Airport Way Industrial Headquarters
For Sale
Contact for pricing
11555 - 11633 NE Sumner St, Portland, OR 97220
Prime industrial property in the Airport Way submarket.
Property Size73,243 SF
Price / SF$144
Days on Market205
Property Features for 11555 - 11633 NE Sumner St
General Information
Standard status
Active
Size
73,243 SF
Property subtype
Industrial
Zoning
IG-2 (General Industrial), City of Portland
Lease Type
NNN
Building Details
Year Built
1983
Listing Agency:
Kidder Matthews
(503) 221-2287
Listed By:
John Hallman · License #201235126
Source:
Crexi
Added: Jan 30
Changed: Aug 21
Last Checked: Aug 22 at 6:47AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kidder Matthews
Investment Insights
Based on property information with market context.
This industrial headquarters facility is located in the Airport Way submarket, historically the most sought-after area in the Portland Metro. The property is situated in a hub for manufacturing and logistics. It offers strong infrastructure, easy highway access, and nearby amenities. The location benefits from a strong labor force. The property size is 73,243 square feet.
Key Highlights
- Prime infill location in the largest and historically most sought‑after submarket in the Portland Metro area (Airport Way).
- Well‑located hub for manufacturing and logistics.
- Strong infrastructure.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$459,708
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.33%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,194,160
$9.2M
Cap Rate 7%
$6,567,257
$6.6M
Cap Rate 9%
$5,107,867
$5.1M
Market Conditions
NOI Build-Up for 73,243 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$703.1K $9.60/SF
− Vacancy
−$46.4K −$0.63/SF
EGI
$656.7K $8.97/SF
− OpEx
−$197.0K −$2.69/SF
NOI
$459.7K $6.28/SF
Area
Portland, OR
Vacancy
6.60%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$9,194,160
Cap Rate 7%
$6,567,257
Cap Rate 9%
$5,107,867
Alternative Uses
Best Use
Industrial
$6.57M
$5.75M – $7.66M
NOI $459,708 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.57M
$18.00M – $24.00M
NOI $1,439,791 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,385
Businesses Nearby
Explore this area
Business Placement
Demographics for 97220, OR
29,357
Population
12,177
Households
2.4
Avg Household Size
39
Median Age
35%
College-Educated
88%
High-School Grad
7.5 sq mi
ZIP Area
3,914
Density / Sq Mi
$68,976
Median Household Income
$41,696
Median Earnings
$1,412
Median Rent
$427,700
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Prime industrial property in the Airport Way submarket.
Where is this industrial property located?
The property is located at 11555 - 11633 NE Sumner St Portland, OR.
What is the asking price?
The asking price for this property is $10,620,000.
What are key features of this property?
This property features: Prime infill location in the largest and historically most sought‑after submarket in the Portland Metro area (Airport Way).; Well‑located hub for manufacturing and logistics.; Strong infrastructure.
