3540 SE 28th Ave - SE 28th & Powell Development/User Opportunity 0.67 Acres of Commercial Land Offered at $2,989,657 CAD in Portland, OR 97202

Fantastic opportunity for developers seeking high-density CM2-zoned land in a premier SE Portland location, or for users/investors looking for a functional office or flex space with shop/garage and a large storage yard.
Comprised of nearly 30,000 SF and two tax lots, the property’s CM2 zoning makes the site well suited for apartment development due to its allowance for higher-density residential and mixed-use projects. CM2 supports efficient site utilization and urban-scale development, enabling developers to maximize unit count and design flexibility, with the option to include ground-floor commercial uses if desired. The property benefits from strong renter demand driven by proximity to major arterials, transit, bike infrastructure, employment centers, parks, and neighborhood retail corridors, supporting stable absorption and long-term occupancy. Combined with zoning flexibility and central location fundamentals, the site offers attractive development economics and investment appeal for multifamily use.
For the past 20 years, the property has been home to a full-service environmental consulting and construction company that is now downsizing. A 3,500 SF single-story office building is at the front of the property, adjacent to a 1,500 SF storage garage. The remainder of the site is primarily used as a yard for truck parking and equipment storage. An adjacent tax lot included in the sale consists of a separate parking lot.
This property is centrally positioned in close-in SE Portland, within the Creston- Kenilworth neighborhood, offering strong connectivity to the city’s major employment and lifestyle centers. SE 28th Avenue offers direct north–south access and connects to Portland’s renowned bike network, enhancing its bike-friendly, neighborhood setting. The site is located a half-block off SE Powell Blvd, allowing efficient access to downtown Portland, inner-Eastside commercial corridors, and surrounding neighborhoods. Nearby transit options and neighborhood retail along SE Foster Road enhance the property’s convenience, while close proximity to Powell Park and Creston Park adds recreational appeal. Adjacent neighborhoods such as Woodstock, Brooklyn, and Sellwood offer additional dining, shopping, and community amenities just minutes away by car or bike.