422 4th Ave

Approved 5-Unit Townhome Development - Central Canby

Rare opportunity to acquire a fully approved 5-unit townhome-style multifamily development on approximately 8,625 SF (0.198 acres) in the heart of Canby, Oregon. The project holds final City of Canby approval through the site and design review process with no appeals filed, in an established neighborhood minutes from downtown.

For approximately $780,000 in equity, a developer can satisfy the estimated 40% construction lender contribution typically required for a new multifamily project of this size. The underlying land is offered at $489,000, a compelling entry point into new construction multifamily.

PROJECT HIGHLIGHTS

- Approved 5-unit multifamily townhome development, R2 zoning

- Two-building design: triplex fronting NW 4th Avenue, duplex accessed from the rear alley

- Three larger townhomes with attached garages

- Two additional residential units with dedicated parking

- Approximately 6,824 SF total living area

- Approximately 7,511 SF built area including garages

- Level lot, paved road, rear alley access

- Electricity and natural gas available; water and sewer connected

DEVELOPMENT ASSUMPTIONS

- Estimated total development cost: $1.87M-$1.95M

- Estimated equity requirement: $747,000-$780,000

- Expected annual rental income: approximately $155,400

- Projected completed value: approximately $2.085M

- Upside scenario exceeding $2.2M

Suits developers seeking long-term rental ownership, build-to-rent investment, individual unit sales (subject to applicable platting, condominium, and regulatory requirements), or hybrid hold-and-sell strategies. Existing structure on site is not habitable.

Approved multifamily infill opportunities in central Canby are increasingly limited. The Residences at Fourth Avenue offers a development-ready project with approvals in place, defined construction assumptions, and multiple exit strategies. Approval documents, site plans, and full development package available