About

2346 SE Division is currently a single-family home, built in 1922. The investment possibilities for this property can suit a variety of budgets:

-Rent it, as it.

-Renovate the current structure.

-Build up to allowable zoning.

Scores of similar Portland properties have been redeveloped with brand-new structures that take full advantage of the new zoning. Zoning for 2346 would allow for a new building up to 45 feet in height that includes residential space up to 7500 square feet. An exception to the zoning is allowed for 2346 for 1000 square feet of ground-floor retail/commercial space (with residential space above). This addition could extend to the sidewalk (and be built by replacing the front porch). Also, this exception allows for reduced setbacks, and thus greater site coverage.

Due to a limited budget and an aversion to debt the current owner planned to preserve the current structure as an owner-occupied multiplex. A plan was devised to replace the current porch with a small retail space that extended to the sidewalk. Copying a renovation that he had completed in the Eastmoreland neighborhood, he planned to remove the roof and build 2 units on the second floor. By extending the floor joists of the new second floor on both ends of the old house, one creates a ceiling for the front retail space and a covered porch in the backyard for the first-floor unit (the owner-occupied unit that also includes the basement). The infrastructure of the retail addition in the front and the foundation of the porch in the backyard were to be engineered to anchor the old structure and thus serve as the seismic retrofit without the added expense (a savings of about $75,000). The first floor and basement of the current structure was to serve as the residence of the owner.

The current structure at 2346 SE Division is 1922 single-family dwellng:

Please note that although all statements regarding the zoning of 2346 SE Division on this website are believed to be accurate, it is the duty of any prospective buyer to do their own due diligence to confirm. Also, all examples of investment cap-rates and returns on investment are estimates that may not reflect actual true costs and returns. Again, any prospective buyer must do their own due diligence.