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Listed by Keller Williams Realty Portland Premiere • 971-340-6615
$ 499,900
Est. payment | /mo
$ 499,900
Est. payment | /mo
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 752637550
HOA Y/N No
Annual Tax Amount $2,917
Tax Year 2025
Property Sub-Type Multi Family
Property Description
Rare opportunity to acquire a fully approved 5-unit townhome-style multifamily development situated on approximately 8,625 SF (0.198 acres) in the heart of Canby, Oregon. The project has received final City approval and is positioned within one of Canby's established residential neighborhoods.For approximately $780,000 in equity, a developer can satisfy the estimated 40% construction lender contribution typically required for a new multifamily development of this size. The underlying land is offered at $499,000, providing a compelling entry point into new construction multifamily development.PROJECT HIGHLIGHTS• Approved 5-unit multifamily townhome development• Approximately 8,625 SF lot (0.198 acres)• Final City of Canby approval with no appeals filed• Two-building design• Three larger townhomes with attached garages• Two additional residential units with dedicated parking• Approximately 6,824 SF total living area• Approximately 7,511 SF total built area including garages• Central Canby infill location with strong demand for new housing• Development package available upon requestBased on current planning assumptions:• Estimated total development cost: approximately $1.87M–$1.95M• Estimated equity requirement: approximately $747,000–$780,000• Expected annual rental income: approximately $155,400• Projected completed project value: approximately $2.085M• Potential upside scenario exceeding $2.2MGreat project for developers seeking:• Long-term rental ownership• Build-to-rent investment• Individual unit sales, subject to applicable legal, platting, condominium, and regulatory requirements• Hybrid hold-and-sell strategiesOpportunities to acquire approved multifamily infill projects in central Canby are increasingly limited. The Residences at Fourth Avenue offers a development-ready project with approvals in place, defined construction assumptions, and multiple potential exit strategies.Complete approval documents, site plans, development
Location
State OR
County Clackamas
Area _146
Zoning R2
Exterior
Utilities Available ElectricityAvailable, NaturalGasAvailable, SewerConnected, WaterConnected
Garage No
Schools
Elementary Schools Eccles
Middle Schools Baker Prairie
High Schools Canby
Others
Acceptable Financing Cash
Listing Terms Cash
Nearby Locations
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