# S WATER Ave, Portland, OR 97201

> **TL;DR:** land, $500,000.
> View. Est. $2,674/mo. Listed 280 days.

## Property at a Glance

| Attribute | Value |
|-----------|-------|
| Price | $500,000 |
| Lot Size | 5,227 sqft (0.12 acres) |
| Property Type | Land (Other) |
| Status | Active |
| Days on Market | 280 |

## Why This Home Stands Out

- **Views** - City

## Estimated Monthly Costs

| Category | Amount |
|----------|--------|
| Principal & Interest (20% down, 30-year at 6.5%) | $2,528 |
| Estimated Insurance | $146 |
| **Total** | **$2,674** |

## Nearby Schools

- **Elementary:** Ainsworth
- **Middle:** West Sylvan
- **High:** Lincoln

## Key Amenities

- View

## Property Highlights

- 0.12 acre lot

## Description

### Agent Description
Rare opportunity to acquire 3 contiguous parcels of leased land at the west end of the Ross Island Bridge in a rapidly evolving South Waterfront area, with the additional option to purchase the adjacent residential property at 3029 S Water Ave, currently under the same ownership. The combined lots have official dimensions of 106' x 50' (5,300 SF), however the site includes an existing irregularly shaped, paved and fully fenced parking lot closer to 7,500 SF. During future land use review, a buyer pursuing development would have a strong likelihood of city approval to utilize the full existing paved area, creating meaningful upside. The property is currently leased to a towing company through March 2028 at $2,500/month with 3% annual increases, providing approximately $30,000 in annual income with virtually no owner responsibilities beyond property taxes, making this an ideal low-management asset. Zoned CI2, a designation intended for educational uses but comparable to CM3 in nearly every practical respect, allowing for a wide range of commercial and mixed-use development options. The parcels do not have individual addresses but are located immediately adjacent to 3029 S Water Ave. Tax ID numbers are R128811, R128810, and R128809. Situated near OHSU, multiple planned mixed-use developments, and the proposed future site of a Portland MLB stadium, this location offers strong long-term fundamentals. The property is also located within an Opportunity Zone, providing potential tax advantages for qualified buyers. Offered at $500,000, the existing income represents a 6% cap rate, allowing an investor or developer to acquire hassle-free leased land while land banking and covering holding costs until ready to build.

## Location

- **Address:** S WATER Ave, Portland, OR 97201
- **County:** Multnomah
- **Neighborhood:** South Portland
- **Coordinates:** 45.500969, -122.676786
- **Google Maps:** https://www.google.com/maps?q=45.500969,-122.676786

## Listing Agent

- **Name:** Jacob Serrill
- **Brokerage:** Kelly Right Real Estate of Portland
- **Broker Phone:** (509) 489-7000
- **Listing URL:** [View original listing](https://www.realtor.com/realestateandhomes-detail/S-Woods_Portland_OR_97201_M98962-86074?f=listhub&s=RMLSOR&m=737111963&c=propsimple)

## Photos

![S WATER Ave - Photo 1](http://lh.rdcpix.com/576c6fc999c88e515b7bfa18335c5d92l-f4152761928r.jpg)

![S WATER Ave - Photo 2](http://lh.rdcpix.com/576c6fc999c88e515b7bfa18335c5d92l-f3261369179r.jpg)

![S WATER Ave - Photo 3](http://lh.rdcpix.com/576c6fc999c88e515b7bfa18335c5d92l-f3818928876r.jpg)

![S WATER Ave - Photo 4](http://lh.rdcpix.com/576c6fc999c88e515b7bfa18335c5d92l-f1547080210r.jpg)

![S WATER Ave - Photo 5](http://lh.rdcpix.com/576c6fc999c88e515b7bfa18335c5d92l-f1541261629r.jpg)

---

**MLS#:** 737111963 | **Updated:** 2026-10-20
**Source:** listhub

*Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.*

[View on PropertySimple](https://www.propertysimple.ai/listing/s-water-ave-portland-or-97201-44b6c7ba4a5e4c67ac99a2b627eb2f49)

---

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