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510-544 SW 2nd St
0.58 Acres of Commercial Land Offered at $2,850,000 in Corvallis, OR 97333
INVESTMENT HIGHLIGHTS
- For-Sale, Income Producing Development Site
- Seller Financing Available
- Permitted Uses Include Mixed-Use, Multi-Family, Student Housing, Office, Retail
- New CMU-3 High-Density Zoning & No Parking Requirement
- Could Work Larger to Include Adjacent Properties
EXECUTIVE SUMMARY
The area is charming, ideally situated within Corvallis's Central Business District, home to a diverse mix of businesses, restaurants, and retail amenities. The property is adjacent to the Corvallis Museum, Elements/Vue event center, Renaissance Condominiums, Riverfront Promenade, Safeway, and the new Courtyard by Marriott Hotel, making it ideal for urban living. Free downtown public transportation is available, and it’s within blocks of City Hall, Benton County Courthouse, and the train/transit stations. The Downtown Farmer's Market takes place between April and November, also adds to the area's vibrant community.
Oregon State University (OSU) is a major economic driver for the region and is within one mile of the site. OSU is one of only 35 colleges/universities in the nation to demonstrate a recent 99% occupancy ratio and it needs additional student-housing options. The property’s proximity to campus and downtown amenities makes it an attractive alternative for students and faculty members.
Investors can take advantage of the property's incredible location, new CMU-3 & OZ zoning, and its long-term tax benefits. With several newly proposed waterfront/downtown developments, and the adjacent new museum, event venue, and hotel, the area is poised for growth and further development. The new mixed-use zoning and the alleviation of parking restrictions offers flexibility for high-density mixed-use, multifamily, office, and retail developments.
PROPERTY FACTS
| Price | $2,850,000 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.58 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Price | $2,850,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.58 AC |
| Opportunity Zone |
Yes |
1 LOT AVAILABLE
Lot
| Price | $2,850,000 | Lot Size | 0.58 AC |
| Price Per AC | $4,913,793.10 |
| Price | $2,850,000 |
| Price Per AC | $4,913,793.10 |
| Lot Size | 0.58 AC |
2nd & Western, 510-544 SW 2nd Street, Corvallis, high-density development site, no parking restrictions, designated Opportunity Zone (OZ), Central Business District, within 1 mile of Oregon State University (OSU).
DESCRIPTION
Investors can take advantage of the property's incredible location, new CMU-3 & OZ zoning, and its long-term tax benefits. With several newly proposed waterfront/downtown developments, and the adjacent new museum, event venue, and hotel, the area is poised for growth and further development. The new mixed-use zoning and the alleviation of parking restrictions offers flexibility for high-density mixed-use, multifamily, office, and retail developments.
ZONING
| Zoning Code | CMU-3 (Commercial Mixed-Use (CMU-3) high-density zoning, 123-foot height, no parking restrictions, OZ, allows multifamily, student housing, office and retail) |
| CMU-3 (Commercial Mixed-Use (CMU-3) high-density zoning, 123-foot height, no parking restrictions, OZ, allows multifamily, student housing, office and retail) |
Presented by
510-544 SW 2nd St
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