    listed $349,000 627-char remark

    Show marketing remark (627 chars)

    Rare opportunity to build a commercial use 1st floor building with separate residences above in Rockaway Beach. This lot is designated commercial land use with multi-family residential (5+ units) above. Residential space could be built above the commercial space below to enjoy incredible ocean views, just 1 block off the beach. Current buildings/ structures on this piece of land are filled with mold and may likely need to be torn down. This is a rare opportunity to improve a small part of Rockaway by adding commercial space along with additional ocean view residences. Don't wait, this rare opportunity may not last long!

28. 2021-12-15
    soldstatus $273,851
29. 2006-11-03
    soldstatus $385,000
30. 2006-04-21
    soldstatus $313,000
31. 2006-03-31
    soldstatus $120,000
32. 2003-09-18
    soldstatus $170,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $5,704 · $475/mo
• Projected year-2 tax: $13,580 · $1,132/mo
• Expected delta: +$7,876/yr (+$656/mo · 138.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌡 Heat 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $256,584
• − Mortgage interest: −$78,422
• − Property taxes: −$5,704
• − Insurance: −$7,000
• − Repairs & maintenance: −$20,527
• − Management: −$20,527
• − Depreciation: −$40,727
• Taxable income: $83,678
• Est. tax owed @ 24.0%: −$20,083
• After-tax cash flow: $81,814/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

Amenities F Commute B+ Cost of living A- Crime A+ Employment D Housing A+ Health & safety C- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

+723.5% since first listed

16 events — show timeline

• 2026-04-07 Listed $1,400,000 OCMLS
• 2025-12-13 Price Changed $295,000 OCMLS
• 2025-12-13 Price Changed $295,000 OCMLS
• 2023-03-15 Sold (MLS) $295,000 RMLS
• 2023-03-15 Sold (MLS) $295,000 OCMLS
• 2022-10-10 Pending — RMLS
• 2022-09-30 Listed $295,000 RMLS
• 2022-09-30 Listed $295,000 OCMLS
• 2022-04-29 Sold (MLS) $295,000 OCMLS
• 2022-03-31 Price Changed $349,000 OCMLS
• 2022-03-24 Listed $349,000 OCMLS
• 2021-12-15 Sold (Public Records) $273,851 Public Records
• 2006-11-03 Sold (Public Records) $385,000 Public Records
• 2006-04-21 Sold (Public Records) $313,000 Public Records
• 2006-03-31 Sold (Public Records) $120,000 Public Records
• 2003-09-18 Sold (Public Records) $170,000 Public Records

Property tax history

+9.1%/yr

Latest (2025): $5,704 · +50.0% YoY. Source: county tax records.