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Listed by Great Western Real Estate Co • GreatWesternRE@gmail.com
$ 4,500,000
Est. payment /mo
Active
E Burnside ST Portland, OR 97216
2.3 Acres Lot
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
