3802 NE Martin Luther King Jr Blvd - MLK & Failing Apartments 0.44 Acres of Residential Land Offered at $2,990,000 in Portland, OR 97212

INVESTMENT HIGHLIGHTS

  • Permit-Ready, Fully-Engineered Multifamily Development Opportunity
  • 4 Buildings - 4 Contiguous Tax lots
  • High-Visibility Location Directly along NE MLK Jr Blvd
  • 83 Planned Market-Rate Units Including Live / Work Units
  • 62 Studio Units / 21 1-Bedroom Units
  • Proximity to N Williams and N Mississipi Shopping / Dining Districts

EXECUTIVE SUMMARY

Permit-Ready Multifamily Development Site in NE Portland
83 Projected Units Including Live / Work • High-Visibility Location
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Sale Price: $2,990,000
Total Land Area: 19,200 SF (4 Parcels)
Projected Units: 83 Units (74 Residential + 9 Live/Work)
Total Gross Area (All Buildings): 46,139 SF
Total Rentable Area (All Buildings): 35,118 SF
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Property Features:
• Multifamily Development Site in NE Portland
• Fully-Engineered, Permit Ready Opportunity for 83 Units (74 Apartments + 9 Live-Work Units)
• 62 Studio and 21 1-Bedroom Units Ranging from 336 - 702 Average Sq. Ft.
• Buildings 1-3 have 21 Total Units Each, with Building 4 having 20 Total Units (Incl. Live-Work)
• High-Visibility Location along NE MLK Corridor
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Location Features:
• Located on the Bustling Corridor of NE MLK Jr Blvd in Inner Northeast Portland
• Multiple Bus Lines within Short Walking Distance
• Just East of Shopping and Dining Districts along N Williams Avenue and N Mississippi Avenue
• Highlights within 1/2 Mile Include True Value, Cafe Olli, Life of Pie, Migration Brewing, Lua, Ding Tea, New Seasons Market, Mud Bay, Yes Please, Maui’s

PROPERTY FACTS

Price $2,990,000
Sale Type Investment or Owner User
No. Lots 1
Property Type Land
Property Subtype Residential
Proposed Use
Mixed Use
  • Multifamily
  • Apartment Units
Total Lot Size 0.44 AC

1 LOT AVAILABLE

Lot

Price $2,990,000
Price Per AC $6,783,567.88
Lot Size 0.44 AC

PERMIT-READY Multifamily Development Site - 4 Contiguous Tax Lots - CM3 Zoning - 83 Planned Market-Rate Units (4 Buildings) - Residential + Live / Work Units - High Visibility Location Directly on NE MLK Jr Blvd

Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (100)

PROPERTY TAXES

ZONING

Zoning Code CM3
  • Listing ID: 26682418

  • Date on Market: 9/21/2022

  • Last Updated:

  • Address: 3802 NE Martin Luther King Jr Blvd, Portland, OR 97212