510-544 SW 2nd St 0.58 Acres of Commercial Land Offered at $2,695,000 in Corvallis, OR 97333

2nd & Western in Corvallis, Oregon is a prime 25,000 square foot, .58 acre, development site located in the city's Central Business District (CBD). Designated as an Opportunity Zone (OZ), it offers investors long-term tax incentives. The location's new Commercial Mixed-Use (CMU-3) zoning doubles potential density and allows for multifamily, student housing, office and retail developments. The new zoning has no parking restrictions and allows for a maximum building height of 123 feet. 2nd & Western enjoys ample street parking and is also adjacent to public parking lots. The property is available for sale and the owner is willing to consider seller-finance options.
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.