Mixed-use building on SE 67th, between Foster and Holgate, going for a “mere” $485,000.
Ok, we’re not talking fancy-shmancy mixed-use like Division Street. But mixed-use all the same: part commercial/retail space, part residential. It’s more of a rarity along the busier
stretches of Foster than you might know. And for that, I suppose there’s value. But value, as they say, is in the eye of the…wait…
The property in question is at 4607 SE 67th Avenue, just north of Foster.
It doesn’t look like much. But neither has Foster in recent times (unless, like I, you dig a semi-post-apocalyptic version of Portland—or the Portland from 15 years ago; either one, really). So take it for what it is. Some might take it as a development opportunity, another might take it as home for themselves and their art studio below. However you take it, though, you’d get to call Performance Works NW, BenWill Art Studio, the Phoenix Pharmacy, and O’Malley’s your closest neighbors. Not too shabby (though, it becomes way more shabby when you consider the Phoenix Pharmacy will probably rot sooner than it’ll find a buyer, and your immediate neighbor also happens to be a truck-parking lot for an arborist company—but who’s counting?).
In addition to the commercial and residential space, the building also has an adjoining lot that can be developed (or not). The property, too, has frontage on both SE 66th (looking at the back of O’Malley’s) and SE 67th (looking at…hmmm?).
Again, only a mere $485,000. And if it’s anything like the Bob White Theatre or Phoenix Pharmacy around the corner, you’ll only have to put that much more into the building to bring it up to code. At least you’ll come in under a million.
Snark aside, it’s obvious the Foster-area is seeing an uptick in commercial real estate activity. This makes perfect sense, as commercial tends to lag behind residential real estate, and we’ve seen how properties in Foster-Powell and Mt. Scott-Arleta have been snatched off the market as soon as they come on.
Now it appears the commercial corridor is catching up. We’ve seen storefront improvements (Red Castle complex), buildings bought and sold (Wikman and Bob White), and new developments proposed (YMCA rebuild w/new apartment complex). We’re even seeing businesses bought and sold (Starday Tavern). In addition, more properties are coming onto the market, such as the PDC-owned lot across from the Portland Mercado and, now, the building and lot on SE 67th.
We’re not savvy enough to know what this all means, and where the movement takes us as a neighborhood. We just know there’s movement.
* And here’s a flier to sell you on all the finer points of this property.