Multi-Family

7915 SE Harney St

Listing Price: $2,250,000

Lot Size
2.36 acres
Price/Acre
$953,386
Land Type
Redevelopment
Buildable Square Feet
102,802

Investment Overview

The subject property is an assemblage of six parcels located at 7909, 7915 Southeast Harney Street, 7910 -7918, and 7928 Southeast Crystal Springs Boulevard, Portland, Oregon 97206. Parcel-1 is 23,087 square feet, Parcel-2 is 10,019 square feet, Parcel-3 is 16,988 square feet, Parcel-4 is 10,109 square feet, Parcel-5 is 24,394 square feet and Parcel-6 is 18,295 square feet, for a total of approximately 102,802 square feet, or 2.36 acres. The topography is flat. The assemblage is approximately 165 x 800, with 165 frontage on SE Harney Street and SE Crystal Springs Boulevard. There are four single family homes comprised of two, 2-bedroom/ 1-bathroom, one, 3-bedroom/ 1-bathroom, and one 3-bedroom/ 2-bathroom houses. Three houses are currently rented, and one house is vacant. (Please see following pages for rental income) The current zoning is R2, or 1-residential unit per 2,000 square feet of land area. There is a proposed City of Portland land use change (Better Housing by Design project) to increase density in this zone, described as RM1. (For additional information regarding use and FAR please see following pages)

The site has a Walk score of 68, and a Bike score of 76. The site is near major arterial road SE 82nd Avenue and is less than one half mile from Interstate 205. There are plans for improving SE 82nd Avenue in coming years through a program called 82nd Avenue of Roses Implementation Plan. Nearby retailers include, Trader Joe's, Grocery Outlet, Walmart, Dicks Sporting Goods, Bank of America, Home Depot, Fred Meyer and more. Nearby parks include, Flavel City Park, Harney City Park, and Glenwood City Park. Additionally, the site benefits from abutting the Springwater Corridor trail, a 21-mile mostly paved biking and walking trail. Schools are within the Portland School District with residents attending Whitman Elementary School, Lane Middle School, and Cleveland High School.

The site is ideal for a developer to purchase and develop as multifamily property. A developer may receive income from the four properties currently located onsite while going through plans in the development process with the City of Portland. Additionally, a developer may be poised for additional value and development potential upon acceptance and adoption of the proposed RM1 zoning, increasing the number of units that may be developed to an estimated 150+ units.

Investment Highlights

  • 2.36 Acres Zoned R2 with Proposed RM1 Zoning, 1:1 or 1:1.5 FAR for 150+ Units
  • Close Proximity to SE 82nd Avenue Commerce District, Including Iconic Cartlandia
  • Strong Neighborhood Demand for Housing Current 3.5% Vacancy in Submarket
  • Level, Rectangular Assemblage with Direct Access to Two Streets
  • Neighborhood Suited for Variety of Projects, Including Apartments, Single Family Home

Exclusively Listed By

Listing Price: $2,250,000

Lot Size
2.36 acres
Price/Acre
$953,386
Land Type
Redevelopment
Buildable Square Feet
102,802

Investment Highlights

  • 2.36 Acres Zoned R2 with Proposed RM1 Zoning, 1:1 or 1:1.5 FAR for 150+ Units
  • Close Proximity to SE 82nd Avenue Commerce District, Including Iconic Cartlandia
  • Strong Neighborhood Demand for Housing Current 3.5% Vacancy in Submarket
  • Level, Rectangular Assemblage with Direct Access to Two Streets
  • Neighborhood Suited for Variety of Projects, Including Apartments, Single Family Home

Investment Overview

The subject property is an assemblage of six parcels located at 7909, 7915 Southeast Harney Street, 7910 -7918, and 7928 Southeast Crystal Springs Boulevard, Portland, Oregon 97206. Parcel-1 is 23,087 square feet, Parcel-2 is 10,019 square feet, Parcel-3 is 16,988 square feet, Parcel-4 is 10,109 square feet, Parcel-5 is 24,394 square feet and Parcel-6 is 18,295 square feet, for a total of approximately 102,802 square feet, or 2.36 acres. The topography is flat. The assemblage is approximately 165 x 800, with 165 frontage on SE Harney Street and SE Crystal Springs Boulevard. There are four single family homes comprised of two, 2-bedroom/ 1-bathroom, one, 3-bedroom/ 1-bathroom, and one 3-bedroom/ 2-bathroom houses. Three houses are currently rented, and one house is vacant. (Please see following pages for rental income) The current zoning is R2, or 1-residential unit per 2,000 square feet of land area. There is a proposed City of Portland land use change (Better Housing by Design project) to increase density in this zone, described as RM1. (For additional information regarding use and FAR please see following pages)

The site has a Walk score of 68, and a Bike score of 76. The site is near major arterial road SE 82nd Avenue and is less than one half mile from Interstate 205. There are plans for improving SE 82nd Avenue in coming years through a program called 82nd Avenue of Roses Implementation Plan. Nearby retailers include, Trader Joe's, Grocery Outlet, Walmart, Dicks Sporting Goods, Bank of America, Home Depot, Fred Meyer and more. Nearby parks include, Flavel City Park, Harney City Park, and Glenwood City Park. Additionally, the site benefits from abutting the Springwater Corridor trail, a 21-mile mostly paved biking and walking trail. Schools are within the Portland School District with residents attending Whitman Elementary School, Lane Middle School, and Cleveland High School.

The site is ideal for a developer to purchase and develop as multifamily property. A developer may receive income from the four properties currently located onsite while going through plans in the development process with the City of Portland. Additionally, a developer may be poised for additional value and development potential upon acceptance and adoption of the proposed RM1 zoning, increasing the number of units that may be developed to an estimated 150+ units.

Exclusively Listed By

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