Leased Land in South
3029 S Water Ave, Portland, OR 97201
Three contiguous parcels of leased land in evolving South Waterfront.
Type:Land
Lot size:
0.12 Acres- Added:
- Jan 29, 2026
- Days on Market:
- 113
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 3029 S Water Ave
General Information
- Standard status
- Active
- Lot size
- 0.12 Acres
- Property subtype
- Land
Listing agent Jacob Serrill License #OR 201228311
Listing office Kelly Right Real Estate
Listing date Jan 29, 2026
Source Crexi
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
HighLights
- Prime South Waterfront location near OHSU, planned developments, and the proposed MLB stadium site.
- Significant development potential due to CI2 zoning and likelihood of utilizing the full 7,500 SF paved area.
- Existing lease to a towing company provides approximately $30,000 annual income through March 2028 with minimal owner responsibilities.
- Opportunity Zone location offers potential tax advantages for qualified buyers.
- Option to purchase the adjacent residential property at 3029 S Water Ave.
- Current 6% cap rate allows for covering holding costs while land banking.
Overview
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.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.6769023
- Latitude
- 45.5011056
Nearby Similar for Sale
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 3029 S Water Ave 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 South Waterfront location near OHSU, planned developments, and the proposed MLB stadium site.; Significant development potential due to CI2 zoning and likelihood of utilizing the full 7,500 SF paved area.; Existing lease to a towing company provides approximately $30,000 annual income through March 2028 with minimal owner responsibilities.
