NOW: Permits ISSUED.. Shovel Ready… Op Zone option. Ready to begin in Portland Metro east side

4206

Property ID

45613 SqFt

Size

Description

This project has building and sitework permits issued. Developer will cooperate for a 1031 sale or take investors in as LPs.

The Ceeley project is a four-story mixed-use development in Fairview Village in east Multnomah County (east Portland metro area).

Two parcels make up the project which is located at the SW corner of the NE Market Drive/NE Village Street intersection.  The two parcels combined total 45,613 SF or 1.05 acres.   The building will be constructed on the intersection parcel along with additional on-site parking. The second parcel has an existing 62-stall parking lot dedicated to the project.    Total off-street parking is 78 stalls.

The project will have 33 apartments over its ground floor which will be occupied by 4-5 office spaces.

Utilities are stubbed in the building pad and sitework is completed to within 7’ of the building pad.

Seller is developer/contractor who will contribute $1,000,000 + of land value with Investor’s 1031 proceeds.  Assumes a $3,500,000 total investment.  Construction financing is at <60% LTC and Permanent Financing at < 50%.

Slide deck and proforma available.

Land Cost includes over $950,000 of completed sitework which reduces construction budget; over $250,000 of A/E fees and permit deposits; and project secured a $300,000 + waiver of SDCs by City of Fairview.   True land value is approximately $30,000 per door.

Project is for sale at $2,000,000 with permits in hand or $10,000,000 when completed with investors cooperation.

Address

Address: 1555 NE Village St, Fairview, OR 97024, USA
  • Province / State: Oregon
  • City / Town: Fairview
  • Postal code / ZIP: 97024
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  • Property ID 4206
  • Price $2,000,000
  • Property Type Mixed Use, Multifamily
  • Property status For Sale
  • Size 45613 SqFt
  • Land area 1.05 Acres
  • Label Updated
  • Sellers Motivation JV with exp. contractor or sale
  • Number of Units 37

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Contact

Garth Everhart

Property Seller
503-407-7080
gartheverhart@gmail.com
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