Bring your vision to life in this classic 2,540 sq ft bungalow, ideally situated on an oversized corner lot in one of SE Portland’s most desirable neighborhoods. Just blocks from the energy of Division, Hawthorne, and Clinton, this property offers a rare opportunity with incredible potential. The main floor features two bedrooms, a full bath, original hardwood floors, a cozy fireplace, and a charming kitchen with an inviting eat-in nook. Upstairs, a third bedroom awaits your creative touch, while the expansive unfinished basement provides ample space for additional living area, storage, or future development.Outside, a detached garage offers off-street parking or the perfect opportunity for an ADU conversion. Zoned R2.5, the lot allows for up to four units—making this an exceptional project for developers, builders, or investors seeking flexibility and upside. Whether you're looking to renovate, expand, or completely reimagine the space, the possibilities here are as exciting as the location itself. Buyer to conduct due diligence. Don’t miss this rare chance to create value in the heart of Portland’s vibrant inner eastside. [Home Energy Score = 2. HES Report at https://rpt.greenbuildingregistry.com/hes/OR10239426]
Pending
Price cut: $30K (8/14)
$495,000
2333 SE 40th Ave, Portland, OR 97214
3beds
2,540sqft
Est.:
Residential, Single Family Residence
Built in 1942
5,227.2 Square Feet Lot
$-- Zestimate®
$195/sqft
$-- HOA
What's special
Cozy fireplaceExpansive unfinished basementOriginal hardwood floorsCharming kitchenOff-street parkingDetached garageInviting eat-in nook
- 49 days
- on Zillow |
- 2,169 |
- 147 |
Likely to sell faster than
Zillow last checked: 7 hours ago
Listing updated: August 19, 2025 at 08:37am
Listed by:
Jennifer O'Brien 312-965-7519,
Living Room Realty,
Kat Gilpatrick 415-260-2479,
Living Room Realty
Source: RMLS (OR),MLS#: 334948615

Travel times
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 2
- Full bathrooms: 1
- Partial bathrooms: 1
- Main level bathrooms: 1
Rooms
- Room types: EatingArea, Storage, Bedroom 2, Bedroom 3, Dining Room, Family Room, Kitchen, Living Room, Primary Bedroom
Primary bedroom
- Level: Main
- Area: 144
- Dimensions: 12 x 12
Bedroom 2
- Level: Main
- Area: 108
- Dimensions: 9 x 12
Bedroom 3
- Level: Upper
- Area: 372
- Dimensions: 12 x 31
Dining room
- Level: Main
- Area: 143
- Dimensions: 13 x 11
Kitchen
- Level: Main
- Area: 108
- Width: 9
Living room
- Level: Main
- Area: 216
- Dimensions: 18 x 12
Heating
- Forced Air
Appliances
- Included: Washer/Dryer, Gas Water Heater
- Laundry: Laundry Room
Features
- Flooring: Wood
- Basement: Unfinished
- Number of fireplaces: 1
- Fireplace features: Wood Burning
Interior area
- Total structure area: 2,540
- Total interior livable area: 2,540 sqft
Video & virtual tour
Property
Parking
- Total spaces: 1
- Parking features: Detached
- Garage spaces: 1
Features
- Stories: 3
Lot
- Size: 5,227.2 Square Feet
- Features: Level, SqFt 5000 to 6999
Details
- Parcel number: R184107
- Zoning: R2.5
Construction
Type & style
- Home type: SingleFamily
- Architectural style: Bungalow
- Property subtype: Residential, Single Family Residence
Materials
- Vinyl Siding
- Roof: Composition
Condition
- Fixer
- New construction: No
- Year built: 1942
Utilities & green energy
- Gas: Gas
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Subdivision: Richmond
HOA
- Has HOA: No
Location
- Region: Portland
Financial & listing details
- Price per square foot: $195/sqft
- Tax assessed value: $598,700
- Annual tax amount: $5,300
- Date on market: 7/8/2025
- Listing terms: Cash,Conventional
- Road surface type: Paved
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