Montavilla Land — Sale in Portland, OR

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Commercial Land
  • Location: Portland, OR 97216

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Description

Located just off E Burnside Street in Portland’s Montavilla neighborhood, this offering consists of two adjacent parcels totaling approximately 0.22 acres with CM2 (Commercial Mixed-Use 2) zoning. Positioned in one of East Portland’s most established and walkable neighborhoods, the property presents a compelling opportunity to develop high-density multifamily housing in a strong rental submarket with convenient access to neighborhood amenities, transit, and major employment corridors. The offering includes one vacant parcel and one improved parcel containing a 2,624 square foot single-family home built in 1947. The home is currently leased to a month-to-month tenant paying $1,962 per month, providing interim income while a developer advances development plans. A full development package has been completed for the property, including architectural plans, survey work, and mechanical engineering, significantly reducing the upfront time and cost associated with early-stage development. The proposed project consists of a 30-unit apartment building comprised of efficiently designed one- and two-bedroom units tailored to the strong demand for attainable housing in Portland’s close-in eastside neighborhoods. Investment Highlights: • 30-Unit Planned Development – Architectural plans prepared for a multifamily apartment project consisting of one- and two-bedroom units • CM2 Zoning – Commercial Mixed-Use zoning allows for mid-scale multifamily development in a desirable infill location • Completed Pre-Development Work – Architectural plans, survey, and mechanical engineering already completed • Potential SDC Fee Savings – Eligible housing projects may benefit from Portland's temporary SDC exemption program • Assumable Financing – Approximately $520,000 note assumable for three years at 5% interest-only

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