Currently improved by the Yummy Mongolian BBQ restaurant, the development site will be up-zoned in 2018 to CM2, a medium-scale, commercial mixed-use zone allowing for both commercial and residential uses and limited/conditional industrial uses.
The block-front lot has high visibility and accessibility; 200 feet of the property fronts to Northeast Martin Luther King Jr. (NE MLK Jr.) Boulevard, which serves approximately 35,000 vehicles per day and runs through the Lloyd and Central Eastside Industrial districts. NE MLK Jr. Boulevard is also one of North Portland’s primary retail corridors with more than 300,000 square feet of commercial space and two bus routes.
Land for Sale Investment Highlights
- High-Visibility Site with Transit Access: In addition to the above-mentioned NE MLK Jr. Boulevard benefits, the commercial property for sale is proximate to Interstate 5, a key arterial on the west coast with more than 175,000 daily travelers. It is accessible within a few blocks of the subject property. Travelers can reach downtown Portland in approximately 10 minutes via Interstate 5. Additionally, The North Lombard Transit Center is less than one mile west of 7339 Northeast Martin Luther King Jr. Boulevard. Transit lines served include the MAX Yellow Line and bus lines 4 and 75. The MAX Yellow Line runs north-south from the Expo Center to Portland State University. Line 4 runs from North Portland to Gresham, and Line 75 runs from north Portland to Milwaukee, which at nearly 20 miles long, is TriMet’s longest bus route. All three lines connect to major employment hubs like the Lloyd District and downtown Portland.
- Surrounded by Popular Retail Corridors: The land site for sale is surrounded by three popular retail corridors: North Vancouver/Williams, North Mississippi and the Alberta Arts District. The North Vancouver/Williams corridor comprises nearly 300,000 square feet of retail space, including some of Portland’s top-rated restaurants. With more than 60 shops, restaurants, bars and breweries within a half-mile stretch, North Mississippi is one of most concentrated retail corridors in Portland. The Alberta Arts District has recently emerged into a popular entertainment district, with dozens of acclaimed bars, restaurants and boutique retailers.
- Proximate to Several Large Economic Drivers: Adidas announced in March 2016 that it plans to grow its Portland workforce 10 percent by the end of the year. The company acquired a 25,000-square-foot building two miles from the land site. Daimler Trucks North America’s Swan Island headquarters campus, which houses 2,800 employees, is 2.5 miles from the property. Additionally, the 554-bed Legacy Emanuel Medical Center is two miles from 7339 NE MLK Jr. Boulevard.
- Favorable Zoning and Design Requirements: Through the site’s Commercial Mixed-Use (CM2) zoning, the potential development program has a favorable floor-area ratio (FAR) of 4:1 and a maximum height limit of 55 feet for multi-housing usage. Developed to maximum FAR and height, nearly 80,000 square feet of buildable space is available, which allows for a myriad of improvement possibilities.*
For more information on this land site for sale or other Portland commercial properties on the market, please contact Brian Hanson in HFF’s Portland office. For information regarding financing options, please contact Tom Wilson. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.
*Prospective investor to perform own due diligence regarding full development requirements and uses.