0 S Water Ave

Portland, OR 97201

$500,000
Price
5,227 / 0.12
Lot Size / Acres
an aerial view of city
view of a backyard
a view of a backyard
a view of a city

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...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.
  1. Listed by Jacob Serrill • Kelly Right Real Estate of Portland, LLC

Property Details for 0 South Water Avenue

Zoning
CI2
View
City
LISTING UPDATED: 01/23/2026 02:50 PM

Property Details for 0 South Water Avenue

StatusActive
MLS #737111963
Days on Market6
Taxes$3,844 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand / Mixed Use
Year Built-
Lot Size0.12 AC
CountyMultnomah County

Location

Listing Courtesy of Kelly Right Real Estate of Portland, LLC
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Building Information for 0 South Water Avenue

Lot Size0.12 AC

Payment Calculator

$2,757 per month

30 year fixed, 6.15% Interest

Principal and Interest

$2,437

Property Taxes

$320

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 0 South Water Avenue

Summary
Location and General Information
  • Country: US
  • Directions: Corner of S Woods St & S Water Ave
  • Road Surface: Paved
School Information
  • Elementary School: Ainsworth
  • High School: Lincoln
  • Middle Or Junior School: West Sylvan
Taxes and HOA
  • Tax Year: 2025
  • Tax Annual Amount: $3,844.46
  • Parcel Number: R128809
  • Parcel Number 2: R128810
  • Parcel Number 3: R128811
  • Tax Legal Description: CARUTHERS ADD, BLOCK 45, E 38' OF LOT 4
Property
Lot Information
  • Acres: 0.12
  • Lot Description: Cleared, Corner Lot
  • Lot Size Square Feet: 5227.0
  • Lot Size Dimension: 106' x 50'
  • Number Of Lots Total: 3
  • Current Use: Commercial, Industrial, Leased
  • Land Description: Level
  • Lot Size Range: Sq Ft5000to6999
  • Lot Size: 5,000 to 6,999 Sq Ft
Property and Assessments
  • Property Sub Type: Mixed Use
  • Property Type: Land
Utilities
  • Utilities: None
Interior and Exterior Features
Exterior Features
  • Soil Condition: Native
  • Soil Type Classification: Paved Lot
  • Existing Structures Description: Fenced

Schools near 0 South Water Avenue

This home is within Portland School District 1j.
Rating
School
Type
Grades
Distance
Ainsworth Elementary School
Public - K to 5
West Sylvan Middle School
Public - 6 to 8
Lincoln High School
Public - 9 to 12
Emerson School
Charter - K to 5
Rating
School
Distance
Ainsworth Elementary School
PublicK to 5

West Sylvan Middle School
Public6 to 8

Lincoln High School
Public9 to 12

Emerson School
CharterK to 5

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 0 South Water Avenue, Portland, OR 97201

0 South Water Avenue is a 0.12 ac of land for sale in Portland, OR 97201. This property was listed for sale on January 23, 2026 by Kelly Right Real Estate of Portland, LLC, it's currently listed at $500,000. This listing's school district is Portland School District 1j. Nearby schools include Ainsworth Elementary School, West Sylvan Middle School and Lincoln High School. 0 South Water Avenue is a 0-bed, 0-bath, 0.12 ac of land on a 5,227 sq. ft. / 0.12 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Kelly Right Real Estate of Portland, LLC

All information provided is deemed reliable but is not guaranteed and should be independently verified. The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland Oregon. Real estate listings held by brokerage firms other than Compass are marked with the RMLS logo and detailed information about these properties includes the names of the listing brokers. Copyright © 2026 RMLS, Portland, Oregon. Last updated: 01/23/2026 02:50 PM