The Westshore Apartments/Pine Street Garage
Opportunity to own 3/4 city block in OZ and new TIF district.
Marketing description
Rare acquisition rehab and development opportunity in the heart of Portland. In addition to 113 LIHTC units, buyer has the opportunity to assemble nearly 3/4ths of a city block. In the 2026 Qualifying Census Tract (QCT), an Opportunity Zone, and new Westside TIF district, buyer of the apartments also have the opportunity to purchase the three story parking deck underneath, which presents an opportunity to convert two floors to as many as 57 additional multi-family units. The adjoining vacant lot (approximately 0.23 acres) is also available. Contact listing broker for more details.
Investment highlights
Mix of studios and 1 bedrooms at 50-60% AMI
Restriction through 2067, possible renegotiation with agencies
1997 vintage
Portland CX - Central Commercial
Soft debt of ~ $1.66 million, due to PHB, payable through 50% of excess cash flow at year end.
OZ and QCT (In Westside TIF district - resources available for market rate, commercial, and Affordable and middle income housing)
Two blocks from MAX light rail
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