Rare opportunity to acquire 3 contiguous parcels of leased land at the west end of the Ross Island Bridge in a rapidly evolving South Waterfront area, with the additional option to purchase the adjacent residential property at 3029 S Water Ave, currently under the same ownership. The combined lots have… Read More official dimensions of 106’ x 50’ (5,300 SF), however the site includes an existing irregularly shaped, paved and fully fenced parking lot closer to 7,500 SF. During future land use review, a buyer pursuing development would have a strong likelihood of city approval to utilize the full existing paved area, creating meaningful upside. The property is currently leased to a towing company through March 2028 at $2,500/month with 3% annual increases, providing approximately $30,000 in annual income with virtually no owner responsibilities beyond property taxes, making this an ideal low-management asset. Zoned CI2, a designation intended for educational uses but comparable to CM3 in nearly every practical respect, allowing for a wide range of commercial and mixed-use development options. The parcels do not have individual addresses but are located immediately adjacent to 3029 S Water Ave. Tax ID numbers are R128811, R128810, and R128809. Situated near OHSU, multiple planned mixed-use developments, and the proposed future site of a Portland MLB stadium, this location offers strong long-term fundamentals. The property is also located within an Opportunity Zone, providing potential tax advantages for qualified buyers. Offered at $500,000, the existing income represents a 6% cap rate, allowing an investor or developer to acquire hassle-free leased land while land banking and covering holding costs until ready to build. Read Less
Listing courtesy of Kelly Right Real Estate of Portland, LLC.
Listing Snapshot
Days Online
71
Last Updated
Property Type
MixedUse
Lot Size
0.12 Acres
MLS Number
737111963
30 Days Snapshot Of 97201
$274k
-53%
(avg) sold price
8
-50%
homes sold
151
+11%
(avg) days on market
Snapshot
Area Map
Additional Details
Property Access
Road Surface Type: Paved
Building
Current Use: Commercial, Industrial, Leased, Other Structures: Fenced
Disclosures
Disclosures: Disclosure
Lot
Features: Cleared, CornerLot, Number Of Lots: 3, Size Acres: 0.12, Size Dimensions: 106' x 50', Size Range: SqFt5000to6999, Size Square Feet: 5,227, Size: 5,000 to 6,999 SqFt
Property
Land Description: Level, Property Sub Type: MixedUse, Soil Condition: Native, Soil Type Classification: Paved Lot, Zoning: CI2
All information provided is deemed reliable but is not guaranteed and should be independently verified.
This content last updated on . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available. This content last updated on . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
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