19609 Marine Dr Slip L12 Portland, OR 97230-7378

Property Details for 19609 Marine Dr Slip L12

Lot size

2.64 lot acres

Zone code

GI

Property type

Commercial real estate

APN

1N3E20A 00304

APU

1N3E20A00304

Description

This exceptional 62-unit marina on the Columbia River in Portland, Oregon, presents a compelling investment opportunity. Boasting 74,400 square feet on a 15.98-acre lot, this single-story, 1990-built property features 112 parking spaces and a 7.01% cap rate, generating a substantial NOI of $469,431. The property includes 62 floating home sites, with long-term homeowners ensuring high occupancy and minimal turnover. A recent 10% rent increase, implemented in March 2024, further enhances profitability. The marina benefits from a private boat ramp, secured parking and access, and trailer parking, along with recent capital improvements including a new public water line and fire hydrant. Its prime location near shopping, major employers, freeway access, and parks adds to its appeal. The property is a certified clean marina by the State of Oregon. Significant upside potential exists through the expansion of approximately 16 additional home sites on the undeveloped 3+ river acres, conversion of seasonal boat slips into additional home sites, or the implementation of a homeowner's association ownership format. This is a rare chance to acquire a stable, high-performing asset with considerable growth prospects in a desirable location. The asking price is $6,700,000, with a price per unit of $108,064.52 and a price per square foot of $90.05. The property is zoned LDR-5 (Low Density Residential - 5).

Location Insight

City

Portland

County

Multnomah

State

Oregon

Longitude

-122.461

Latitude

45.5572

CBSA code

38900

CBSA name

PORTLAND-VANCOUVER-BEAVERTON, OR-WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments