0000 S Water Ave, Portland, OR 97201

Rare opportunity to acquire 3 contiguous parcels of leased land at the west end of the Ross Island Bridge in a rapidly evolving South Waterfront area, with the additional option to purchase the adjacent residential property at 3029 S Water Ave, currently under the same ownership. 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. During future land use review, 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/month with 3% annual increases, providing approximately $30,000 in annual income with virtually no owner responsibilities beyond property taxes, making this an ideal low-management asset. Zoned CI2, a designation intended for educational uses but comparable to CM3 in nearly … read more …