995 Marine Drive, Astoria, OR for sale

Investment Overview

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.

Investment Highlights

• 100+ Years of Proven Bar Use — Irreplaceable Location History
• 40+ Years of Tenant Stability — A Community Institution Since 1985
• Passive Income With Built-In Growth — 3.5% Fixed Annual Escalations
• Near-NNN Expense Structure — Minimal Landlord Obligation
• Below-Market Rent = Significant Value Upside at Renewal