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840 Airport Rd SE - Franklin Reserve Development Land 6.46 Acres of Residential Land Offered at $2,250,000 in Albany, OR 97322

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Investment Highlights

  • Close to I-5, Heritage Mall, and Swan Lakes
  • Strong local housing demand driven by population growth
  • Reports completed and permits prepaid
  • Near major roads and transportation routes
  • Located in Willamette Valley with steady regional expansion

Property Facts

Price $2,250,000
Sale Type Investment
No. Lots 1
Property Type Land
Property Subtype Residential
Proposed Use
Multifamily
  • Single Family Development
Total Lot Size 6.46 AC
Cross Streets Franklin Ave. SE
Zoning RS-5 - Residential Single Swelling Unit District – Multifamily use is approved

1 Lot Available

Lot

Price $2,250,000
Price Per AC $348,297.21
Lot Size 6.46 AC

• ± 3.22 AC and ± 3.24 AC parcels • Level Development Site: Predominantly flat topography helps minimize grading and site-work costs, improving overall project feasibility and design efficiency.

Description

• Residential Zoning with Development Flexibility: Zoning allows for a range of housing types, making the property well-suited for developers seeking to implement their own site plan and product mix rather than inherit pre-set designs. • Strong Regional Connectivity: Located near Highway 99E with convenient access to I-5, providing efficient north–south connectivity to Salem (± 25 minutes), Corvallis (± 15 minutes), Eugene (± 40 minutes), and the broader Willamette Valley. • Utilities in the Vicinity: Water, sewer, and power are available nearby, supporting streamlined infrastructure planning and reducing upfront development hurdles. • Growing Housing Demand in Albany: Albany continues to see population growth and sustained housing demand driven by regional employment, affordability relative to larger metros, and its central Willamette Valley location. • Infill-Style Location with Nearby Amenities: Positioned within an established area near employment centers, schools, and services, enhancing future resident appeal and long-term rental or for-sale performance. • Rare Vacant Residential Development Opportunity: One of the few remaining vacant residentially zoned parcels of scale in this submarket, offering developers a chance to execute a custom project in a supply-constrained environment.

Property Taxes

Property Taxes

Parcel Number
0108411
Land Assessment
$149,370
Improvements Assessment
$0
Total Assessment
$149,370
  • Listing ID: 35600011

  • Date on Market: 4/23/2025

  • Last Updated:

  • Address: 840 Airport Rd SE, Albany, OR 97322

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