- ADDRESS:
- 0000 S WATER AVE Portland, OR 97201
- VIDEOS:
- Print this Listing
- Price:
- $500,000
- Ft²:
- 0
- Acres:
- 0.12
- MLS#:
- 737111963
- Lot Size:
- 5,000 to 6,999 SqFt
- Type:
- Land
- Zone:
- CI2
- County:
- Multnomah
- Status:
- Active
- View:
- City
- Elem:
- Ainsworth
- Middle:
- West Sylvan
- High:
- Lincoln
- Lot Desc:
- Cleared, Corner Lot
- Area:
- Portland NW/ SW/ S, Raleigh Hills
- Courtesy of:
- Kelly Right Real Estate of Portland, LLC
- Remarks:
- 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.