16134 SE Powell Blvd - Powell Butte Residential Development Site 1.42 Acres of Residential Land Offered at $1,357,419 CAD in Portland, OR 97236

Seller financing available with 20% down! Contact broker for details.
Kidder Mathews is pleased to present a 1.42 acre multifamily/residential development site in SE Portland, located at the base of Powell Butte at the corner of SE 162nd Ave and Powell Blvd. The site consists of two tax lots and is zoned RM1 (Residential Multi-Dwelling). Currently, the only improvement on the site is a 1927 four-bedroom/two-bathroom 2,055 SF single family home, that is currently rented for $1,995, with a detached garage. The RM1 zoning allows a 1:1 FAR, or 1:1.5 FAR with bonus provisions, which would allow for up to 61,855-92,782 SF of residential building area. With Portland’s SDC fees for multifamily projects temporarily paused, the subject property would make an ideal project in a location with solid renter demographics.
The Oregon Department of Transportation (ODOT) is currently in the process of widening SE Powell Blvd. to make it a more auto and pedestrian throughfare. The Outer Powell Transportation Safety Project is currently in Phase II and is expected to be completed by 2030. The project will put new sidewalks and bike lanes directly in front of the subject property, which prior to the project had neither. A sound wall will also be built along a portion of the property on SE Powell Blvd. As part of this project, ODOT recently took 0.08 acres from the property along the property’s SE Powell Blvd frontage.
SE 162nd and Powell is centrally located in outer-SE Portland between Gresham, Happy Valley, and SE Portland. There are several bus stops around the property, and the location is ideal for outdoor enthusiasts, sitting at the footstep of the 600-acre Powell Butte Nature Area and one mile from the Springwater Corridor. A Fred Meyer and Safeway are each a mile away.