0000 S WATER AVE, Portland, OR 97201
0000 S WATER AVE, Portland, OR 97201
0000 S WATER AVE, Portland, OR 97201
0000 S WATER AVE, Portland, OR 97201
0000 S WATER AVE, Portland, OR 97201
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MICHELLE MENDOLA

MICHELLE MENDOLA

+1(971) 352-1513
Listed by Kelly Right Real Estate of Portland, LLC
$ 500,000
Est. payment | /mo

5,227 Sqft Lot

Save
$ 500,000
Est. payment | /mo
Save

5,227 Sqft Lot

Key Details

Property Type Vacant Land

Sub Type Mixed Use

Listing Status Active

Purchase Type For Sale

Subdivision South Portland

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

Regional Multiple Listing Service (RMLS)

Nearby Locations

MICHELLE MENDOLA

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(971) 352-1513

michelle@pdxpearlrealtor.com

2175 NW Raleigh St Ste 110, Portland, Oregon 97210, USA

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0000 S WATER AVE