- ADDRESS:
- 442 NW 4TH AVE Canby, OR 97013
- VIDEOS:
- Print this Listing
- Price:
- $499,900
- Ft²:
- 0
- MLS#:
- 752637550
- Lot Size:
- 7,000 to 9,999 SqFt
- Type:
- Land
- Zone:
- R2
- County:
- Clackamas
- Status:
- Active
- Elem:
- Eccles
- Middle:
- Baker Prairie
- High:
- Canby
- Area:
- Oregon City, Beavercreek, Canby, Molalla, Mulino
- Courtesy of:
- Keller Williams Realty Portland Premiere
- Remarks:
- Rare opportunity to acquire a fully approved 5-unit townhome-style multifamily development situated on approximately 8,625 SF (0.198 acres) in the heart of Canby, Oregon. The project has received final City approval and is positioned within one of Canby's established residential neighborhoods.For approximately $780,000 in equity, a developer can satisfy the estimated 40% construction lender contribution typically required for a new multifamily development of this size. The underlying land is offered at $499,000, providing a compelling entry point into new construction multifamily development.PROJECT HIGHLIGHTS• Approved 5-unit multifamily townhome development• Approximately 8,625 SF lot (0.198 acres)• Final City of Canby approval with no appeals filed• Two-building design• Three larger townhomes with attached garages• Two additional residential units with dedicated parking• Approximately 6,824 SF total living area• Approximately 7,511 SF total built area including garages• Central Canby infill location with strong demand for new housing• Development package available upon requestBased on current planning assumptions:• Estimated total development cost: approximately $1.87M–$1.95M• Estimated equity requirement: approximately $747,000–$780,000• Expected annual rental income: approximately $155,400• Projected completed project value: approximately $2.085M• Potential upside scenario exceeding $2.2MGreat project for developers seeking:• Long-term rental ownership• Build-to-rent investment• Individual unit sales, subject to applicable legal, platting, condominium, and regulatory requirements• Hybrid hold-and-sell strategiesOpportunities to acquire approved multifamily infill projects in central Canby are increasingly limited. The Residences at Fourth Avenue offers a development-ready project with approvals in place, defined construction assumptions, and multiple potential exit strategies.Complete approval documents, site plans, development