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Additional details
Listed by Kelly Right Real Estate of Portland, LLC
$ 500,000
Est. payment /mo
Active
0000 S WATER AVE Portland, OR 97201
5,227 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID 737111963
HOA Y/N No
Annual Tax Amount $3,844
Tax Year 2025
Lot Size 5,227 Sqft
Property Sub-Type Mixed Use
Property Description
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 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.
Location
State OR
County Multnomah
Area _148
Zoning CI2
Exterior
Utilities Available None
View City
Garage No
Building
Lot Description Cleared, Corner Lot
Schools
Elementary Schools Ainsworth
Middle Schools West Sylvan
High Schools Lincoln
Others
Acceptable Financing CallListingAgent, Cash, Conventional
Listing Terms CallListingAgent, Cash, Conventional
Amenities & Attractions