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.
