Two-Building Storefront
For Sale
$2,100,000
4331 NE KILLINGSWORTH St, Portland, OR 97218
CommercialSale, Portland, OR
Property Size6,520 SF
Price / SF$322.09
Days on Market124
Property Features for 4331 NE KILLINGSWORTH St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CN11
Directions
Killingsworth St
Subdivision
_142
Standard status
Active
APN
R194182
Size
6,520 SF
Taxes and HOA fees
Tax Description
JORBADE, BLOCK 1, S 135' OF LOT 4 EXC PT IN ST, OTHER IMPS SEE R1
Tax Annual Amount
9354
Legal Description
JORBADE, BLOCK 1, S 135' OF LOT 4 EXC PT IN ST, OTHER IMPS SEE R1
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1971
Floors in Building
1
Building materials
Frame
Roof type
Flat
Listing Agency:
Modern Realty
(971) 340-6636
Listed By:
David Brownlee · License #201241591
(360) 910-9876
Added: Apr 25
Changed: Apr 27
Last Checked: Aug 26 at 3:06AM
MLS# 335570176
Copyright © 2026 Regional Multiple Listing Services. 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.
The property comprises two separate storefront buildings totaling 6520 square feet, each situated on its own tax lot. Built in 1971, the improvements feature frame construction, flat roofs, forced-air heating, and central air conditioning. The property is zoned CN11 and is currently occupied by long-term tenants.
Located at 4331 NE Killingsworth St in Portland’s Cully Neighborhood, the property sits next to a newly completed 84-unit PCC housing development. The surrounding residential addition contributes nearby housing density and places the commercial buildings alongside an established neighborhood setting.
Located at 4331 NE Killingsworth St in Portland’s Cully Neighborhood, the property sits next to a newly completed 84-unit PCC housing development. The surrounding residential addition contributes nearby housing density and places the commercial buildings alongside an established neighborhood setting.
Key Highlights
- Two separate storefront buildings on individual tax lots
- 6520 square feet of total property size
- CN11 zoning
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
$87,785
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
4.18%
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%
$1,755,700
$1.8M
Cap Rate 7%
$1,254,071
$1.3M
Cap Rate 9%
$975,389
$975.4K
Market Conditions
NOI Build-Up for 6,520 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
$125.2K $19.20/SF
− Vacancy
−$8.1K −$1.25/SF
EGI
$117.0K $17.95/SF
− OpEx
−$29.3K −$4.49/SF
NOI
$87.8K $13.46/SF
Area
Portland, OR
Vacancy
6.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,755,700
Cap Rate 7%
$1,254,071
Cap Rate 9%
$975,389
Alternative Uses
Best Use
Specialty Retail
$1.25M
$1.10M – $1.46M
NOI $87,785 @ 7.0% cap · market cap 4.18%
Second Best
Retail
$1.09M
$949.9K – $1.27M
NOI $75,991 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,168 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
657
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97218, OR
14,748
Population
6,440
Households
2.3
Avg Household Size
38
Median Age
51%
College-Educated
91%
High-School Grad
6.7 sq mi
ZIP Area
2,201
Density / Sq Mi
$81,367
Median Household Income
$45,830
Median Earnings
$1,440
Median Rent
$493,300
Median Home Value
Market
Vacancy Rate% for Retail in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - CN11-zoned commercial property with two buildings and established long-term tenancy.
Where is this storefront property located?
The property is located at 4331 NE KILLINGSWORTH St Portland, OR.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Two separate storefront buildings on individual tax lots; 6520 square feet of total property size; CN11 zoning
