3029 S Water Ave Portland, OR 97201

This is a rare opportunity to acquire three contiguous parcels of leased land situated at the west end of the Ross Island Bridge in the rapidly evolving South Waterfront area. There is an additional option to purchase the adjacent residential property at 3029 S Water Ave, which is currently under the same ownership. The combined lots have official dimensions of 106 feet by 50 feet, totaling 5,300 square feet. However, the site includes an existing irregularly shaped, paved, and fully fenced parking lot closer to 7,500 square feet. 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 per month with 3% annual increases, providing approximately $30,000 in annual income. The zoning is 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 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 leased land while land banking and covering holding costs until ready to build.