PLEASE DO NOT DISTURB TENANTS! These two tax lots of a 1.56 acre view property can be developed to accommodate 28 units (Zoned R18 in an opportunity zone), next to a nice apartment complex with several lovely new townhouse developments in the block, overlooking Bagley Downs Park. This is a perfect holding property, or can be developed now. There are currently five recently refurbished rental units (to be increased to six) with currently $5,150 monthly income with well below market rate rents. The property is located very close to SR 500, (but no highway noise), less than two miles from both Interstate 5 and 205 and a safe and easy child’s walk from Eleanor Roosevelt Elementary School. About 15 minutes from downtown Portland, five minutes’ drive from Vancouver Mall or Clark College, and a quick ten minute drive from the rapidly developing Vancouver waterfront. This location overlooks a beautiful park with green baseball fields and miles of vistas beyond, located within a couple miles of malls, with many restaurants, cafés and bars as well and supermarkets and grocery stores. Vancouver, a well-known sub-market of Portland, has a population of above 200,000 and is home to several large manufacturers including Hewlett-Packard, SEH America, Sharp, and Alcoa. Due to the population influx of the Portland area in recent years, Vancouver has experienced rapid expansion, consistently high rental demand and low vacancy rates. A couple miles away, the Vancouver waterfront conveys this growth, rich with newly developed hotels, chic restaurants, office space and sophisticated high-rise apartments. This property is a great investment for a buyer in search of a prime holding property with the opportunity to increase value by increasing rents and ultimately developing to its full potential. The price for the two properties is $890,000
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