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Listed by Windermere Realty Trust • 503-888-5191

$599,900

Est. payment - /mo

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0.48 Acres Lot

Active

501 SE 157TH AVE Portland, OR 97233

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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

Subdivision Centennial

MLS Listing ID 664175852

HOA Y/N No

Annual Tax Amount $9,789

Tax Year 2025

Lot Size 0.480 Acres

Property Sub-Type Multi Family

Property Description

Fantastic land bank with wonderful cash flow situated in the Centennial neighborhood on a rare, dividable 0.48-acre lot zoned RM1, this property offers a unique blend of cash flow and future development possibilities. Each of the three units features 2 bedrooms and 1 bathroom, with updates completed to varying degrees. Units are equipped with central air conditioning, in-unit washers and dryers, electric or gas ranges, and free-standing refrigerators for tenant convenience. Unit 505 showcases wood flooring, black appliances, a cozy fireplace with brick surround, and a stackable washer and dryer. Unit 511 offers distinctive Spanish tile in the kitchen, stainless steel appliances, gas cooking, a carpeted living room with a woodstove, a full-size washer and dryer, and a relaxing soaking tub. Unit 513, located on the lower level, features laminate wood flooring, white appliances, a built-in microwave, and a soaking tub. Residents enjoy access to a shared outdoor spaces complete with a covered back patio, raised garden beds, and an inviting outdoor fireplace. The expansive, level backyard provides ample room for gardening, recreation, or future expansion. Additional highlights include two rentable garages for added income and driveway parking for at least six vehicles. Whether you're looking to subdivide and build on the entire lot or a portion thereof, maintain as an income-producing property, or create a multi-generational living compound, this property offers endless possibilities in a prime location.

Location

State OR

County Multnomah

Area _143

Zoning RM1

Exterior

Utilities Available ElectricityConnected, NaturalGasConnected, SewerConnected, WaterConnected

Garage No

Building

Lot Description Commons, Public Road

Schools

Elementary Schools Parklane

Middle Schools Oliver

High Schools Centennial

Others

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Regional Multiple Listing Service (RMLS)

NEARBY SCHOOL & BUSINESS

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