$780,000

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 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. *Square footage and bedroom count need to be verified by buyer.