Two-Building Grocery
For Sale
$2,100,000
4339 4337 NE KILLINGSWORTH St, Portland, OR 97218
CommercialSale, Portland, OR
Property Size6,520 SF
Lot Size0.50 Acres
Price / SF$322.09
Days on Market121
Property Features for 4339 4337 NE KILLINGSWORTH St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CN11
Directions
Killingsworth St
Subdivision
_142
Standard status
Active
APN
R194181
Size
6,520 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Description
JORBADE, BLOCK 1, S 135' OF LOT 4 EXC PT IN ST, LAND & IMPS SEE R
Tax Annual Amount
8628
Legal Description
JORBADE, BLOCK 1, S 135' OF LOT 4 EXC PT IN ST, LAND & IMPS SEE R
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1971
Floors in Building
1
Building materials
Frame
Listing Agency:
Modern Realty
(971) 340-6636
Listed By:
David Brownlee · License #201241591
(360) 910-9876
Added: Apr 27
Last Checked: Aug 25 at 1:06PM
MLS# 535506988
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.
This grocery and convenience property includes two separate buildings on individual tax lots, totaling 6,520 square feet on 0.5 acres. The improvements were constructed in 1971 with frame construction, forced-air heating, and central air conditioning. Long-standing tenants occupy the buildings, supporting the property’s existing income-producing use.
Located at 4339 and 4337 NE Killingsworth St in Portland’s Cully neighborhood, the property is adjacent to a newly completed 84-unit PCC housing development. The site carries CN11 zoning and is identified in ZIP code 97218. Its two-building configuration and established tenancy provide a straightforward commercial ownership profile.
Located at 4339 and 4337 NE Killingsworth St in Portland’s Cully neighborhood, the property is adjacent to a newly completed 84-unit PCC housing development. The site carries CN11 zoning and is identified in ZIP code 97218. Its two-building configuration and established tenancy provide a straightforward commercial ownership profile.
Key Highlights
- 6,520‑square‑foot commercial property on 0.5 acres
- Two separate buildings located on individual tax lots
- Long‑standing tenants contribute to the existing income‑producing use
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
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Two separately situated commercial buildings with established tenancy and CN11 zoning in Portland’s Cully neighborhood.
Where is this grocery and convenience store located?
The property is located at 4339 4337 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: 6,520‑square‑foot commercial property on 0.5 acres; Two separate buildings located on individual tax lots; Long‑standing tenants contribute to the existing income‑producing use
