Established Commercial Property on
For Sale
$350,000
5401 NE CULLY, Portland, OR 97218
Well-located commercial property with long-term operational history and future flexibility.
Property Size864 SF
Lot Size0.08 Acres
Price / SF$405.09
Days on Market200
Property Features for 5401 NE CULLY
General Information
Standard status
Active
Size
864 SF
Lot size
0.08 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,291
Amenities
Flat Roof
Forced Air Heating
Off Street
On Site
Building Details
Year Built
1973
Listing Agency:
KELLER WILLIAMS PDX CENTRAL
(503) 548-4848
Listed By:
KAYA LIDEN
Source:
Corcoran
Added: Jan 21
Changed: Aug 8
Last Checked: Aug 9 at 8:24AM
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 KELLER WILLIAMS PDX CENTRAL
Investment Insights
Based on property information with market context.
This commercial property is located along NE Cully Blvd in Portland. The space has been operated as a hair salon for over 30 years. The offering is for the real estate only. The existing layout includes a functional and efficient configuration that can support multiple workstations, reception, and ancillary areas, with flexibility for continued salon use or adaptation for other permitted commercial or service-oriented uses. The property benefits from strong street visibility and signage potential along NE Cully Blvd, with convenient access to nearby arterial roads and surrounding residential and commercial activity. The location supports both local and destination traffic, contributing to sustained business use. On-site and nearby parking options further enhance accessibility for customers and employees. The property size is 864 square feet. This asset is well suited for owner-users or investors seeking a commercial property with a long-standing operational history and future flexibility. The property offers potential for continued use, repositioning, or value enhancement, subject to buyer due diligence, zoning verification, and applicable municipal approvals.
Key Highlights
- High‑visibility location on NE Cully Blvd with strong signage potential.
- Long‑established commercial property with a 30+ year operational history.
- Functional layout suitable for continued salon use or adaptation to other commercial purposes.
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
Location Intelligence
Trade Area within ½ mile
492
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 - Well-located commercial property with long-term operational history and future flexibility.
Where is this retail space located?
The property is located at 5401 NE CULLY 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: High‑visibility location on NE Cully Blvd with strong signage potential.; Long‑established commercial property with a 30+ year operational history.; Functional layout suitable for continued salon use or adaptation to other commercial purposes.
