Restaurant Building with Large
New
For Sale
$1,200,000
7332 NE M L KING Blvd, Portland, OR 97211
CommercialSale, Portland, OR
Property Size2,950 SF
Lot Size0.34 Acres
Price / SF$406.78
Days on Market2
Property Features for 7332 NE M L KING Blvd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
MU-C
Directions
South of Lombard
Subdivision
_142
Standard status
Active
APN
R155380
Size
2,950 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Description
EL TOVAR, BLOCK 12, LOT 1-6
Tax Annual Amount
7435
Legal Description
EL TOVAR, BLOCK 12, LOT 1-6
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1958
Floors in Building
1
Building materials
WoodSiding
Roof type
Flat
Listing Agency:
RE/MAX Equity Group · RE/MAX International
(503) 653-0607
Listed By:
Jessica Hur · License #881200144
(503) 502-2525
Added: Sep 11
Last Checked: Sep 12 at 11:06PM
MLS# 184592723
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 restaurant property includes a 2,950-square-foot building with a 588-square-foot basement, a large kitchen, dining and operational areas, and on-site parking. The existing business operates as a teriyaki restaurant with video poker service. Current hours exclude weekends and end at 7:00pm on weekdays, leaving the operating schedule as an identifiable feature of the business.
Built in 1958, the property has wood siding, a flat roof, forced-air heat, and central air conditioning. The 0.34-acre site is located on NE M L KING Blvd in Portland and carries MU-C zoning. City confirmation of the zoning designation is recommended. The building offers an established restaurant configuration with room for physical updates to the improvements.
Built in 1958, the property has wood siding, a flat roof, forced-air heat, and central air conditioning. The 0.34-acre site is located on NE M L KING Blvd in Portland and carries MU-C zoning. City confirmation of the zoning designation is recommended. The building offers an established restaurant configuration with room for physical updates to the improvements.
Key Highlights
- 2,950‑square‑foot restaurant building includes a 588‑square‑foot basement
- Large kitchen supports the existing teriyaki restaurant operation
- MU‑C zoning designation; city confirmation recommended
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
$39,719
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
3.31%
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%
$794,380
$794.4K
Cap Rate 7%
$567,414
$567.4K
Cap Rate 9%
$441,322
$441.3K
Market Conditions
NOI Build-Up for 2,950 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
$56.6K $19.20/SF
− Vacancy
−$3.7K −$1.25/SF
EGI
$53.0K $17.95/SF
− OpEx
−$13.2K −$4.49/SF
NOI
$39.7K $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%
$794,380
Cap Rate 7%
$567,414
Cap Rate 9%
$441,322
Alternative Uses
Best Use
Specialty Retail
$567.4K
$496.5K – $662.0K
NOI $39,719 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$828.4K
$724.9K – $966.5K
NOI $57,990 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
576
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 97211, OR
33,762
Population
15,106
Households
2.2
Avg Household Size
38
Median Age
56%
College-Educated
96%
High-School Grad
7.1 sq mi
ZIP Area
4,755
Density / Sq Mi
$109,604
Median Household Income
$59,171
Median Earnings
$1,818
Median Rent
$616,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - Existing restaurant property with MU-C zoning, basement space, and on-site parking.
Where is this conventional restaurant located?
The property is located at 7332 NE M L KING Blvd Portland, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,950‑square‑foot restaurant building includes a 588‑square‑foot basement; Large kitchen supports the existing teriyaki restaurant operation; MU‑C zoning designation; city confirmation recommended
