Portland NNN Lease Investment
For Sale
Contact for pricing
3323 SW Naito Pkwy, Portland, OR 97239
High-quality sale leaseback investment with long-term NNN lease.
Property Size4,700 SF
Price / SF$425.53
Days on Market201
Property Features for 3323 SW Naito Pkwy
General Information
Standard status
Active
Size
4,700 SF
Property subtype
Mixed Use, Office, Special Purpose
Zoning
RM1 - Residential Multi-Dwelling 1
Occupancy
100%
Investment Type
Sale/Leaseback
Net Operating Income
$141,000
Building Details
Year Built
1904
Buildings
1
Listing Agency:
CBRE - Portland
Listed By:
Gabe Schnitzer · License #201219538
(503) 944-9449
Source:
Crexi
Added: Feb 18
Changed: Sep 6
Last Checked: Sep 7 at 2:55AM
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 CBRE - Portland
Investment Insights
Based on property information with market context.
This offering presents an opportunity to acquire a sale leaseback investment secured by a long-term, absolute NNN lease with an established tenant. The property is suited for investors seeking durable income and minimal management responsibilities in a single-tenant building. The NNN lease extends through 12/31/2037, and contractual rent escalations provide predictable NOI growth. Located minutes from I-5 in Portland, the property benefits from a centralized and strategic location near major regional hospitals, including OHSU, Providence Portland, and Providence St. Vincent, which provide full labor and delivery and emergency obstetric services. The property size is 4,700 square feet.
Key Highlights
- NNN Lease through 12/31/2037
- Attractive going‑in yield with future cap rate expansion
- Contractual rent escalations provide predictable NOI growth
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
$68,492
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
3.42%
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%
$1,369,840
$1.4M
Cap Rate 7%
$978,457
$978.5K
Cap Rate 9%
$761,022
$761.0K
Market Conditions
NOI Build-Up for 4,700 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
$124.1K $26.40/SF
− Vacancy
−$9.9K −$2.11/SF
EGI
$114.2K $24.29/SF
− OpEx
−$45.7K −$9.72/SF
NOI
$68.5K $14.57/SF
Area
Portland, OR
Vacancy
8.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
40.00%
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%
$1,369,840
Cap Rate 7%
$978,457
Cap Rate 9%
$761,022
Alternative Uses
Best Use
Healthcare Medical
$978.5K
$856.2K – $1.14M
NOI $68,492 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.15M – $1.54M
NOI $92,391 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,831
Businesses Nearby
Explore this area
Business Placement
Demographics for 97239, OR
18,323
Population
9,963
Households
1.8
Avg Household Size
39
Median Age
74%
College-Educated
99%
High-School Grad
3.6 sq mi
ZIP Area
5,090
Density / Sq Mi
$108,795
Median Household Income
$67,384
Median Earnings
$1,749
Median Rent
$713,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Healthcare property - High-quality sale leaseback investment with long-term NNN lease.
Where is this healthcare property located?
The property is located at 3323 SW Naito Pkwy Portland, OR.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: NNN Lease through 12/31/2037; Attractive going‑in yield with future cap rate expansion; Contractual rent escalations provide predictable NOI growth
