Developers & Builders!
Here is an opportunity to re-ceive income on 4 units while building up to 8 additional units at the same time.
The lot is a level .56 acres, and zoned R2(a) which allows for 10 to 16 additional units. Units are just a .2 mile walk to the SE Flavel Max station, along the I-205 Multi-Use Path. Complex is also on the #19 bus line, just a block to the nearest stop!
These four remodeled units include forced air gas heating, central air and gas water heaters. 40 year composition roofs are just 8 years old, exterior cedar siding. Flooring in living rooms is wood stimulated laminate, vinyl in the kitchens & and carpets in bedrooms. Each unit has its own washer/dryer, stove, refrigerator & garbage disposal. The four units are fully occupied by long term tenants and rents are be-low market rents.
The Lents Neighborhood:
This property is within the Portland Development Commission’s Lents Town Center DOS Target area. The Lents neighborhood is one of the larger in the city at over 3 miles, as well as one of its oldest and most diverse.
Lents is an East Portland neighborhood with a nice mix of residential com-munities, while still being close to major roadways for plenty of access to shopping and other amenities and an easy commute. The new TriMet Green line has made this neighborhood even more accessible.
Lents is six miles southeast of downtown Portland and is about 30-40 mi-nute commute to downtown via the MAX Light Rail, and about 15 minutes to Clackamas Town Center. Neighborhood parks such as Lents and Glenwood are popular places for family and community activities. Neighbors enjoy bike rides along I-205 MUP (known as the Woody Guthrie Trail), and enjoy the harvest season at Zenger Farm. Neighbors can enjoy the Lents Farmers’ Market, at 92nd and Foster during summer Sunday afternoons.
As of the 2010 Census, Lents had a population of 20,156. Lents’ population has grown by 12 percent since the year the city produced the first plan to transform the Lents Town Center in 1996. Portland area population is forecast to grow by 25,000 people per year, and rental rates have increased up to 7% over the past year. With vacancies forecast to be around 3% or less in 2014, this is the time to buy, add and sell!
Choose your preferred financing or owner will carry with $200,000 down, 5% interest, and term negotiable. Buyer to complete own due diligence. Write offer contingent on interior inspections.
All information is deemed reliable, but not guaranteed, and is subject to change without notice. All Measurements are approximate.