995 Marine Drive

Astoria is Oregon's oldest city — founded in 1811 at the mouth of the Columbia River — and it has endured as a Pacific Northwest hub of commerce, culture, and tourism for over 200 years. Situated where the Columbia River meets the Pacific Ocean, Astoria sits at the geographic crossroads of coastal Oregon and the broader Pacific Northwest, approximately two hours from Portland and directly connected to Washington State via the Astoria-Megler Bridge. What makes Astoria a compelling real estate market is its diversified demand base. Unlike purely residential coastal communities, Astoria's economy is anchored by the Port of Astoria's active marine operations, a significant and growing heritage tourism industry, the Columbia River commercial and recreational fishing community, and a year-round resident population with deep local roots. The Goonies filming location, Lewis and Clark National Historical Park, the Astoria Column, and the Columbia River Maritime Museum collectively draw hundreds of thousands of visitors annually — many of whom patronize Marine Drive businesses like Merry Time Bar & Grill. Astoria's commercial real estate market reflects the scarcity of quality product. The submarket retail vacancy rate stands at approximately 2.1% — effectively full — with limited new supply and a small pool of investment-quality leased properties. Active listings with confirmed income are exceedingly rare. 995 Marine Drive is the only leased investment on the Astoria market today with independently documented tenant demand, a structured long-term lease, and over a century of continuous operating history at this address. For an investor seeking a cash-flowing coastal Oregon asset backed by four decades of tenant stability and 100 years of proven location performance, there is no comparable alternative available in this market.Offered at $1,100,000, 995 Marine Drive is a rare leased investment in Astoria's premier waterfront commercial corridor. This 1922 masonry-constructed building has operated continuously as a bar and tavern for over 100 years — surviving every economic cycle, every shift in the hospitality landscape, and every change in Astoria's character. It is still running. Merry Time Bar & Grill has occupied this location since 1985 — over 40 years of uninterrupted operation — building a loyal following and a reputation that has become part of Astoria's identity. The property is leased under a 10-year modified gross lease with 3.5% fixed annual escalations and options to extend, delivering $68,000 in Year 1 NOI with built-in income growth and minimal landlord obligation.