5949 N Albina Ave 1,437 SF Specialty Building Offered at $699,000 in Portland, OR 97217

No sign on the property. 48-72 hour notice needed. Submit Buyers pre-approval or POF to set an appointment. Please do not disturb the tenants.Buyers to verify property use. Sale is subject to the Sellers 1031 exchange. Outline image of the property is an approximation of the actual property line.
Positioned at the prominent corner of N Albina Avenue and N Ainsworth Street, directly across from Peninsula Park, this versatile N Portland property presents a compelling blend of established income and future development potential. The offering includes a commercial building attached to a single-family residence, creating a unique opportunity for an owner, investor, or developer seeking multiple uses within one property.
The commercial and residential components feature a shared but divided basement, while separate utilities provide functional independence between the spaces. Both current tenants are on a month-to-month basis, offering immediate rental income while allowing a future owner flexibility to evaluate and pursue the property's long-term potential.
The lot also offers open space that may provide an opportunity for an ADU, tiny house, or additional development, subject to applicable requirements and approvals. The property is zoned RM2, a designation that, according to the City of Portland zoning information, allows for significant development potential. Buyers are encouraged to independently verify zoning, permitted uses, development opportunities, dimensional requirements, and all applicable regulations with the City of Portland.
Location adds another important dimension to the opportunity. Situated just a few blocks from I-5, with convenient access to nearby transit and directly across from the expansive green space of Peninsula Park, the property benefits from strong connectivity and a highly visible, established neighborhood setting.
Whether the strategy is to continue generating income, occupy one portion, or work with the City toward future redevelopment, this property offers flexibility rarely found in a single acquisition. With separate utilities, two existing income-producing uses, month-to-month tenancy, additional lot area, and RM2 zoning, it is a distinctive opportunity to secure a property with both current utility and meaningful upside.