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
83 Projected Units Including Live / Work • High-Visibility Location
--------------------
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
--------------------
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
--------------------
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
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
1 of 1
Walk Score®
Walker's Paradise (93)
Bike Score®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $774,590 | Total Assessment | $1,027,190 |
ZONING
| Zoning Code | CM3 |
