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, a geotechnical report, plumbing plans, survey work, mechanical engineering, and a first submission of plans to the city with corrections noted, 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.

Further enhancing the investment opportunity, the property includes assumable financing, consisting of an approximately $520,000 note that may be assumed for nearly three years at 5% interest-only. Contact Broker for more information.