Tag: Keller Williams Realty

Property Sale

Unbuilt 9 Unit SE Clay Street Project for Sale

Provision Investments is seeking a buyer for its 35-foot wide lot at 8416 SE Clay Street. The offer includes permitted plans for a three-story nine-unit apartment building. The project, proposed in 2022, could provide three studio and six one-bedroom residences ranging in size from 358 to 505 square feet. The property’s purchaser could opt not to build the planned multifamily building. However, the sellers priced it as a development-ready project, financially incentivizing a new owner to construct it as proposed.

Unimproved segment of SE Clay Street

This undeveloped lot was previously attached to 8406 SE Clay Street before its sale in April 2021. The proposed multifamily building would have featured a communal bike room and internal trash facilities. The Real Estate Flyer for the listing show plans supporting an internal stairwell with most units accessed from interior hallways. Permits and listing documents do not mention onsite parking, and at just 3,500 square feet, there is likely insufficient space to support automobile storage. This segment of SE Clay street is an under-improved road with no sidewalks or curbs, limiting curbside parking in this area. However, residents could utilize the 72 TriMet bus line within 900 feet of this apartment building.

Those interested in taking on this development should contact Darryl Bodle II with Keller Williams Realty at 503-709-4632. Property details are available on Zillow, including some building plans and site photographs. Any future work on this project will likely wait until the current owners sell this property. However, the development of this vacant Residential Multi-Dwelling zoned lot is all but certain.

Image from Portland Maps

By

Jacob Loeb

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Food and Drink, Property Sale, View of Montavilla

Eastport Food Cart Pod for Sale

The half-acre property and food cart pod at 3905 SE 82nd Avenue is available to purchase for $3.6 million. Listed by Keller Williams Realty, Eastport Food Center is a fully leased 26-space food cart pod situated across from Eastport Plaza. The pod opened in 2020 on a former used auto-lot. The owner converted the 900-square-foot sales office into an indoor seating area, installed water and sewer hookups for each cart, and completely fenced the property.

The real estate flyer for the listing touts a yearly rental income of $400,000 which would offset the purchase price of this investment property. A new food cart pod across 82nd Avenue from this location opened a little over a year ago, placing the two eating destinations within three blocks of each other. That purpose build property at 3612 SE 82nd Avenue, called Collective Oregon Eateries (CORE), has added competition to the casual dining market along 82nd Avenue. However, it offers around half the cart spaces as its neighbor.

The site’s sale is contingent on the seller achieving a 1031 Exchange purchase of another property. This tax-saving maneuver is available when a person sells one investment property to buy another investment property. This requirement indicates the seller is not looking to generate cash but wants to move their investment to another location within the United States. Interested buyers should contact James Gillespie with Foundation Commercial Group (KW Commercial) by phone at 503-890-5775 or by email.

By

Jacob Loeb

Correction: A version of this article mistakenly noted annual revenue as monthly. It has been corrected, and we regret the error.

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Property Sale

36 SE 82nd LiveWork Building for Sale

The distinct green metal-clad building at 36 SE 82nd Avenue is for sale. Initially built in 1910 as a home, this two-story structure is now zoned for medium-scale commercial mixed-use and configured to support a live-work business. The building has transformed substantially over the last century, with the most recent remodel in 2002. Since that time, it housed Eastgate Health Clinic offering naturopathy herbs and acupuncture.

Phan Hoang An owns both the building and business at this site. However, the listing at Keller Williams Realty does not state the property will sell with an active lease, indicating the clinic will no longer operate from this location.

Although the building is in usable condition, a new owner may redevelop this property. Half of the site serves as a paved back parking lot and driveway. New buildings in this zone are generally expected to be up to four stories tall, with a base floor area ratio (FAR) of 2.5:1. That number increase to 4:1 with bonus provisions, allowing a four-level development that uses most of the property. With the lot located within steps of the number 20 and 72 TriMet bus lines, this location would be ideal for affordable housing with retail on the ground floor.

People interested in buying this property can contact the listing agent Tim Phommany at (503) 896-8861 or timphommany@kw.com.

By

Jacob Loeb

Promotion: Montavilla News has a Patreon account. We invite those who can contribute to this local news source to please consider becoming a paid subscriber or sponsor. We will always remain free to read regardless of subscription.