Guild Investment Properties listed two of its Montavilla properties for sale this week. Each lot fronts 82nd Avenue and could support substantial redevelopment. Three businesses maintain leases at the locations and will continue occupancy in the event of a sale.
Rose City Automotive, located at 1033 NE 82nd Avenue and Metro Courts at 1015 NE 82nd Avenue, share a 21,780 square foot lot. This mid-block property includes nearly 200 feet of access to NE 82nd Avenue and is three blocks from a Max station. Initially developed in 1960, the property caters to automotive businesses with a substantial parking lot for each building. The listed price is for this property $2,250,000.
Family Fun RV leases the half-block property at 333 SE 82nd Avenue. This lot spans 28,212 square feet and sits between McDonald’s and St Peter & Paul Episcopal Church. Currently configured for automotive sales, only a small office and maintenance building exists at the location. This property is one block from Montavilla Town and has street frontage on three sides. It is located in a pedestrian district and accessible by many transportation options. Also listed for $2,250,000, this property is ideal for redevelopment.
Six months ago, a 14,250 square foot parking lot across the street from 333 SE 82nd Avenue sold to B&U Properties for $807,500. By comparison, Guild Investment Properties priced its offerings higher than a market rate for the land. However, as investments, both new listings have active leases and generate income without further development, making the sites more valuable.
Property listings do not guarantee a sale. Owners may attempt to sell an asset to establish an accurate market value for a property and decline offers. Regardless, this is a unique opportunity for a developer to evaluate the potential of two massive properties along 82nd Ave. Redevelopment at either location would significantly impact a transforming portion of Portland and help improve the streetscape.
Update: Guild Investment Properties listed another two buildings for sale.