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Listed by Great Western Real Estate Co • GreatWesternRE@gmail.com

$4,500,000

Est. payment - /mo

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2.3 Acres Lot

Active

E Burnside ST Portland, OR 97216

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Tommy Jedrzejczyk

tommy@tltre.com +1(503) 506-4646

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID 508452690

HOA Y/N No

Annual Tax Amount $40,025

Tax Year 2025

Lot Size 2.300 Acres

Property Sub-Type Multi Family

Property Description

This rare nine-lot assemblage presents a significant multifamily development opportunity in a highly desirable transit-oriented location. The combined parcels total approximately 100,190 square feet and are zoned RM3, allowing for substantial residential density and long-term upside potential. Under current zoning, the site supports development of approximately 100 market-rate units. By utilizing the 3:1 FAR base ratio and taking advantage of available density bonuses for affordable housing, the development potential increases dramatically to a higher number of units. Qualifying projects may also benefit from no minimum parking requirements, providing greater flexibility in site planning and improved project efficiency. The property is ideally situated with excellent access to light rail, multiple bus lines, parks, shopping, and restaurants. This strong connectivity enhances long-term rental demand and positions the site well for both market-rate and affordable housing development. In addition to its development potential, the property currently generates rental income, helping offset holding costs while development plans, entitlements, and permitting are pursued. This income component provides strategic flexibility during the planning phase. Opportunities of this scale, density, and transit accessibility are increasingly rare. This assemblage offers a compelling combination of current income, zoning flexibility, and substantial future development capacity in a growing corridor. Buyer to perform their own due diligence regarding development capacity, FAR bonuses, affordable housing incentives, and all zoning requirements.

Location

State OR

County Multnomah

Area _142

Zoning RM3

Exterior

Utilities Available ElectricityConnected, NaturalGasConnected, SewerConnected, WaterConnected

Garage No

Building

Lot Description Light Rail

Schools

Elementary Schools Ventura Park

Middle Schools Floyd Light

High Schools David Douglas

Others

Acceptable Financing Cash, Conventional, LowIncomeLoan

Listing Terms Cash, Conventional, LowIncomeLoan

Regional Multiple Listing Service (RMLS)

NEARBY SCHOOL & BUSINESS

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