4381 Prescott St Portland, OR 97218

This exceptional 0.31-acre development site in desirable Northeast Portland presents a unique opportunity for immediate construction. The fully entitled, shovel-ready property boasts approved plans for two three-story wood-frame apartment buildings, totaling 31 units. All units feature convenient exterior walk-up entries. To incentivize development, four units are designated as affordable housing (80% MFI), resulting in a parking exemption and increased floor area ratio. The "L"-shaped lot, zoned RM1, measures 13,392 square feet with dimensions of 50 feet at the front, 100 feet at the rear, and a depth of 185 feet. The property offers excellent street access and frontage on NE Prescott Street. The wood-frame design minimizes construction costs by eliminating the need for steel or concrete. This location in inner Northeast Portland is ideal for rental units, promising strong returns on investment. The asking price is $1,700,000. APN: R707258. The property is owned by DBS Group LLC.