2821 Se 115TH Ave, Portland, OR 97266

Property Description

Beautifully remodeled and incredibly versatile, this rare half-acre property features two separate single-level residences with outstanding income and future development potential. The main home offers 3 beds and 1 bath with a remodeled kitchen, updated finishes, comfortable one-level living and A/C. The detached ADU includes 2 beds and 1 bath, remodeled and move-in ready — ideal for rental income, multigenerational living, guest quarters or owner-occupancy with supplemental income. Both homes include fridges and w/ds, making this a truly turnkey opportunity for homeowners and investors alike. Strong existing rental performance with rentometer.com est average rents of approx. $2,167/month for the 3-bed and $1,615/month for the 2-bed ADU creates immediate income potential. BONUS: The 1/2 lot creates additional possibilities rarely found in Portland. The rear portion of the property may allow space for an additional detached ADU, while the full site offers exciting future redevelopment potential for middle housing or cluster home development with potential for up to 16 units. Whether you're looking for an investment opportunity, flexible living arrangement, or long-term development upside, this property offers exceptional potential in a rapidly evolving area of SE Portland. Large usable lot, multiple living spaces, income potential and future flexibility all in one unique property. Property includes a 50 amp exterior outlet for tiny home or RV. Lot may be divided into a minimum of 3 lots. Both units will be vacant at close. Buyer to verify zoning, density and feasibility with the City of Portland. Quiet street, conveniently located in SE Portland with easy access to I-205, Division Street, shopping, restaurants, parks and public transportation. Close to everyday amenities while still offering the privacy and flexibility of a rare half-acre property.

Listing Status:

Active

Date Added:

May 13, 2026

Data Last Updated:

May 25, 2026 at 7:44AM

Listing Office:

Berkshire Hathaway HomeServices NW Real Estate : 503-907-2280

Listing Agent:

Kelly Asmus : 971-325-2734

MLS ID:

559781066

Exterior

• General: DrivewayOtherResidenceStorage

Location

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

Lot

• Zoning: R5MCGREWS TRBLOCK 2LOT 13R215167
• View: View
• Current Use: Residential

Utilities

• Utilities: Cable connectedElectricity connectedNatural gas connectedPhone connectedSewer connectedWater connected

Financial

• Source: Regional Multiple Listing ServiceInc.