4311-4337 NE Prescott St
Portland, OR 97218
Development Opportunity · Land For Sale · 0.76 AC

The subject property is a portfolio of three properties on 4311-4337 NE Prescott Street, Portland, Oregon. There are three, one quarter acre parcels on three tax lots, totaling three quarters of an acre. Parcel one is zoned commercial mixed-use one, “CM1,” allowing for multifamily, commercial and/or residential development. Par- cel two is also zoned CM1, for a total of half an acre of CM1 zoned land. The third parcel is zoned residential-3, “R3,” allowing for residential development of 1 unit per 3,000 square feet of land. The city of Portland is preparing to adopt a modification that would change the site to a zoning, RM1 which would allow a density and FAR 1:1. Additionally, the R3 site is in a mixed-use comprehensive plan area and would be able to receive a CM1 zoning designation with map amendment. (For more specifics on allowed uses in CM1 zone and proposed RM1 zone, please see following page(s) / for allowed uses and setbacks) The first parcel has a an approximately 4,596 square foot warehouse/shop and approximately 628 square foot office/retail building. Parcel two has an approximately 784 square foot house, currently rented for $900 per month and 3,600 square feet of additional warehouse/shop space. The third parcel has a 660 square foot house and a 486 square foot house with small garage currently and rented for $800 per month each. There is onsite parking and street parking. The site is ideal for redevelopment to multifamily and/or mixed-use retail/office on ground floor.