3124 SE 20th Ave, Portland, OR 97202

Located in the Hosford Abernethy neighborhood, this rare RM2 zoned development opportunity sits on a generous 0.30-acre lot in one of Southeast Portland’s most established and highly sought-after areas. The primary value lies in the land, which offers size, configuration, and zoning that support meaningful redevelopment potential in a close-in location. RM2 zoning allows for medium-scale multifamily development consistent with the surrounding urban fabric, subject to buyer verification and City of Portland approvals. The lot’s depth, frontage, and overall scale create flexibility for a range of redevelopment concepts, whether pursued as a single phase or through a staged approach. Existing on the property are two detached homes with utilities, access, and improvements in place, providing optional interim holding income while development plans are finalized. One structure is a 2,718 square foot duplex with two units and basement areas. The second is a 2,872-square-foot detached home with a basement, a garage, a shared driveway, and an additional paved off-street parking pad. Each home benefits from a fully fenced yard. These improvements may be utilized short-term or removed to unlock the site’s highest and best use. The surrounding area features a mix of established residences, small-scale multifamily, and newer infill projects, reinforcing strong demand drivers for future housing. Proximity to Division Street amenities, neighborhood parks, dining, and services further enhances the site’s long-term development appeal. Whether pursued as a teardown development opportunity, a phased redevelopment strategy, or a strategic RM2 land hold, this property presents a compelling opportunity to control a sizable parcel in a proven Southeast Portland submarket. Buyer to verify zoning allowances, development capacity, and permitted uses.