Terrace Gardens 3456 NE West Devil's Lake Rd 20 Unit Apartment Building $4,350,000 ($217,500/Unit) 6.15% Cap Rate Lincoln City, OR 97367

Located on the banks of Devil's Lake, a 680-acre freshwater lake less than a mile from the sandy beaches of the Pacific Ocean, Terrace Garden Apartments offers a truly unique living experience, with inspiring lake views and unmatched convenience to everything Lincoln City has to offer.
The property is comprised of 20 one-, two-, and three-bedroom units ranging from 656 to 1,160 SF. Over half the units have been renovated within the last four years, featuring upgraded kitchens and baths, new flooring, and updated fixtures, commanding significant rent premiums over the classic, unrenovated units.
Recent exterior improvements include a partial roof replacement, vinyl windows, a new parking lot, and fresh exterior paint. Common area amenities include 17 covered parking spaces, six garages, common green space, on-site laundry, private storage units, and additional off-street parking. Individual units feature covered entryways and private balconies or patios overlooking the lake.
Terrace Garden is one of the only multifamily options in an area dominated by single-family residences and vacation homes, and offers meaningful upside: unrenovated units remain under market, and utility reimbursements are relatively low. An additional storage space also presents the opportunity to convert into a 21st unit.
Situated in Lincoln City's desirable north end, approximately 90 miles (about an hour and a half) from Portland, Terrace Garden sits directly next to Holmes Road Park and its public boat launch on Devils Lake, offering residents immediate access to boating, fishing, kayaking, and other outdoor recreation. The property is walking distance to a bus line and to Samaritan North Lincoln Hospital, one of the area's largest employers, and is close to several neighborhood parks, Oceanlake Elementary School, and the Lincoln City Community Center. Highway 101 is just a half-mile away, connecting residents to Lincoln City's beaches and its diverse mix of coastal restaurants, retail, and entertainment, including Chinook Winds Casino Resort (750 employees), the city's largest employer, and a major regional tourism draw.
Supported by a mix of healthcare, tourism, and retirement-driven demand, Lincoln City has emerged as one of the Oregon Coast's most vibrant year-round communities.