Well-Maintained Strip Mall
For Sale
$2,480,973
13116 NE SANDY, Portland, OR 97230
Fully leased strip mall with expansion and income potential.
Property Size17,500 SF
Price / SF$141.77
Days on Market390
Property Features for 13116 NE SANDY
General Information
Standard status
Active
Size
17,500 SF
Taxes and HOA fees
Annual Taxes
$36,242
Building Details
Year Built
1968
Listing Agency:
GREAT WESTERN REAL ESTATE CO
Listed By:
CORNELL MANN
Source:
Corcoran
Added: Jul 16, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 GREAT WESTERN REAL ESTATE CO
Investment Insights
Based on property information with market context.
This owner-managed income property features a well-maintained strip mall comprising two buildings with a total of eight tenants, all currently fully leased. Located in a highly visible area along a busy arterial street, the property is conveniently situated minutes from Costco and offers excellent accessibility via Sandy Blvd and NE 131st Ave. The strip mall boasts impressive curb appeal and ample parking. A framed and roofed 350 sq. ft. storage room presents an opportunity for conversion into rentable space. There is significant potential for increased returns through raising rents, as the current lease rates are below market value. The property offers a favorable return on investment and has the potential for increased income through additional investment, such as expanding into the adjacent vacant lot. This property is available for sale only in conjunction with the neighboring corner lot, and both transactions will occur simultaneously. The strip mall features a diverse mix of tenants, making it a compelling investment option. The property size is 17500 sq. ft.
Key Highlights
- High‑visibility location on a busy street near Costco, with easy access via major roads.
- Fully leased strip mall with 8 tenants across 2 buildings, providing immediate income.
- Potential for increased income by raising rents to market value.
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
$203,963
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
8.22%
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%
$4,079,260
$4.1M
Cap Rate 7%
$2,913,757
$2.9M
Cap Rate 9%
$2,266,256
$2.3M
Market Conditions
NOI Build-Up for 17,500 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
$315.0K $18.00/SF
− Vacancy
−$23.6K −$1.35/SF
EGI
$291.4K $16.65/SF
− OpEx
−$87.4K −$5.00/SF
NOI
$204.0K $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%
$4,079,260
Cap Rate 7%
$2,913,757
Cap Rate 9%
$2,266,256
Alternative Uses
Best Use
Retail
$2.91M
$2.55M – $3.40M
NOI $203,963 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.91M
$4.30M – $5.73M
NOI $344,010 @ 7.0% cap · market cap 13.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
688
Businesses Nearby
Explore this area
Business Placement
Demographics for 97230, OR
41,562
Population
17,190
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
90%
High-School Grad
13.9 sq mi
ZIP Area
2,990
Density / Sq Mi
$70,582
Median Household Income
$41,102
Median Earnings
$1,511
Median Rent
$435,800
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully leased strip mall with expansion and income potential.
Where is this strip mall located?
The property is located at 13116 NE SANDY Portland, OR.
What is the asking price?
The asking price for this property is $2,480,973.
What are key features of this property?
This property features: High‑visibility location on a busy street near Costco, with easy access via major roads.; Fully leased strip mall with 8 tenants across 2 buildings, providing immediate income.; Potential for increased income by raising rents to market value.
