0 Newmark ave

Located in an OPPORTUNITY ZONE (see below).
Discover the real potential of this 8-acre parcel located within North Bend City Limits. Located right in the center of Coos Bay and North Bend, on the 2nd highest trafficked road off Highway 101. Currently zoned as R-7, this property could offer an exciting opportunity for multi-residential development with re-zoning. Seller is open to a long-escrow to accommodate a contingency for rezoning application to be filed. Curious about the finer details? Ask for the zoning information and planning documents. The sellers have addressed many questions about this property over time, and now it's available for sale with more critical details in hand. Photos as well as a fly-through video capture a close look inside the lot lines. Schedule an appointment for a walk through to explore this land in depth. The listing includes approximate lot line boundaries via aerial photos, marked corner survey points, and multiple survey documents from Stuntzner engineering. If a buyer chooses to pursue rezoning to maximize on housing capacity, the zoning information and application documents are available. Builders and investors, this is your chance to explore the endless possibilities this property holds. Additionally, there is merchantable timber on the property, adding another layer of potential revenue.
Timber was valued by Messerle and Sons at $42,000 a few years ago.
The North Bend, Oregon "Opportunity Zone" is a designation created by the federal government to encourage investment in economically distressed areas. An Opportunity Zone provides tax incentives for investors who invest in real estate or businesses within the designated zone.
For a purchaser of property in an Opportunity Zone, there are several potential benefits:
Capital Gains Deferral: Investors can defer paying taxes on capital gains invested in an Opportunity Zone until the investment is sold or exchanged, or until December 31, 2026, whichever comes first.
Capital Gains Reduction: If the investment in the Opportunity Zone is held for at least five years, there is a 10% reduction in the capital gains taxes owed. If held for at least seven years, the reduction increases to 15%.
Tax-Free Gains: If the investment in the Opportunity Zone is held for at least 10 years, any additional gains realized from the investment are tax-free.
Improving Communities: Investing in an Opportunity Zone can help improve the local economy and community by creating jobs and revitalizing neighborhoods.
Diverse Investment Opportunities: Opportunity Zones offer a wide range of investment options, including real estate development, infrastructure projects, and small business startups.
*It's important for potential buyers to consult with a tax professional or financial advisor to fully understand the implications and benefits of investing in an Opportunity Zone, and to contact North Bend City Planning Department for more details.