Multi-Tenant Flex
For Sale
Contact for pricing
6121 N CUTTER CIR, Portland, OR 97217
Originally designed for multiple occupants, the building can be used in part while leasing remaining space through 2026.
Property Size41,028 SF
Price / SF$175.49
Days on Market57
Property Features for 6121 N CUTTER CIR
General Information
Standard status
Active
Size
41,028 SF
Property subtype
Industrial
Zoning
IG2
Building Details
Year Built
1990
Stories
1
Units
1
Listing Agency:
Macadam Forbes
(971) 201-8738
Listed By:
Tyler Collins · License #OR
Source:
Crexi
Added: Jun 29
Changed: Aug 14
Last Checked: Aug 24 at 5:19PM
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 Macadam Forbes
Investment Insights
Based on property information with market context.
This flex/industrial warehouse was originally designed for multiple occupants, with the flexibility for a user to occupy all or a portion of the building while leasing out any excess space. The property is currently occupied by Daimler Trucks North America through the end of 2026.
Located at 6121 N Cutter Cir in Portland, Oregon, the offering provides an ownership structure that supports both full-occupancy and partial-occupancy strategies based on how much space you need.
As presented, the building’s configuration supports a multi-tenant approach, with one tenant in place through 2026 and the remainder of the space available for leasing should an incoming user require only part of the facility.
Located at 6121 N Cutter Cir in Portland, Oregon, the offering provides an ownership structure that supports both full-occupancy and partial-occupancy strategies based on how much space you need.
As presented, the building’s configuration supports a multi-tenant approach, with one tenant in place through 2026 and the remainder of the space available for leasing should an incoming user require only part of the facility.
Key Highlights
- Year built 1990
- Building originally designed for multiple occupants—users can occupy part and lease the remaining space
- Occupied by Daimler Trucks North America through the end of 2026
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
$416,664
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
5.79%
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%
$8,333,280
$8.3M
Cap Rate 7%
$5,952,343
$6.0M
Cap Rate 9%
$4,629,600
$4.6M
Market Conditions
NOI Build-Up for 41,028 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
$689.3K $16.80/SF
− Vacancy
−$48.2K −$1.18/SF
EGI
$641.0K $15.62/SF
− OpEx
−$224.4K −$5.47/SF
NOI
$416.7K $10.16/SF
Area
Portland, OR
Vacancy
7.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
35.00%
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%
$8,333,280
Cap Rate 7%
$5,952,343
Cap Rate 9%
$4,629,600
Alternative Uses
Best Use
Flex RnD
$5.95M
$5.21M – $6.94M
NOI $416,664 @ 7.0% cap · market cap 5.79%
Second Best
Industrial
$3.68M
$3.22M – $4.29M
NOI $257,511 @ 7.0% cap · market cap 3.58%
Theoretical Best
Office A
$11.52M
$10.08M – $13.44M
NOI $806,517 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97217, OR
36,086
Population
17,038
Households
2.1
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
11.1 sq mi
ZIP Area
3,251
Density / Sq Mi
$100,387
Median Household Income
$56,790
Median Earnings
$1,789
Median Rent
$569,500
Median Home Value
Market
Vacancy Rate% for Industrial in Portland, OR
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Originally designed for multiple occupants, the building can be used in part while leasing remaining space through 2026.
Where is this flex space located?
The property is located at 6121 N CUTTER CIR Portland, OR.
What is the asking price?
The asking price for this property is $7,200,000.
What are key features of this property?
This property features: Year built 1990; Building originally designed for multiple occupants—users can occupy part and lease the remaining space; Occupied by Daimler Trucks North America through the end of 2026
