1
APARTMENTS
SE PORTLAND LAND DEVELOPMENT
2324-2336 SE BELMONT PORTLAND, OREGON
O F F E R I N G M E M O R A N D U M
PRICE: $1,875,000
TOTAL SQUARE FEET: 11,761
PRICE/SF: $159.43
3 LOTS
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2 3 2 4 - 2 3 3 6 S E B E L M O N T S T . P O R T L A N D , O R 9 7 2 1 4
Marcus & Millichap has been chosen to exclusively market for sale a package of 3 land parcels located at 2324-2336 SEBelmont St. Each parcel is 3,920 square feet for a total square footage of 11,760.
The current zoning is Commercial Mixed-Use 2 (CM2), which allows for a variety of uses including retail, office andresidential. A Maximum of FAR 2.5 to 1 and a maximum 45’0” height limit which is generally 4 stories.
SE Belmont is among Portland’s hippest neighborhoods and is home to numerous bars and eateries. The Korean grocery“superstore” H-Mart recently opened a location a few blocks away.
With Portland continuing to experience significant in-migration, and with fewer and fewer development sites in premierneighborhoods like Belmont, especially with the 3 separate parcels which allows one to do a phased development or 3separate multi family properties, the Subject Property offers an exciting development opportunity.
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0.09 Acres0.09 Acres 0.09 Acres
SE Belmont St
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THE OFFERING
Land Price
Land Price/SF
Zoning
Development Type
$1,875,000
$159.43
CM2
Redevelopment
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Use Categories CM1 CM2 CM3 CE
Residential Categories
Household Living Y Y Y Y
Group Living L/CU L/CU L/CU L/CU
Commercial Categories
Retail Sales and Service Y/L Y Y Y
Office Y/L Y Y Y
Quick Vehicle Servicing N L L Y
Vehicle Repair N Y Y Y
Commercial Parking N Y Y Y
Self-Service Storage N N L Y
Commercial Outdoor Recreation N Y Y Y
Major Event Entertainment N CU CU CU
Industrial Categories
Manufacturing and Production L/CU L L L
Warehouse / Freight Movement N N L L
Wholesale Sales N L L L
Industrial Service N L/CU L/CU L/CU
Railroad Yards N N N N
Waste Related N N N N
Zoning Use Allowances
Y = Allowed Use; L = Allowed, but Special Limitations; CU = Conditional Use; N = No, Prohibited
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Use Categories CM1 CM2 CM3 CE
Institutional Categories
Basic Utilities Y/CU Y/CU Y/CU Y/CU
Commercial Service L/CU L/CU L/CU L/CU
Parks and Open Areas Y Y Y Y
Schools Y Y Y Y
Colleges Y Y Y Y
Medical Centers Y Y Y Y
Religious Institutions Y Y Y Y
Daycare Y Y Y Y
Other Categories
Agriculture L/CU L/CU L/CU L/CU
Aviation & Surface Passenger Terminals N N N CU
Detention Facilities N N CU CU
Mining N N N N
RF Transmission Facilities L/CU L/CU L/CU L/CU
Rail Lines and Utility Corridors CU CU CU CU
Zoning Use Allowances
Y = Allowed Use; L = Allowed, but Special Limitations; CU = Conditional Use; N = No, Prohibited
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CM1 CM2 CM3 CE
Base Height (stories) 35'(3) 45'(4) 65'(6) 45'(4)
Base FAR 1.5:1 2.5:1 3:01 2.5:1
Maximum Height Limit with
Bonus (stories) 35'(3) 55'(5)* 75'(7) 45'(4)
Maximum FAR with Bonus 2.5:1 4:1 5.1 3.1
Maximum Height- Transit
Street ROW <70 feet Base height
45' within 10' of
lot line
45' within 10' of
lot line Base height
Maximum Height- Adjacent
to RF-R2.5 Zone Base height
35' within 25' of
R zone lot line
35' within 25' of
R zone lot line
35' within 25' of
R zone lot line
Maximum Height- Adjacent
to R2-R1 Zone Base height
45' within 25' of
R zone lot line
45' within 25' of
R zone lot line
45' within 25' of
R zone lot line
Additional Height Allowed
for Active Ground-floor Uses 3' 3' 3' 3'
Maximum Building Coverage
% Inner/East/West 90/75/75 100/85/85 100/85/85 90/75/75
Required landscaping %
Inner/East/West 0/15/15 0/15/15 0/15/15 0/15/15
Exterior Display Areas L L L Y
Exterior Storage Areas N N L Y
Drive Thru Facilities N L L Y
Zoning Concept Development Standards
* The 55’ height limit is allowed only in areas with a Mixed Use - Urban Center Comprehensive Plan designation and in
areas with the Mixed Use - Civic Corridor Comprehensive Plan designation where the Design overlay zone is applied.
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2324-2336 SE BELMONT
(SUBJECT)
123 SE 13th Ave
19 NE Ivy St
2940 SE Division St
SE 2nd & Ash
Multi-Property Sale
2601-2605 NE Glisan St
SALES COMPARABLES
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2
3
4
5
6
19
Avg. $160.15Avg. $153.74
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
$160.00
$180.00
$200.00
Average Price Per Square Foot
Avg. $6,976,122Avg. $6,696,731
$0
$800,000
$1,600,000
$2,400,000
$3,200,000
$4,000,000
$4,800,000
$5,600,000
$6,400,000
$7,200,000
$8,000,000
Average Price Per Acre
SALES COMPARABLES
ON MARKET COMPARABLES
SALES COMPS AVG
ON MARKET COMPS AVG
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SALES COMPARABLES
2324 SE BELMONT ST2324 SE Belmont St, Portland, OR, 97214
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Close of Escrow 7/14/2017
Sales Price $2,090,000
Zoning CM2
Price/SF $165.45
Lot Size (Acres) .29
Price/Acre $7,206,897
123 SE 13TH AVE123 SE 13th Ave, Portland, OR, 97214
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Close of Escrow 1/17/2018
Sales Price $3,089,999
Zoning CM2
Price/SF $177.34
Lot Size (Acres) .40
Price/Acre $7,724,998
19 NE IVY ST19 NE Ivy St, Portland, OR, 97212
ON MARKET COMPARABLES
Asking Price $ 1,875,000
Price/SF $159.43
Lot Size 1 (Acres) 0.9
Lot Size 2 (Acres) 0.9
Lot Size 3 (Acres) 0.9
Price/Acre $7,222,345
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SALES COMPARABLES
3
Close of Escrow 2/16/2018
Sales Price $825,000
Zoning CM2
Price/SF $172.18
Lot Size (Acres) .11
Price/Acre $7,500,000
2940 SE DIVISION ST2940 SE Division St, Portland, OR, 97202
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Close of Escrow 11/26/2018
Sales Price $2,750,000
Zoning CM2
Price/SF $175.36
Lot Size (Acres) .36
Price/Acre $7,638,889
SE 2ND & ASHSE 2nd & Ash, Portland, OR,
ON MARKET COMPARABLES
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Close of Escrow 1/5/2016
Sales Price $1,750,000
Zoning CM2
Price/SF $118.16
Lot Size (Acres) 0.34
Price/Acre $5,147,059
MULTI-PROPERTY SALE4926 SE Division St, Portland, OR, 97206
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SALES COMPARABLES
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Close of Escrow 9/14/2016
Sales Price $1,195,000
Zoning CM2
Price/SF $153.21
Lot Size (Acres) 0.18
Price/Acre $6,671,905
2601-2605 NE GLISAN ST2601-2605 NE Glisan St, Portland, OR, 97232
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On Market
List Price $1,500,000
Zoning CM2
Price/SF $153.74
Lot Size (Acres) 0.22
Price/Acre $6,696,731
3210 SE 50TH AVE3210 SE 50th Ave, Portland, OR, 97206
ON MARKET COMPARABLES
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Walk Score87
Bike Score98
Transit Score54
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Created on May 2019
POPULATION 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Population 32,621 237,426 480,256
▪ 2018 Estimate
Total Population 32,085 229,998 468,362
▪ 2010 Census
Total Population 27,964 204,376 424,402
▪ 2000 Census
Total Population 26,314 187,770 395,566
▪ Daytime Population
2018 Estimate 56,406 413,989 644,718
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2023 Projection
Total Households 17,032 121,103 221,737
▪ 2018 Estimate
Total Households 16,676 115,795 213,035
Average (Mean) Household Size 1.88 1.92 2.13
▪ 2010 Census
Total Households 14,300 100,784 189,956
▪ 2000 Census
Total Households 13,595 90,714 173,403
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2018 Estimate
$250,000 or More 3.95% 5.00% 4.53%
$200,000 - $249,999 3.48% 3.38% 3.01%
$150,000 - $199,999 4.78% 6.37% 5.84%
$125,000 - $149,999 5.20% 5.97% 5.77%
$100,000 - $124,999 7.40% 9.32% 9.63%
$75,000 - $99,999 11.79% 12.76% 13.34%
$50,000 - $74,999 17.08% 16.52% 17.69%
$35,000 - $49,999 12.56% 10.30% 11.18%
$25,000 - $34,999 10.36% 8.26% 8.50%
$15,000 - $24,999 9.92% 8.30% 8.20%
Under $15,000 13.48% 13.81% 12.29%
Average Household Income $83,999 $94,844 $92,036
Median Household Income $55,169 $64,233 $63,903
Per Capita Income $44,127 $48,336 $42,302
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population by Age
0 to 4 Years 3.41% 4.30% 5.22%
5 to 14 Years 5.38% 6.77% 8.72%
15 to 17 Years 1.20% 1.68% 2.28%
18 to 19 Years 0.76% 1.69% 1.81%
20 to 24 Years 6.09% 6.51% 6.00%
25 to 29 Years 17.06% 12.58% 10.47%
30 to 34 Years 16.60% 12.26% 10.88%
35 to 39 Years 12.25% 10.35% 9.77%
40 to 49 Years 15.58% 15.36% 15.25%
50 to 59 Years 9.76% 11.24% 11.78%
60 to 64 Years 4.47% 5.64% 5.73%
65 to 69 Years 3.14% 4.61% 4.68%
70 to 74 Years 1.72% 2.71% 2.82%
75 to 79 Years 0.93% 1.56% 1.70%
80 to 84 Years 0.70% 1.14% 1.23%
Age 85+ 0.93% 1.60% 1.67%
Median Age 34.83 36.92 37.28
▪ Population 25+ by Education Level
2018 Estimate Population Age 25+ 26,681 181,816 355,775
Elementary (0-8) 0.94% 1.32% 2.18%
Some High School (9-11) 2.60% 2.85% 4.41%
High School Graduate (12) 9.40% 10.78% 14.23%
Some College (13-15) 18.95% 19.56% 20.97%
Associate Degree Only 6.48% 5.73% 6.37%
Bachelors Degree Only 38.97% 35.00% 30.56%
Graduate Degree 22.38% 24.21% 20.31%
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ECONOMY
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MARKET OVERVIEW
▪ The metro is expected to add nearly 126,000 people over the next five years,
resulting in the formation of nearly 63,000 households.
▪ A median home price well above the U.S. level means 61 percent of households can
afford to own their home, which is below the national rate of 64 percent.
▪ Of residents age 25 and older, 36 percent hold bachelor’s degrees, and 13 percent
have also obtained a graduate or professional degree.
The metro contains more than 37,000 acres of parks and provides numerous outdoor
opportunities, including activities at Mount Hood and on the Hood River. The metro lies
60 miles east of the Pacific Ocean, with 330 miles of beaches along the Oregon coast.
Professional sports teams represent basketball, soccer and hockey. Cultural activities can
be found at various local venues, including the Portland Art Museum, World Forestry
Center Discovery Museum and the Portland Children’s Museum, and plays are staged at
the Portland Center for the Performing Arts. Major colleges and universities include Lewis
and Clark, Pacific University, the University of Portland and Portland State University. The
University of Oregon and Oregon State University are nearby.
QUALITY OF LIFE
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
2018 Population by Age
0-4 YEARS
6%5-19 YEARS
18%20-24 YEARS
6%25-44 YEARS
30%45-64 YEARS
26%65+ YEARS
14%
38.0
2018MEDIAN AGE:
U.S. Median:
38.0
$68,800
2018 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$58,800
2.5M
2018POPULATION:
Growth2018-2023*:
5.1%
964K
2018HOUSEHOLDS:
6.5%
Growth2018-2023*:
30
* Cap rates trailing 12 months through 1Q18; 10-Year Treasury up to March 29
Sources: CoStar Group, Inc.; Real Capital Analytics
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Yamhill County 2.6% -290 $21.82 0.0%
Columbia County 3.4% 0 $15.00 0.0%
Southeast 5.3% 40 $24.58 2.7%
Northwest 5.4% -300 $25.77 11.5%
Lloyd District 5.6% -200 $30.06 13.2%
Northeast 5.6% -100 $15.02 -0.7%
Westside 6.3% -60 $22.85 1.8%
Clark County 8.6% -200 $20.95 -0.1%
Southwest 11.1% 80 $20.95 0.9%
CBD 12.9% -10 $32.19 6.7%
I-5 Corridor 14.9% 160 $25.12 3.3%
Overall Metro 9.7% -30 $25.40 4.4%
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MARKET OVERVIEW
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MARKET OVERVIEW