Mixed-Use Flex Warehouse with Retail
For Sale
$899,000
1218 N Killingsworth Street, Portland, OR 97217
COMMERCIAL - Portland, OR
Property Size5,982 SF
Lot Size0.14 Acres
Price / SF$150.28
Days on Market93
Property Features for 1218 N Killingsworth Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
CM3
Parking features
On Street
Lot features
Corner Lot, Level
Directions
SW Corner of N Killingsworth St and N Minnesota Ave
Standard status
Active
APN
R210632
Size
5,982 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7129
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1927
Floors in Building
2
Number of units
6
Flooring type
Concrete
Building materials
Brick
Roof type
Membrane
Listing Agency:
John L Scott Real Estate Grants Pass · John L. Scott
(541) 476-1299
Listed By:
Patricia Curtin · License #200808002
(541) 292-0433
Added: May 14
Changed: Aug 4
Last Checked: Aug 14 at 5:06AM
MLS# 220221399
Copyright © 2026 Oregon Data Share. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This mixed-use flex warehouse property includes six storefront units, one of which is a restaurant, along with a large warehouse space. The building construction is brick with concrete flooring. Heating is provided by baseboard, and cooling includes wall/window and window unit(s). The roof is membrane.
The property sits on a 0.14-acre lot. Parking is on street. The site is served by public water and public sewer. It is zoned CM3 (Commercial/Mixed Use 3), which generally allows for a wide range and mix of commercial and residential uses, and generally allows up to six stories.
Built in 1927, this property combines multiple storefront spaces with warehouse utility for tenants seeking both retail-facing presence and flexible back-of-house storage or operations.
The property sits on a 0.14-acre lot. Parking is on street. The site is served by public water and public sewer. It is zoned CM3 (Commercial/Mixed Use 3), which generally allows for a wide range and mix of commercial and residential uses, and generally allows up to six stories.
Built in 1927, this property combines multiple storefront spaces with warehouse utility for tenants seeking both retail-facing presence and flexible back-of-house storage or operations.
Key Highlights
- Six storefront units with a restaurant plus a large warehouse space
- CM3 (Commercial/Mixed Use 3) zoning generally allows up to six stories
- 0.14‑acre lot with on‑street parking
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
$69,720
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
7.76%
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%
$1,394,400
$1.4M
Cap Rate 7%
$996,000
$996.0K
Cap Rate 9%
$774,667
$774.7K
Market Conditions
NOI Build-Up for 5,982 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
$107.7K $18.00/SF
− Vacancy
−$8.1K −$1.35/SF
EGI
$99.6K $16.65/SF
− OpEx
−$29.9K −$5.00/SF
NOI
$69.7K $11.66/SF
Area
Portland, OR
Vacancy
7.50%
Lease Rate
$18.00 /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%
$1,394,400
Cap Rate 7%
$996,000
Cap Rate 9%
$774,667
Alternative Uses
Best Use
Retail
$996.0K
$871.5K – $1.16M
NOI $69,720 @ 7.0% cap · market cap 7.76%
Second Best
Flex RnD
$867.9K
$759.4K – $1.01M
NOI $60,751 @ 7.0% cap · market cap 6.76%
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,593 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,016
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
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- Zona Rosa — 4835 N Albina Ave, Portland, OR 97217
- Hot Dog Jones — 1914 N Killingsworth St B, Portland, OR 97217
Frequently Asked Questions
What type of property is this?
Flex space - Brick building with six storefront units, including a restaurant, plus a large warehouse space in CM3 zoning.
Where is this flex space located?
The property is located at 1218 N Killingsworth Street Portland, OR.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Six storefront units with a restaurant plus a large warehouse space; CM3 (Commercial/Mixed Use 3) zoning generally allows up to six stories; 0.14‑acre lot with on‑street parking
