2975 Sandy BlvdPortland, OR 97232

This exceptional Portland retail investment opportunity encompasses three lots totaling 20,000 square feet, featuring two buildings with 19,500 square feet of combined space. The property boasts charming architecture, heavy timber beams, and concrete block construction, renovated in 2019, including updated HVAC and a new gas furnace. Currently configured as multi-tenant retail with basement warehouse space, the property offers 8,500 square feet of first-floor retail, 5,500 square feet of upper-floor space (including 3,000 square feet of retail and 2,500 square feet of unconditioned storage), and 5,500 square feet of basement space. The main tenant is vacating in September 2025, presenting an owner-user opportunity or potential for NNN leasing. The property includes 20 on-site parking spaces and a leased billboard generating over $1,000 monthly income. Zoned CM3, it offers significant potential for mixed-use residential/commercial development, with permitted uses including retail, office, residential, vehicle repair, institutional, and limited light industrial. The location on NE Sandy Boulevard benefits from convenient access to TriMet public transportation, high walkability, and bikeability scores. The asking price is $2,850,000, translating to $146.15 per square foot. Maximum building height is 65 feet (75 feet with bonus provisions), and the maximum floor area ratio is 3:1 (5:1 with bonus provisions). This prime location in a rapidly redeveloping area presents a compelling investment opportunity.