$500000
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Bed
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Bath
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SqFt
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39 DOM
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Built:
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Status: Active
Love this home?
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.
Listing Provided Courtesy of Jacob Serrill, Kelly Right Real Estate of Portland, LLC
General Information
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737111963
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MixedUse
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39 DOM
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5227.2 SqFt
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CI2
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Multnomah
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R128809
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Ainsworth
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West Sylvan
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Lincoln
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Land
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MixedUse
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CARUTHERS ADD, BLOCK 45, E 38' OF LOT 4
Listing Provided Courtesy of Jacob Serrill, Kelly Right Real Estate of Portland, LLC
PDXA1 Realty Group data last checked: Mar 03, 2026 05:02 | Listing last modified Jan 23, 2026 14:50,
Source:
Residence Information
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No
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Features and Utilities
Financial
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3844.46
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0
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CallListingAgent,Cash,Conventional
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01-23-2026
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No
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No
Comparable Information
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39
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39
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CallListingAgent,Cash,Conventional
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$500,000
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$500,000
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Jan 23, 2026 14:50
Schools
Map
Listing courtesy of Kelly Right Real Estate of Portland, LLC.
The content relating to real estate for sale on this site comes in part from the IDX program of the RMLS of Portland, Oregon.
Real Estate listings held by brokerage firms other than this firm are marked with the RMLS logo, and
detailed information about these properties include the name of the listing's broker.
Listing content is copyright © 2019 RMLS of Portland, Oregon.
All information provided is deemed reliable but is not guaranteed and should be independently verified.
PDXA1 Realty Group data last checked: Mar 03, 2026 05:02 | Listing last modified Jan 23, 2026 14:50.
Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
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Venkat Muthu is a wonderful person to go with. Very friendly and advices as per the need and gives his service and support where and when needed and some times going beyond. Really happy to share the review and I highly recommend if anyone is looking for any homes.
— Alishetty
Venkat is great to work with as realtor. He is very patient and listens to the requests of the buyer or seller and doesn’t push as t any point of time. He has a good understanding of the market situation and location for investments as well. All this comes from experience with him recently buying a home.
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