640 SE 47TH AVE Portland, OR 97215

A hidden gem with so much potential, perfectly positioned in one of Portland's most desirable neighborhoods. Develop your dreams, develop a profitable project, or develop your own urban oasis—your call—and enjoy tacos at Por Que No? while you do it. This compelling opportunity sits in the heart of the Sunnyside neighborhood, just half a block from Belmont Street and surrounded by some of Southeast Portland's most beloved restaurants, cafés, and local shops. Well suited for a residential buyer, remodeler, or investor seeking a value-add opportunity, the property features an extra-deep 50' x 180' lot spanning approximately 9,000 square feet—offering flexibility rarely found in such a prime, walkable location. The existing home provides approximately 1,500 square feet of living space plus a 792 square foot unfinished basement, creating a solid foundation for renovation and long-term improvement. Buyers may choose to retain the exceptionally large backyard as a private urban retreat, or explore the meaningful upside potential for additional development. Zoned R2.5, the property allows the existing home to be remodeled with potential to add additional units or pursue development behind it to fully leverage the depth of the lot—or tear down and reimagine the site entirely. With immediate proximity to many of Portland's favorite dining destinations and neighborhood amenities, opportunities offering this scale, flexibility, and location are increasingly rare. Don't miss out on this urban Sunnyside opportunity. Buyer to perform their own due diligence with the City regarding development potential.