Leased Land in South
0000 S WATER Portland, OR 97201
0000 S WATER, Portland, OR, 97201
$500,000
For Sale
$500,000
Three contiguous parcels of leased land in evolving South Waterfront.
Lot Size0.12 Acres
Days on Market178
Property Features for 0000 S WATER
General Information
- Standard status
- Active
- Lot size
- 0.12 Acres
- Property subtype
- Land or Vacant Lot
Listing agency
KELLY RIGHT REAL ESTATE OF PORTLAND, LLC
(503) 719-6056
Listed by
JACOB SERRILL · License #201228311
Source
Corcoran
Added: Jan 24 Updated: Jul 10 at 12:55PM Checked: Jul 21 at 6:12AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KELLY RIGHT REAL ESTATE OF PORTLAND, LLC
Investment Insights
Based on property information with market context.
This is a rare opportunity to acquire three contiguous parcels of leased land at the west end of the Ross Island Bridge in a rapidly evolving South Waterfront area. 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. A buyer pursuing development would have a strong likelihood of city approval to utilize the full existing paved area. 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. The parcels are 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. 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.
Key Highlights
- Prime location in rapidly evolving South Waterfront area near OHSU, planned mixed‑use developments, and proposed MLB stadium site.
- Significant development potential due to CI2 zoning allowing for diverse commercial and mixed‑use projects, with potential to utilize existing 7,500 SF paved area.
- Existing lease to a towing company provides approximately $30,000 annual income through March 2028 with minimal owner responsibilities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
Similar For Sale Nearby
FAQs
What type of property is this?
Commercial land - Three contiguous parcels of leased land in evolving South Waterfront.
Where is this commercial land located?
The property is located at 0000 S WATER Portland, OR.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Prime location in rapidly evolving South Waterfront area near OHSU, planned mixed‑use developments, and proposed MLB stadium site.; Significant development potential due to CI2 zoning allowing for diverse commercial and mixed‑use projects, with potential to utilize existing 7,500 SF paved area.; Existing lease to a towing company provides approximately $30,000 annual income through March 2028 with minimal owner responsibilities.
