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Listing courtesy of MORE Realty.
Description
This property presents a unique investment opportunity, blending stable rental income with significant future potential. Currently zoned for commercial use but functioning as a residential rental, this property is occupied by long-term tenants who have been in place for 7 years, benefiting from the Section 8 housing program. The existing structure offers comfortable living space with 3 bedrooms and 2 bathrooms, making it an ideal residence for tenants seeking convenience and accessibility. The property’s commercial zoning adds a layer of versatility, providing the possibility for future development or conversion to a commercial enterprise, all while maintaining a steady income stream from the current residential use. Situated in a prime location with easy access to major transportation routes, shopping, and amenities, this property is perfect for investors looking to secure a solid return today with the flexibility to adapt to future market needs. The Section 8 tenant has not had a rent increase since 2018, and according to the local public housing authority, a rental increase will most likely be approved, offering an additional financial upside. The current tenants pay $2,058 monthly rental income. For further questions, please contact the listing agent. Don’t miss out on this rare chance to own a dual-purpose property in the heart of Portland’s evolving landscape. No sign on property. DO NOT disturb tenants.
Property Details and Features
Property Access
- Road Surface Type: Paved
Appliances & Equipment
- Appliances: Disposal,FreeStandingRange,RangeHood,StainlessSteelAppliance
Basement
- Basement: CrawlSpace
Bathrooms
- 2 total baths
- 2 full bathrooms
- 2 total main level baths
- 2 main level full baths
Bedrooms
- 3 total bedrooms
Building
- Architectural Style: Stories1,Ranch
- Building Area Calculated: 1049
- Building Area Description: tax
- Building Area Total: 1049
- Built in 1979
- Main Level Area Total: 1049
- Stories: 1
Cooling
- Cooling: None
Disclosures
- Disclosures: Disclosure
Accessibility Features
- Accessibility Features: GarageonMain,OneLevel,Parking,UtilityRoomOnMain,WalkinShower
- Handicap Accessible
Exterior Features
- Exterior Description: T111Siding
- Exterior Features: Fenced,Yard
Fireplaces
- Fireplace Features: WoodBurning
- Fireplace Included
- Fireplaces Total: 1
Garage
- Attached Garage
- Garage Spaces: 2
- Garage Type: Attached
Water Features
- Waterfront Features: Other
- Waterfront Property
Heating
- Heating Available
- Heating: WallHeater,WoodStove
Interior Features
- Features: LaminateFlooring,WasherDryer
Listing
- Contract Status Change Date: 2024-08-27
- Days On Market: 33
- Last Transaction Date: 2024-08-27 18:50:21
- List Price: $379,000
- Listing Contract Date: 2024-08-27
- Listing Id: 24456797
- Mls Status: Active
- Modification Timestamp: 2024-09-29 01:17:14
- On Market Date: 2024-08-27
- Rent Amount: $2,058
- Standard Status: Active
Location
- MLS Area Major: _143
- County Or Parish: Multnomah
Lot
- Features: Level,Pasture
- Size Acres: 0.12
- Size Range: SqFt5000to6999
- Size Square Feet: 5,227
- Size: 5,000 to 6,999 SqFt
Energy Saving
- Energy Efficiency Features: DoublePaneWindows
Parking
- Features: Driveway,ParkingPad
- 2 total parking spots
Possession
- Possession: SubjectToTenantRights
Property
- Property Condition: Approximately
- Property Sub Type: SingleFamilyResidence
- Zoning: EXD
Roof
- Roof: Composition
Schools
- High School: David Douglas
- Middle Or Junior School: Floyd Light
- Elementary School: Cherry Park
Security Features
- Features: None
Sewer
- Sewer: PublicSewer
Taxes
- Annual Amount: $4,038
- Legal Description
- Tax Year: 2023
Utilities
- Fuel Description: Electricity
- Hot Water Description: Electricity
- Internet Service Type: Cable
- Water Source: PublicWater
Windows
- Features: DoublePaneWindows,VinylFrames
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This content last updated on September 29, 2024 09:11. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.