Retail Space with Salon
For Sale
$350,000
5401 NE CULLY Blvd, Portland, OR 97218
CommercialSale, Portland, OR
Property Size864 SF
Lot Size0.08 Acres
Price / SF$405.09
Days on Market217
Property Features for 5401 NE CULLY Blvd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CM2
Directions
Killingsworth/Cully
Subdivision
_142
Standard status
Active
APN
R318217
Size
864 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
SECTION 20 1N 2E, TL 200 0.08 ACRES
Tax Annual Amount
3291
Legal Description
SECTION 20 1N 2E, TL 200 0.08 ACRES
Utilities
Heating system
Forced Air
Building Details
Year built
1973
Floors in Building
1
Building materials
Brick
Roof type
Flat
Listing Agency:
Keller Williams PDX Central · Keller Williams Realty
(503) 548-4848
Listed By:
Kaya Liden
(503) 847-5903
Added: Jan 21
Changed: Aug 25
Last Checked: Aug 26 at 4:06AM
MLS# 173956925
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 864-square-foot retail property was built in 1973 and features a layout organized around multiple workstations, reception, and supporting areas. The space has been used as a hair salon for more than 30 years, while the sale includes the real estate only and excludes the operating business. Brick construction, forced-air heating, and a flat roof are among the existing building features. The configuration may support continued salon use or other permitted commercial and service uses, subject to zoning verification and applicable approvals.
Located at 5401 NE CULLY Blvd in Portland, the property offers exposure along NE CULLY Blvd with access to nearby arterial roads and surrounding residential and commercial activity. On-site and nearby parking options support customer and employee access. The parcel measures 0.08 acres and is identified as CM2 zoning.
Located at 5401 NE CULLY Blvd in Portland, the property offers exposure along NE CULLY Blvd with access to nearby arterial roads and surrounding residential and commercial activity. On-site and nearby parking options support customer and employee access. The parcel measures 0.08 acres and is identified as CM2 zoning.
Key Highlights
- 864 SF retail property on a 0.08‑acre parcel
- Existing layout includes multiple workstations, reception, and ancillary areas
- Used as a hair salon for more than 30 years; business is excluded from the sale
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
$10,070
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
2.88%
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%
$201,400
$201.4K
Cap Rate 7%
$143,857
$143.9K
Cap Rate 9%
$111,889
$111.9K
Market Conditions
NOI Build-Up for 864 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
$15.6K $18.00/SF
− Vacancy
−$1.2K −$1.35/SF
EGI
$14.4K $16.65/SF
− OpEx
−$4.3K −$5.00/SF
NOI
$10.1K $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%
$201,400
Cap Rate 7%
$143,857
Cap Rate 9%
$111,889
Alternative Uses
Best Use
Retail
$143.9K
$125.9K – $167.8K
NOI $10,070 @ 7.0% cap · market cap 2.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$242.6K
$212.3K – $283.1K
NOI $16,984 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
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?
Retail space - CM2-zoned commercial space with reception, multiple workstation areas, and flexibility for continued service-oriented use.
Where is this retail space located?
The property is located at 5401 NE CULLY Blvd Portland, OR.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 864 SF retail property on a 0.08‑acre parcel; Existing layout includes multiple workstations, reception, and ancillary areas; Used as a hair salon for more than 30 years; business is excluded from the sale
