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The Cully Building 330-338 SE Martin Luther King Jr Blvd

13,349 SF Vacant Office Building Portland, OR 97214 £1,915,585 (£144/SF)

Investment Highlights

  • Owner-user/value-add opportunity with signi?cant upside upon lease-up of available spaces.
  • Situated in Portland’s central eastside neighborhood with access to I-5 and I-84 within a quarter mile.
  • Located blocks from the historic and recently renovated bespoke Hotel Grand Stark.
  • Outstanding amenities including off-street parking, a high ceiling/creative of?ce buildout, and an onsite shower.
  • Accessible from West Portland via the Burnside Bridge which will be replaced in the coming years with construction expected to start in 2025.
  • Rents below market for similar spaces in the immediate trade area.

Executive Summary

The Offering provides the opportunity to acquire The Cully Building, a historic 13,349 SF building in Portland’s Central Eastside. Located on SE MLK Blvd, the Property is heavily traf?cked, seeing 26,800 VPD with ample access to public transportation, including bus, MAX light rail, and bike lanes. The Property is 25% occupied by two near-term tenants with leases expiring in 2025, providing an ideal opportunity for an owner-user or value-add investor. The Property was initially developed in 1884 and has had a partial seismic retro?t after the most recent purchase in 2002. Additional renovations have been completed since that time. Situated in an ideal close-in Portland location, The Cully Building has a plethora of surrounding amenities, including hotels, restaurants, breweries, access to the Willamette waterfront, and is situated less than half a mile from the Oregon Convention Center.

Taxes & Operating Expenses (Actual - 2024) Click Here to Access

Annual Annual Per SF
Taxes - -
Operating Expenses - -

Taxes & Operating Expenses (Actual - 2024) Click Here to Access

Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $99,999
Annual Per SF $9.99

Property Facts

Sale Type
Owner User
Sale Condition
High Vacancy Property
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
13,349 SF
Building Class
C
Year Built
1884
Price
£1,915,585
Price Per SF
£144
Percent Leased
Vacant
Tenancy
Multiple
Number of Floors
4
Typical Floor Size
3,337 SF
Slab to Slab
13 ft
Building FAR
1.33
Lot Size
0.23 AC
Opportunity Zone
Yes
Zoning
EX - Central Employment
Parking
20 Spaces (1.5 Spaces per 1,000 SF Leased)

Amenities

  • Bus Route
  • Public Transport
  • Signage
  • Wheelchair Accessible
  • Central Heating
  • High Ceilings
  • Lift Access
  • Natural Light
  • Shower Facilities
  • Air Conditioning

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • Basement
  • 3,274 SF
  • Office/Retail
  • Full Build-Out
  • Now

Ground floor space is connected to basement space that was built out fully for video and sound editing. It features 8 acoucstically separated rooms which are designed for video editing, but also would be great for any use where having the it very quiet is valued, like message, physical therapy, therapy, treatment rooms etc.

  • 1st Fl-Ste 1A
  • 1,702 SF
  • Office/Retail
  • Full Build-Out
  • Now

Ground floor space with high ceilings, exposed brick interior, and grand historic aesthetic. Bright and prominently located to draw attention to it with visibility to the street. The Cully Building was built in 1884 by stone mason Thomas Cully and renovated in a Commercial Revival tradition. Interior spaces are characterized by exposed brick and post & beam construction. The building is populated with an energetic mix of professionals. Located in the established and vibrant core of the Central Eastside, the property has excellent proximity to public transportation, services, restaurant & bars, and the Central Business District.

  • 1st Fl-Ste 1B
  • 1,602 SF
  • Office/Retail
  • Full Build-Out
  • Now

Ground floor space is connected to basement space that was built out fully for video and sound editing. It features 8 acoucstically separated rooms which are designed for video editing, but also would be great for any use where having the it very quiet is valued, like message, physical therapy, therapy, treatment rooms etc.

  • 2nd Fl-Ste 2A
  • 1,737 SF
  • Office
  • Partial Build-Out
  • Now

The Cully Building was built in 1884 by stone mason Thomas Cully and renovated in a Commercial Revival tradition. Interior spaces are characterized by exposed brick and post & beam construction. The building is populated with an energetic mix of professionals. Located in the established and vibrant core of the Central Eastside, the property has excellent proximity to public transportation, services, restaurant & bars, and the Central Business District.

  • 3rd Fl-Ste 3B
  • 1,673 SF
  • Office
  • Partial Build-Out
  • Now

The Cully Building was built in 1884 by stone mason Thomas Cully and renovated in a Commercial Revival tradition. Interior spaces are characterized by exposed brick and post & beam construction. The building is populated with an energetic mix of professionals. Located in the established and vibrant core of the Central Eastside, the property has excellent proximity to public transportation, services, restaurant & bars, and the Central Business District.

Space Size Space Use Condition Available
Basement 3,274 SF Office/Retail Full Build-Out Now
1st Fl-Ste 1A 1,702 SF Office/Retail Full Build-Out Now
1st Fl-Ste 1B 1,602 SF Office/Retail Full Build-Out Now
2nd Fl-Ste 2A 1,737 SF Office Partial Build-Out Now
3rd Fl-Ste 3B 1,673 SF Office Partial Build-Out Now

Basement

Size
3,274 SF
Space Use
Office/Retail
Condition
Full Build-Out
Available
Now

1st Fl-Ste 1A

Size
1,702 SF
Space Use
Office/Retail
Condition
Full Build-Out
Available
Now

1st Fl-Ste 1B

Size
1,602 SF
Space Use
Office/Retail
Condition
Full Build-Out
Available
Now

2nd Fl-Ste 2A

Size
1,737 SF
Space Use
Office
Condition
Partial Build-Out
Available
Now

3rd Fl-Ste 3B

Size
1,673 SF
Space Use
Office
Condition
Partial Build-Out
Available
Now

Basement

Size 3,274 SF
Space Use Office/Retail
Condition Full Build-Out
Available Now

Ground floor space is connected to basement space that was built out fully for video and sound editing. It features 8 acoucstically separated rooms which are designed for video editing, but also would be great for any use where having the it very quiet is valued, like message, physical therapy, therapy, treatment rooms etc.

1st Fl-Ste 1A

Size 1,702 SF
Space Use Office/Retail
Condition Full Build-Out
Available Now

Ground floor space with high ceilings, exposed brick interior, and grand historic aesthetic. Bright and prominently located to draw attention to it with visibility to the street. The Cully Building was built in 1884 by stone mason Thomas Cully and renovated in a Commercial Revival tradition. Interior spaces are characterized by exposed brick and post & beam construction. The building is populated with an energetic mix of professionals. Located in the established and vibrant core of the Central Eastside, the property has excellent proximity to public transportation, services, restaurant & bars, and the Central Business District.

1st Fl-Ste 1B

Size 1,602 SF
Space Use Office/Retail
Condition Full Build-Out
Available Now

Ground floor space is connected to basement space that was built out fully for video and sound editing. It features 8 acoucstically separated rooms which are designed for video editing, but also would be great for any use where having the it very quiet is valued, like message, physical therapy, therapy, treatment rooms etc.

2nd Fl-Ste 2A

Size 1,737 SF
Space Use Office
Condition Partial Build-Out
Available Now

The Cully Building was built in 1884 by stone mason Thomas Cully and renovated in a Commercial Revival tradition. Interior spaces are characterized by exposed brick and post & beam construction. The building is populated with an energetic mix of professionals. Located in the established and vibrant core of the Central Eastside, the property has excellent proximity to public transportation, services, restaurant & bars, and the Central Business District.

3rd Fl-Ste 3B

Size 1,673 SF
Space Use Office
Condition Partial Build-Out
Available Now

The Cully Building was built in 1884 by stone mason Thomas Cully and renovated in a Commercial Revival tradition. Interior spaces are characterized by exposed brick and post & beam construction. The building is populated with an energetic mix of professionals. Located in the established and vibrant core of the Central Eastside, the property has excellent proximity to public transportation, services, restaurant & bars, and the Central Business District.

Walk Score ®
Very Walkable (86)
Transit Score ®
Excellent Transit (74)
Bike Score ®
Biker's Paradise (97)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • R150115
  • R150116
Land Assessment
£0 (2023)
Improvements Assessment
£0 (2023)
Total Assessment
£684,064 (2023)
  • Listing ID: 34148582

  • Date on Market: 10/12/2024

  • Last Updated:

  • Address: 330-338 SE Martin Luther King Jr Blvd, Portland, OR 97214

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