0 S WATER Ave, Portland, OR 97201

Property Description

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 every practical respect, allowing for a wide range of commercial and mixed-use development options. The parcels do not have individual addresses but are located immediately adjacent to 3029 S Water Ave. Tax ID numbers are R128811, R128810, and R128809. Situated near OHSU, multiple planned mixed-use developments, and the proposed future site of a Portland MLB stadium, this location offers strong long-term fundamentals. The property is also located within an Opportunity Zone, providing potential tax advantages for qualified buyers. Offered at $500,000, the existing income represents a 6% cap rate, allowing an investor or developer to acquire hassle-free leased land while land banking and covering holding costs until ready to build.

Listing Status:

Active

Date Added:

January 23, 2026

Data Last Updated:

May 25, 2026 at 5:42AM

Listing Office:

Kelly Right Real Estate of Portland, LLC : 503-719-6056

Listing Agent:

Jacob Serrill : 503-780-7521

MLS ID:

737111963

Exterior

• General: Fenced

Location

• Road/Access: Paved
• Originating MLS: Regional Multiple Listing ServiceInc.
• County: Multnomah

Lot

• Zoning: CI2CARUTHERS ADDBLOCK 45E 38' OF LOT 4R128809
• View: View
• Current Use: CommercialIndustrialLeased

Utilities

• Utilities: None

Financial

• Source: Regional Multiple Listing ServiceInc.