Norblad Hotel

Highlights:

• 11.10% Cap Rate, 16.7% ROI & 2.43 GRM
• Prime Downtown Astoria Location
• High-Volume Coastal Demand Drivers
• Historic Character With Modern Amenities
• Exceptional Boutique Market Positioning
• Mixed-Use Asset, Diverse Income Streams
• Drive-To Demand From Portland & Seattle

Description:

Historic Coastal Hotel with Modern Upgrades

The historic Norblad Hotel is a 33-key, boutique, interior corridor property occupying ~0.22 acres of owned land in the heart of downtown Astoria, Oregon. Just two blocks from the waterfront and steps away from restaurants, breweries, and retail shops, the property benefits from a highly walkable location that attracts steady year-round demand from event attendees, and regional drive-to travelers from both Portland and Seattle-Tacoma metro areas.

The updated hotel offers a diverse mix of room types, including suites with private baths and cabin rooms with shared bathrooms. Guest amenities include a self-serve kitchen, laundry facilities, and a lobby lounge with fireplace.

The property includes six ground-floor retail spaces that enhance revenue diversification. Three spaces are currently leased to local businesses, while two are available for new tenants or conversion to hospitality-related uses. One additional space currently serves as storage but could be converted to generate income or expand guest services, for flexibility and long-term growth.

With its prime downtown location, diverse income streams, and boutique market positioning, the Norblad Hotel represents a compelling investment opportunity in one of Oregon’s most vibrant coastal communities. This hotel offers a modern guest experience with unique historic appeal.

Astoria, Oregon, blends maritime heritage with modern vibrancy. Its walkable downtown features local breweries, coffee shops, art galleries, and independent boutiques housed in historic buildings that reflect its status as the oldest American settlement west of the Rockies. Visitors explore the scenic riverfront, fishing, boating, and hiking along the Columbia River and the Pacific Ocean. Seasonal festivals, such as the Astoria Warrenton Crab, Seafood & Wine Festival, celebrate the area’s Scandinavian roots and maritime traditions. Astoria’s easy access from Portland and Seattle, combined with its rich culture, history, and outdoor activities, drives a thriving local economy built on a steady flow of travelers seeking memorable experiences on Oregon’s North Coast.

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