8416 Clay StPortland, OR 97216

This exceptional 0.08-acre lot in Portland, Oregon's desirable Montavilla neighborhood (97216) presents a unique opportunity for developers. Zoned RM1, the property comes complete with approved plans for a nine-unit apartment building, significantly streamlining the development process. The pre-approved design, created by a local architect, features a mix of spacious one-bedroom/one-bathroom and studio units, emphasizing modern architecture and efficient layouts. The building's design prioritizes value engineering, maximizing returns. This prime, flat, and usable land boasts an impressive 99 BikeScore, placing it within easy walking distance of numerous shops, restaurants, cafes, and parks. The proposed nine-unit apartment building carries a projected sales price of $1.95 million, with a projected capitalization rate of 5.25%. The asking price for this permit-ready land is $249,900, offering significant potential for substantial returns. Located at 8416 SE Clay St, Multnomah County, this property is ready for immediate development. A virtual tour is available online.