This .9± acre infill development site, zoned for apartments, is located along Barbur Blvd, with access from SW 47th Avenue. It has a strategic location to I-5, Barbur Blvd. Transit Center, Portland Community College Sylvania, and proximity to downtown Portland, Lake Oswego, Sunset Corridor, and Wilsonville, providing opportunity for work force housing.
Access from SW 47th Avenue has been recently improved by Portland Bureau of Transportation as part of a Local Improvement District. Zoning will allow apartments, and some commercial use. Seller had LRS Architects prepare several concept plans outlining up to one hundred residences of 80% studios, and 20% one and two bedroom units, plus1,800 square feet of office and commercial use. Parking for 35 cars, and long-term storage for 117 bicycles, has been planned to meet zoning design standards. An alternate option is for development of a complex of three, four-story buildings to total 50± studio and one bedroom units. Please see Supplemental Information Package for detail.
There are several apartment complexes nearby, and a new townhome development on SW Luradel Street. Utilities will need to be extended along SW 47th Avenue from SW Luradel Street.
Seller is offering short-term seller financing, along with a price reduction of 55% to $1,145,000, to accelerate a sale by year end. Terms: A 25% down payment with the balance secured by a first deed of trust, amortized over 25 years at 5% interest, calling for monthly payments of interest only; all due and payable at end 3 years
