Comparative Market Analysis · public sources only · prepared 2026-09-28

28131 SE Orient Drive
Gresham, OR 97080

5.76 acres. Five tax lots. $2,500,000, or $434K per acre. This page explains why that is the right number, answers the objections before you raise them, and gives you a test you can run yourself.

Prepared by the seller, Johny Saephan (Johny Sells Property). This is not an appraisal and not a broker opinion of value. Every figure carries a superscript that jumps to a public source anyone can open without a login. Figures marked as estimates are the seller's own and say so. Verify everything with Multnomah County and the City of Gresham before relying on it.

The answer§ 01

Why this land is worth $2,500,000.

The ask is $2,500,000 for 5.76 acres, $434K per acre⁶¹. That is a residential land price in Gresham. The closest in-city sale by size, SE 190th Dr, sold at $575K per acre^33,61. The raw-land sale on this same road sold at $387K per acre^35,61. Neither has an industrial path. This one does. Five lots, one owner, eligible for annexation into Gresham and, if annexed, zoned industrial with limited commercial, in the City's written words⁵⁸, with the same industrial designation drawn on all five lots on the City's Springwater plan map and zoning GIS, applied at annexation^9,10,13, at a signalized corner passing 15,948 vehicles a day^19,61, in a submarket at 3.9% industrial vacancy²¹ where the county has frozen new competing supply⁸. You pay a residential price for an industrial future. The three programs pay the land back in 2.2 to 3.0 years of rent^59,61.

Reason 1

$434Kper acre

Priced like residential land, with an industrial path if annexed.

17 verified Gresham land sales since 2022. Every one priced below the ask per acre is residential or farm ground with no industrial path⁶¹. The only commercial-zoned sale, a quarter acre downtown, went for $2,227K per acre^27,61. The subject, in the City's own words, is eligible for annexation, and if annexed, will be zoned industrial with limited commercial⁵⁸. The City's Springwater plan map and zoning GIS show the same industrial designation on all five lots^9,10,13.

Reason 2

2.2 to 3.0years

In the buyer scenarios, the land pays for itself in project rent.

Three worked buyer programs: small-bay flex, HQ flex with a showroom, and a Note 9 multi-outlet mix. Gross rent runs $834,900 to $1,130,690 a year at market-band rents⁵⁹. Divide the $2,500,000 ask by that rent and the land is covered in 2.2 to 3.0 years⁶¹. Rents and costs are the seller's estimates, not an appraisal.

Reason 3

3.9%vacancy

Buildings are full and new supply is frozen.

Southeast Portland industrial vacancy is 3.9%, against 7.7% for the metro²¹. Under county rules inside the RSIA: no new commercial, no land divisions, no zone changes^8,7. Gresham's own EOA lists "limited supply of development-ready industrial land" as a key disadvantage: about 90% of vacant sites are under 10 acres, and 272 of 388 vacant acres sit in Springwater, where nothing industrial has been built since 2002¹⁴.

Summary for quick readers

The property is 28131 SE Orient Drive, Gresham, OR 97080, at the signalized corner of SE 282nd Ave and SE Orient Dr.
It is 5.76 acres (250,906 square feet) in 5 tax lots, APNs R341024, R341025, R168986, R168985, R341018, all owned by S&N Saephan Inc.^1,2,3,4,5.
The asking price is $2,500,000, which is $434,028 per acre⁶¹.
Today the land is in Unincorporated Multnomah County, zoned OCI / OR + RSIA overlay. County rules allow homes and farm uses but no new commercial, no land divisions, and no zone changes^7,8.
Zoning at annexation, in the City's written words: the parcels are eligible for annexation into Gresham, and if the owners choose to annex, the land will be zoned industrial with commercial uses allowed in a limited way⁵⁸. The City's Springwater plan map and public zoning GIS show the same industrial designation on all five lots, applied at annexation under Development Code 4.1502, checked 2026-09-29^9,10,13. That district allows industrial, flex, R&D, and manufacturing, with warehousing only as an ancillary use (20% or less of a building, no pure warehouse), plus limited commercial under Note 9¹³. Annexation is owner-initiated.
Key comparable sales: the only commercial-zoned land sale in Gresham since 2022 was $2,227,273 per acre (405 NE 3rd St, 0.22 acres, January 2022)²⁷. The closest in-city sale by size was $575,448 per acre (SE 190th Dr, 3.91 acres, December 2024)³³. The raw-land sale on the same road was $387,324 per acre (1335 SE 282nd Ave, 2.84 acres, May 2025)³⁵, and its platted lots later resold for about $1,370,000 per parent acre⁵⁵. Half a mile west, 12.37 acres sold for $355,699 per acre (SE Salquist Rd, April 2026)⁴⁰.
The reconciled value range is $2.24M to $2.98M: the low is the adjusted mean of the four closest comparables (1335 SE 282nd Ave, SE 190th Dr, SE Salquist Rd, 3105 SE Powell Valley Rd), the high is SE 190th Dr adjusted. The ask sits inside it, 36% of the way from the low to the high⁶¹.
Traffic: 8,425 vehicles per day on SE Orient Dr (2025) and 7,523 per day on SE 282nd Ave (2024), county counts¹⁹.
Flood zone: FEMA Zone X, outside the mapped special flood hazard area on the February 1, 2019 panel; buyer to verify with lender and insurer²⁰. Utilities, by the seller's memo: city water 9 to 12 feet away, sewer 149 feet away⁵⁶. 2025 property tax: $15,610 across the five lots⁶¹.
The seller is Johny Saephan of Johny Sells Property, part of Saephan Enterprise. Email johnysellshomes@gmail.com. The public listing is on Zillow.
This analysis was prepared by the seller from public sources on 2026-09-28. It is not an appraisal. Figures marked as estimates are the seller's own.

The price, in order§ 02

Where $434K per acre sits.

Start at the top. Land with a commercial entitlement in Gresham has sold for $2,227,273 per acre^27,61. Dirt on this road, once platted, has sold for about $1,370,000 per parent acre^55,61. Now read down to the ask. Everything below it is residential or farm ground with no industrial path⁶¹.

Gresham land sales ordered by price per acre, with the ask in position
Sale	When	Acres	$ per acre	Zoning path
405 NE 3rd St, Gresham, the only commercial-zoned sale^27,61	Jan 2022	0.22	$2,227,273	Downtown commercial (DCC), served
1335 SE 282nd Ave as finished lots, same road, after entitlement^55,6,61	Mar to Aug 2026	2.84	about $1,370,000 per parent acre	Platted townhome lots (TR)
SE 190th Dr, closest in-city sale by size^33,61	Dec 2024	3.91	$575,448	High-density residential (HDR-PV)
THE ASK: 28131 SE Orient Drive^61,58,9,10	Now	5.76	$434,028	OCI/OR today; eligible for annexation, and if annexed, industrial with limited commercial per the City
3105 SE Powell Valley Rd, including a 1964 house^38,61	Apr 2026	1.10	$409,091	Medium-density residential (MDR-24)
1335 SE 282nd Ave as raw land, same road^35,61	May 2025	2.84	$387,324	Townhome residential (TR), in city
SE Salquist Rd, half a mile west^40,61	Apr 2026	12.37	$355,699	Low-density residential (LDR-5), in city
2605 SE 282nd Ave, same road^42,61	Mar 2025	25.79	$287,887	Low-density residential (LDR-5), in city
Rural ground with no urban path (3 sales, incl. 8081 SE 282nd Ave)^53,49,47,61	2022 to 2025	various	$66,208 to $96,778	MUA-20 and OR, county only

The commercial sale is a ceiling, not a comp. A quarter-acre downtown lot is not 5.76 acres at a rural arterial corner, so the grid takes 50% off for zoning and 25% off for size before comparing it⁶⁰. Even after those cuts it indicates $833K per acre⁶¹, 48% above the ask. It proves one thing: land with a commercial or industrial entitlement in this city clears far higher prices than anything residential.

The ask is 12% above the raw same-road sale⁶¹ and 22% above the Salquist tract⁶¹. Both of those are residential subdivision ground. The premium buys the industrial path, the signalized dual frontage, and a county freeze on competing supply^9,10,19,8. Below the ask, the gap between $66K and $387K per acre on the same road is the price of an urban zoning path⁶¹.

What you are buying§ 03

Five things the price is made of.

1. The day after closing

5.76 acres

five lots, one deed

You own 5.76 level acres in five tax lots from one seller^1,2,3,4,5. Dual frontage on SE Orient Dr and SE 282nd Ave at a signalized corner, 15,948 vehicles a day past it^19,61. FEMA Zone X, outside the mapped special flood hazard area (buyer to verify with lender and insurer)²⁰. City water 9 to 12 feet away and sewer 149 feet away, by the seller's memo⁵⁶. Property tax is $15,610 a year⁶¹. Under county rules today you can farm it, build a home, or hold it⁷.

2. After annexation

Industrial

with limited commercial, per the City

The City's words to the seller: eligible for annexation, and if the owners choose to annex, zoned industrial with commercial uses allowed in a limited way⁵⁸. The City's Springwater plan map and public zoning GIS show that industrial designation on every lot, and the Development Code applies the map at owner-initiated annexation^9,10,13. Allowed: industrial, flex, R&D, and manufacturing, plus limited commercial under Note 9¹³. Not allowed: a pure warehouse. Warehousing and distribution can be 20% or less of a building, not the building itself¹³. The lots touch the city at Samson Acres. The industrial designation is already drawn on the City's plan map; annexation is still an owner application that the City decides.

3. What a built project earns

$834,900 to $1,130,690

gross rent per year, three programs

Program A, Small-bay flex, 55,000 sf: $834,900 a year, land payback 3.0 yrs. Program B, HQ / showroom, 51,000 sf: $848,325 a year, land payback 2.9 yrs. Program C, Note 9 mix, 60,000 sf: $1,130,690 a year, land payback 2.2 yrs.^59,61 These are market-band rents at 92% to 95% occupancy, the seller's estimates, not leases in hand⁵⁹. The seller is not building anything; the programs show what the land supports.

4. What platted land resells for

$1.37M

per parent acre, same road, 2026

1335 SE 282nd Ave sold as raw land for $387K per acre in May 2025^35,61. Within ten months it was platted and Weekley Homes was buying finished lots: 26 lots for $3,890,797, about $1.37M per parent acre, 254% above the raw price^55,6,61. Lot development cost is not public, so that is not profit. It is the public record of what entitlement did to dirt on this road. For the subject, the residual for Program C at a 6.0% cap is $3.03M, $527K per acre⁶¹.

5. What waiting costs

$69,575 to $94,224

a month of program rent, not earned

Every month between an offer and a groundbreaking is a month of that rent not collected⁵⁹. On this road, the price agreed for 1335 SE 282nd in August 2022 was $387K per acre; by 2026 the same dirt, platted, traded at $1.37M per parent acre^34,55,61. One date to know: the City's staff report for the August 24, 2026 Planning Commission hearing lists the City Council hearing on Gresham's Goal 9 / EOA plan amendment, file CPA-25-00645, as scheduled for October 6, 2026¹⁵. The Council makes the final decision at that hearing. The memo behind the amendment puts the Springwater question on the table¹⁴. That hearing does not rezone this land or change its path; annexation is owner-initiated under the existing Springwater plan map either way. Worth watching, not a deadline.

The concerns, in the open§ 04

Six things a careful buyer will raise, and what outweighs each.

Each concern below is real. Each is stated first, in the buyer's words. The fact that answers it follows, with its source. Read them in order; the list ends where the price begins.

Concern 1
There is a lot-of-record step.
What outweighs it
Multnomah County must confirm each parcel was legally created. It is a Type II determination: staff level, with notice, decided on the record⁷. Five lots on one deed, one owner, one application¹. It can run alongside the annexation rather than after it, so it adds paperwork, not a separate wait.
Concern 2
Sewer is 149 feet away.
What outweighs it
149 feet is an infill distance, and city water is 9 to 12 feet from the line, by the seller's utility memo⁵⁶. The comparison grid already charges the subject for it: every in-city comp with services at the lot line is marked down 5%⁶⁰. Get the extension priced at the pre-app. It is one line in a $15.04M to $17.37M project budget⁵⁹.
Concern 3
The seller paid $1,045,000 in 2021.
What outweighs it
Public record, and worth saying plainly¹. That was $181K per acre, the bottom tier of this set: 5 of the 15 verified sales, rural ground and rear acreage with no road frontage, sold at $66K to $181K per acre⁶¹. What changed is not the calendar. It is the documented path: eligible for annexation, and if annexed, zoned industrial with limited commercial, in the City's written words, with the same industrial designation on all five lots on the City's plan map and GIS^58,9,10, a same-road raw sale at $387K per acre in 2025 that became $1.37M per parent acre as platted lots in 2026^35,55, and a submarket that filled to 3.9% vacancy²¹. The price is set against 17 verified sales, not against the seller's basis.
Concern 4
Merchant-build math is thin at mid-band costs.
What outweighs it
Correct, and this page says so in its own residual table. At a 6.0% exit cap, Programs A and B do not reach the ask; Program C supports $3.03M⁶¹. Three things change the picture, all in the sources. Build at the low end of the cost bands: Program A at $145 per square foot posts a 6.9% hero yield⁵⁹. Hold instead of flipping: Gresham asking rents are $0.94 per square foot per month against $0.88 metro-wide, on 3.9% Southeast vacancy^23,21. And price the land as land: the reconciled range is $2.24M to $2.98M, with the low set by the four closest comparables, and the ask sits inside it⁶¹. Thin merchant math is why the ask is $2,500,000 and not double that.
Concern 5
Springwater is water-constrained, and the City is reviewing whether the area stays industrial.
What outweighs it
Both points are in the City's May 2026 EOA memo, and a buyer should read it¹⁴. Here is what else it says. On paper the City has a surplus of industrial land. In practice it lists "limited supply of development-ready industrial land" as a key disadvantage, because 272 of 388 vacant acres sit in Springwater with no industrial building since 2002¹⁴. That is the shortage a servable site at the district's edge steps into. The subject's water line is 9 to 12 feet away by the seller's memo⁵⁶, it touches the city at Samson Acres⁵⁸, and its county zoning sits inside an RSIA, where state policy restricts any reduction of industrial land^8,7. Confirm servicing with the City at the pre-app. It is the most valuable question in this diligence, and the seller's memo says the answer is short.
Concern 6
It is not in the city yet.
What outweighs it
True, and it is the whole reason the price is $434K per acre and not $2,227K⁶¹. Eligible for annexation; if annexed, zoned industrial with limited commercial. The City's own words to the seller: "The parcels are eligible for annexation into Gresham. If the owners choose to annex the land will be zoned industrial and commercial uses are allowed in a limited way."⁵⁸ The industrial designation is already drawn on the City's plan map; annexation is still an owner application that the City decides. The City's Springwater plan map and public zoning GIS show the same industrial designation on all five lots, and Development Code 4.1502 applies that map at annexation^9,10,13. The lots share a boundary with the city⁵⁸. No other parcel in 17 verified sales carried that sentence, and the county cannot create one that does^61,8.

Read together: every concern is a diligence item with a known process and a public check. The facts beside them are why the land is priced where it is, and why it is priced as land with an industrial future rather than as farm ground.

Run it yourself§ 05

What would have to be true for this to be a bad buy.

For $2,500,000 to be too much, at least one of these six would have to hold. Each has a public check. Run them in any order.

1
Annexation would have to be unavailable, or the zoning after annexation something other than industrial.
Check: Open the City's public zoning GIS, the Gresham Map, and the Springwater plan map; read Development Code 4.1502^10,12,9,13. The City told the seller in writing that the parcels are eligible for annexation and, if annexed, will be zoned industrial with limited commercial⁵⁸. On the GIS, open the Springwater Zoning layer, read the field ZONE for each of the five lots, and compare it against the value listed in the City map service source entry¹⁰; every lot should return the same industrial value listed in that entry and nothing else.
2
An urban zoning path would have to be worth little on this road.
Check: Compare three deeds on SE 282nd Ave: $66K per acre with no urban path (8081), $387K per acre in the city (1335, raw), and $1.37M per parent acre once platted (1335, finished lots)^53,35,55,61.
3
Gresham would have to have plenty of ready industrial land.
Check: Read the May 2026 EOA memo¹⁴. On paper, a 337-acre industrial surplus. In the same memo: about 90% of vacant sites are under 10 acres, 272 of 388 vacant acres sit in Springwater with nothing built since 2002, and "limited supply of development-ready industrial land" is listed as a key disadvantage.
4
Southeast industrial buildings would have to be sitting empty.
Check: CBRE: 3.9% Southeast vacancy, 7.7% metro²¹. Kidder Mathews: Gresham 5.6%, asking $0.94 per square foot per month against $0.88 metro²³.
5
All three programs would have to fail at every reasonable exit cap.
Check: Read the residual table below. Program C supports $4.66M at 5.5%, $3.03M at 6.0%, and $1.66M at 6.5%. Program A reaches $1.88M at 5.5%^59,61. Inputs are the seller's bands; swap in your own.
6
A cheaper parcel with the same path would have to exist.
Check: Scan the 17 verified sales in the grid. None carries an industrial path⁶¹. Under the RSIA, the county cannot create one by zone change or land division⁸. The only route is owner-initiated annexation; the City confirmed the subject is eligible in writing, and it already touches the city⁵⁸.

As of 2026-09-28, none of the six holds. The closest is number five: at mid-band costs, only Program C clears the ask, and only at a 6.0% cap or lower, which is why the ask is $2,500,000 and not more. If your own check shows one of the six is true, the price should move. If none holds, the ask is what the evidence supports.

Subject property profile§ 06

Five lots, one owner, 5.76 acres.

APN	Acres	County zoning	After annexationper the City: industrial with limited commercial (3,000 sf single outlet / 20,000+ sf multi-outlet). Opportunity, not entitlement today.	Character	2025 tax	2025 RMV
R341024¹	0.21	OCI^6,7	Industrial^58,9,10,13	Orient Dr frontage	$505	$55,910
R341025²	0.92	OCI^6,7	Industrial^58,9,10,13	Orient Dr frontage	$4,602	$254,820
R168986³	1.39	OCI^6,7	Industrial^58,9,10,13	Interior / transition	$2,926	$428,450
R168985⁴	0.38	OR^6,7	Industrial^58,9,10,13	Hard corner	$1,722	$225,500
R341018⁵	2.86	OR^6,7	Industrial^58,9,10,13	South / transition	$5,854	$856,900
Total	5.76⁶¹				$15,610⁶¹	$1,821,580⁶¹

The 2025 RMV column is the Multnomah County Assessor's land value on the 2025 tax roll (ROLLLAND), the assessor's estimate of what each lot would sell for on January 1, 2025, Oregon's assessment date, with property tax charged on the lower of RMV and maximum assessed value^{1,2,3,4,5,6,16}; on that date the lots stood unincorporated, zoned OCI and OR under the county inside the RSIA^6,7,8, and the figure is not a sale price and is not an indicator in this CMA.

Key facts about the subject property, with sources
Fact	Detail and source
Jurisdiction	Unincorporated Multnomah County. PortlandMaps lists the lots as unincorporated⁵. Zoning today: OCI / OR + RSIA overlay^6,7,8. No new commercial, no land divisions, no zone changes.⁸
After annexation	Eligible for annexation; if annexed, zoned industrial with limited commercial. Both statements rest on the City's written correspondence held by the seller⁵⁸. The City's Springwater Plan District plan map and public zoning GIS show the same industrial designation on all five lots, applied at owner-initiated annexation under Development Code 4.1502^9,10,13. Limited commercial under Note 9: 3,000 sf single outlet or 20,000+ sf multi-outlet¹³.
Frontage and traffic	Dual frontage on SE Orient Dr and SE 282nd Ave at a signalized corner. County counters: Orient Dr 8,425 vehicles per day (July 17, 2025) and 282nd Ave 7,523 per day (June 14, 2024)¹⁹, 15,948 combined⁶¹. Both roads are classed Rural Arterial¹⁹.
Utilities	Water ~9 to 12 ft, sewer ~149 ft. Seller's estimate from a private utility memo, not a public record⁵⁶.
Flood	FEMA Zone X: no mapped Special Flood Hazard Area on the parcels (panel effective February 1, 2019); buyer to verify with lender and insurer²⁰.
Taxes	2025 property tax $15,610 across the five lots^1,2,3,4,5,61. The roll also lists $46,465 of potential additional tax on the four lots that carry it (R341024 carries none) from a 2008 to 2012 farm-use disqualification, a buyer diligence item^2,3,4,5,61.
Ownership	S&N Saephan Inc., all five lots on one deed since February 12, 2021¹. The seller's purchase price is public and is addressed in Concern 3 above.
Lot of record	Type II determination required, Multnomah County⁷. See the glossary entry for lot of record.

17 verified land sales, Gresham and Fairview, 2022 to 2026§ 07

Every sale, adjusted toward the subject.

Sale price, date, and acreage come from Multnomah County deed and assessor records⁶, cross-checked against Zillow's republished RMLS records where a listing exists. Where the two disagree, the county figure is used and the listing figure is noted in the source entry. One row from the seller's earlier list (3046 SE Hillyard Rd, May 2024, 3.03 acres, $895,000) could not be found in any public record and was removed. The adjustment percentages are the seller's analytical estimates, applied by the fixed rules in the key below, not recorded facts⁶⁰.

Property	Sold	Acres	Price	$/acre	Zoning	Size	Frontage	Date	Utilities	Factor	Adjusted $/acre
4058 NE Fairview Lake Way, Fairview^25,24 Res (lake)	Aug 2023	0.24	$550,000	$2,292K	0%	-25%	+10%	0%	-5%	0.78	$1,796K⁶⁰
405 NE 3rd St, Gresham^27,26 DCCCommercial	Jan 2022	0.22	$490,000	$2,227K	-50%	-25%	+5%	0%	-5%	0.37	$833K⁶⁰
SE 32nd St, Gresham^29,28 LDR-7	Jul 2026	0.85	$695,000	$818K	0%	-25%	+10%	0%	-5%	0.78	$641K⁶⁰
17616 NE Glisan St, Gresham^31,30 CMF	Feb 2022	0.66	$800,000	$1,212K	-10%	-25%	+5%	0%	-5%	0.67	$816K⁶⁰
SE 190th Dr, Gresham (Pleasant Valley)^33,32 HDR-PV	Dec 2024	3.91	$2,250,000	$575K	-10%	0%	+5%	0%	-5%	0.90	$517K⁶⁰
1335 SE 282nd Ave, Gresham^35,36,34 TRSame road	May 2025	2.84	$1,100,000	$387K	-10%	-10%	0%	0%	-5%	0.77	$298K⁶⁰
SUBJECT: 28131 SE Orient Drive OCI / OR today; eligible for annexation, and if annexed, industrial with limited commercial per the City	Ask	5.76	$2,500,000	$434K	basis of comparison
3105 SE Powell Valley Rd, Gresham^38,39,37 MDR-24	Apr 2026	1.10	$450,000	$409K	-10%	-10%	+5%	0%	-5%	0.81	$331K⁶⁰
SE Salquist Rd, Gresham^40,6 LDR-5	Apr 2026	12.37	$4,400,000	$356K	0%	+10%	+10%	0%	-5%	1.15	$409K⁶⁰
2605 SE 282nd Ave, Gresham^42,41 LDR-5Same road	Mar 2025	25.79	$7,424,607	$288K	0%	+20%	+5%	0%	-5%	1.20	$345K⁶⁰
W side of NE Kane Dr (257th), Gresham^43,6 CMF	Nov 2024	1.01	$210,000	$208K	-10%	-10%	+5%	0%	-5%	0.81	$168K⁶⁰
8395 SE Regner Rd, Gresham^45,44 LDR-7	May 2022	9.41	$1,700,000	$181K	0%	+10%	+10%	0%	-5%	1.15	$208K⁶⁰
SE Deer Creek Way (south of 3655), Gresham⁴⁶ LDR-7	Jan 2022	2.71	$325,000	$120K	0%	-10%	+10%	0%	-5%	0.94	$113K⁶⁰
SE Grace St / SE Clare Rd, Lots 5 and 6⁴⁷ MUA-20	Oct 2024	4.50	$435,500	$97K	+50%	0%	+10%	0%	+10%	1.82	$176K⁶⁰
27321 SE Orient Dr (listed as 0 S Keller Ave), Gresham^49,50,51,48 OR / LDR-7	Jan 2022	8.22	$640,000	$78K	+50%	+10%	+5%	0%	+10%	1.91	$148K⁶⁰
8081 SE 282nd Ave, Gresham^53,52 MUA-20Same road	Oct 2025	7.99	$529,000	$66K	+50%	0%	+5%	0%	+10%	1.73	$115K⁶⁰
2840 SE Orient Dr, Gresham⁵⁴ TROutlier	Dec 2024	1.92	$65,000	$34K	-10%	-10%	+5%	0%	-5%	0.81	excluded⁶⁰
12 platted lots off SE Powell Valley Rd and SE 12th Ter (from the 1335 SE 282nd parcel)^55,6 TR (platted)Platted lots	Mar 2026	0.59	$1,711,200	$2,900K	0%	-25%	+10%	0%	-5%	0.78	excluded⁶⁰

4058 NE Fairview Lake Way, Fairview^25,24$2,292K

Aug 2023 · 0.24 ac · $550,000 · Res (lake)

Adj: zoning 0%, size -25%, frontage +10%, date 0%, utilities -5% · x0.78 · $1,796K⁶⁰

405 NE 3rd St, Gresham^27,26$2,227K

Jan 2022 · 0.22 ac · $490,000 · DCC · Commercial

Adj: zoning -50%, size -25%, frontage +5%, date 0%, utilities -5% · x0.37 · $833K⁶⁰

SE 32nd St, Gresham^29,28$818K

Jul 2026 · 0.85 ac · $695,000 · LDR-7

Adj: zoning 0%, size -25%, frontage +10%, date 0%, utilities -5% · x0.78 · $641K⁶⁰

17616 NE Glisan St, Gresham^31,30$1,212K

Feb 2022 · 0.66 ac · $800,000 · CMF

Adj: zoning -10%, size -25%, frontage +5%, date 0%, utilities -5% · x0.67 · $816K⁶⁰

SE 190th Dr, Gresham (Pleasant Valley)^33,32$575K

Dec 2024 · 3.91 ac · $2,250,000 · HDR-PV

Adj: zoning -10%, size 0%, frontage +5%, date 0%, utilities -5% · x0.90 · $517K⁶⁰

1335 SE 282nd Ave, Gresham^35,36,34$387K

May 2025 · 2.84 ac · $1,100,000 · TR · Same road

Adj: zoning -10%, size -10%, frontage 0%, date 0%, utilities -5% · x0.77 · $298K⁶⁰

3105 SE Powell Valley Rd, Gresham^38,39,37$409K

Apr 2026 · 1.10 ac · $450,000 · MDR-24

Adj: zoning -10%, size -10%, frontage +5%, date 0%, utilities -5% · x0.81 · $331K⁶⁰

SE Salquist Rd, Gresham^40,6$356K

Apr 2026 · 12.37 ac · $4,400,000 · LDR-5

Adj: zoning 0%, size +10%, frontage +10%, date 0%, utilities -5% · x1.15 · $409K⁶⁰

2605 SE 282nd Ave, Gresham^42,41$288K

Mar 2025 · 25.79 ac · $7,424,607 · LDR-5 · Same road

Adj: zoning 0%, size +20%, frontage +5%, date 0%, utilities -5% · x1.20 · $345K⁶⁰

W side of NE Kane Dr (257th), Gresham^43,6$208K

Nov 2024 · 1.01 ac · $210,000 · CMF

Adj: zoning -10%, size -10%, frontage +5%, date 0%, utilities -5% · x0.81 · $168K⁶⁰

8395 SE Regner Rd, Gresham^45,44$181K

May 2022 · 9.41 ac · $1,700,000 · LDR-7

Adj: zoning 0%, size +10%, frontage +10%, date 0%, utilities -5% · x1.15 · $208K⁶⁰

SE Deer Creek Way (south of 3655), Gresham⁴⁶$120K

Jan 2022 · 2.71 ac · $325,000 · LDR-7

Adj: zoning 0%, size -10%, frontage +10%, date 0%, utilities -5% · x0.94 · $113K⁶⁰

SE Grace St / SE Clare Rd, Lots 5 and 6⁴⁷$97K

Oct 2024 · 4.50 ac · $435,500 · MUA-20

Adj: zoning +50%, size 0%, frontage +10%, date 0%, utilities +10% · x1.82 · $176K⁶⁰

27321 SE Orient Dr (listed as 0 S Keller Ave), Gresham^49,50,51,48$78K

Jan 2022 · 8.22 ac · $640,000 · OR / LDR-7

Adj: zoning +50%, size +10%, frontage +5%, date 0%, utilities +10% · x1.91 · $148K⁶⁰

8081 SE 282nd Ave, Gresham^53,52$66K

Oct 2025 · 7.99 ac · $529,000 · MUA-20 · Same road

Adj: zoning +50%, size 0%, frontage +5%, date 0%, utilities +10% · x1.73 · $115K⁶⁰

2840 SE Orient Dr, Gresham⁵⁴$34K

Dec 2024 · 1.92 ac · $65,000 · TR · Outlier

Adj: zoning -10%, size -10%, frontage +5%, date 0%, utilities -5% · x0.81 · excluded⁶⁰

12 platted lots off SE Powell Valley Rd and SE 12th Ter (from the 1335 SE 282nd parcel)^55,6$2,900K

Mar 2026 · 0.59 ac · $1,711,200 · TR (platted) · Platted lots

Adj: zoning 0%, size -25%, frontage +10%, date 0%, utilities -5% · x0.78 · excluded⁶⁰

Adjustment key (seller's estimates)⁶⁰

Zoning path: Subject: OCI/OR today; industrial with limited commercial after annexation, per the City. In-city low-density residential 0%. In-city higher-density residential (TR, MDR, HDR, CMF) -10%. Downtown commercial (DCC) -50%. Rural, no urban path (MUA-20, OR without annexation) +50%. Platted lots 0% (excluded anyway).
Size: Small lots price higher per acre. Under 1 ac -25%. 1 to 3 ac -10%. 3 to 8 ac 0% (subject is 5.76 ac). 8 to 15 ac +10%. Over 15 ac +20%.
Frontage / signal: Subject has dual arterial frontage at a signalized corner. Local street +10%. Arterial frontage +5%. Arterial corner 0%.
Date of sale: 0% for every sale. No public index shows Gresham land appreciating between 2022 and 2026, so older sales are not marked up. This is conservative for the 2022 sales.
Utilities: In-city lots with services at the line -5% (subject needs about 149 ft of sewer extension, seller's estimate). Rural lots on septic +10%.

Factor = product of (1 + each adjustment). Adjusted $/acre = raw $/acre x factor. Two rows are excluded from the range: the 2840 SE Orient Dr transfer (not arm's length) and the Weekley finished-lot takedown (not raw land).

$66K to $2,292K⁶¹

Raw $/acre range, 15 sales

$113K to $1,796K⁶¹

Adjusted $/acre range

$331K⁶¹

Adjusted median, all 15 sales (a statistic, not the floor)

$168K to $641K⁶¹

Adjusted middle half

$389K⁶¹

Mean of the four closest (1335 SE 282nd, SE 190th, Salquist, 3105 Powell Valley), adjusted

5 of 15⁶¹

Sales priced above the ask per acre before adjustment

Same road spotlight§ 08

Three sales on SE 282nd Ave.

May 2025

1335 SE 282nd Ave, Gresham^35,36,34

$387K /acre⁶¹

$1,100,000 · 2.84 ac · TR · adjusted $298K⁶⁰

Corner of 282nd and Powell Valley Rd. County lot is 2.84 ac; the listing described 2 acres. Price agreed August 2022, closed May 2025, then platted into townhome lots (see the same-road spotlight).

Mar 2025

2605 SE 282nd Ave, Gresham^42,41

$288K /acre⁶¹

$7,424,607 · 25.79 ac · LDR-5 · adjusted $345K⁶⁰

Subdivision tract with a 1910 farmhouse. Largest sale in the set.

Oct 2025

8081 SE 282nd Ave, Gresham^53,52

$66K /acre⁶¹

$529,000 · 7.99 ac · MUA-20 · adjusted $115K⁶⁰

Rural acreage south of the subject. Resold from $360,000 in March 2024.

The nearest like-for-like sale is 1335 SE 282nd Ave: 2.84 acres at the corner of 282nd and Powell Valley Rd, $1,100,000 in May 2025, $387K per acre raw^35,61. The ask is 12% above that⁶¹. The price was agreed in August 2022 and closed nearly three years later, after entitlement³⁴. Within ten months of closing, the buyer had platted the parcel and was selling finished townhome lots to Weekley Homes LLC: 12 lots for $1,711,200 (Mar 2026), 8 lots for $1,165,297 (Apr 2026), 6 lots for $1,014,300 (Aug 2026)^55,6. That is $3,890,797 for 26 lots, about $150K per lot and $1.37M per parent acre, 254% above the raw-land price⁶¹. Lot development cost is not public, so this is not a profit figure. It is the public record of what entitlement did to the value of dirt on this road.

The other two same-road sales bracket the subject. North, 2605 SE 282nd Ave, 25.79 acres of LDR-5 subdivision ground with a 1910 farmhouse, went for $7,424,607 in March 2025, $288K per acre^42,61; at $345K adjusted for its size, it lands under the ask⁶⁰. South, 8081 SE 282nd Ave, 7.99 acres of MUA-20 rural ground with no urban path, sold for $529,000 in October 2025, $66K per acre^53,61. The gap between $66K and $288K on the same road is the price of an urban zoning path. Half a mile west, 12.37 acres on SE Salquist Rd traded at $356K per acre in April 2026, the largest recent land purchase near the subject^40,61.

Residual land value check§ 09

What the land is worth to a builder.

The three buyer programs on the offering page carry the seller's market-band rents, occupancy, hard costs, and soft costs⁵⁹. Holding those inputs, residual land value is the stabilized value at an exit cap rate minus hard and soft cost. NOI is 95% of gross rent, the same convention the programs use⁵⁹. Every input here is an estimate, not a record, and the exit cap is the biggest lever, so the table shows three of them.

Program	Gross rent /yr	NOI	Hard + soft	Residual @ 5.5%	Residual @ 6.0%	Residual @ 6.5%	Land payback
A. Small-bay flex / light industrial 55,000 sf⁵⁹	$834,900	$793,155	$12,540,000	$1.88M⁶¹	$0.68M⁶¹	($0.34M)⁶¹	3.0 yrs⁶¹
B. HQ / R&D flex + capped showroom 51,000 sf⁵⁹	$848,325	$805,909	$14,688,000	($0.04M)⁶¹	($1.26M)⁶¹	($2.29M)⁶¹	2.9 yrs⁶¹
C. Note 9 multi-outlet + flex 60,000 sf⁵⁹	$1,130,690	$1,074,156	$14,868,000	$4.66M⁶¹	$3.03M⁶¹	$1.66M⁶¹	2.2 yrs⁶¹

Read plainly: at a 6.0% exit cap, Program C, the Note 9 multi-outlet mix, supports $3.03M of land value ($527K per acre)⁶¹, above the ask. Program A comes closest among the others at $1.88M at a 5.5% cap and does not reach it⁶¹. Program B does not support the ask as a pure merchant build at these bands⁶¹. That is the honest read, and it is why the ask is $2,500,000 and not more.

The same table also shows the payback: the land is covered by 2.2 to 3.0 years of gross rent on any of the three programs⁶¹. The residual check supports $2,500,000 for the buyer who builds Program C, builds at the low end of the cost bands, or holds for rent growth on a 3.9% vacancy corridor²¹. Those are the three buyers this land is priced for.

Scarcity§ 10

Full buildings, frozen supply.

3.9%²¹

Southeast submarket industrial vacancy, Q2 2026, on 31,180,455 sf; metro 7.7%

5.6%²³

Gresham submarket vacancy, 2Q 2026, asking $0.94/sf/mo; metro direct vacancy 7%

~388 ac¹⁴

vacant industrial land citywide; about 70% (~272 ac) in water-constrained Springwater

~90%¹⁴

of vacant industrial sites are under 10 acres; no industrial development in Springwater since the 2002 UGB addition

Demand side: CBRE puts Southeast Portland industrial vacancy at 3.9% with 4.4% availability, against 7.7% for the metro²¹. Kidder Mathews, using its own submarket lines, reports Gresham at 5.6% with asking rents of $0.94 per sf per month, above the $0.88 metro average²³. Two independent public reports, same direction: east-side industrial space is functionally full.

Supply side: the City's May 2026 EOA memo counts roughly 388 vacant industrial acres and, on paper, an industrial surplus. The same memo lists "limited supply of development-ready industrial land" as a key disadvantage: about 90% of vacant sites are under 10 acres, and about 70% of the acreage (272 acres) sits inside Springwater, where water infrastructure has held industrial development at zero since 2002¹⁴. Outside the city line, the subject's OCI and OR zoning sits inside a Regionally Significant Industrial Area, where state policy blocks new non-industrial uses and any reduction of industrial land^7,8. Competing supply cannot be created under county jurisdiction. It can only be annexed, and the subject already shares a boundary with the city⁵⁸.

Reconciled value conclusion§ 11

Where $2.50M sits.

$2.24M⁶¹

Low: adjusted mean of the four closest comparables (1335 SE 282nd Ave, SE 190th Dr, SE Salquist Rd, 3105 SE Powell Valley Rd), $389K per acre x 5.76 acres

$2.50M⁶¹

Ask: $434K per acre, 36% of the way from the low to the high

$2.98M⁶¹

High: SE 190th Dr, the closest in-city sale by size and frontage, adjusted, $517K per acre x 5.76 acres

Why $2.24M is a floor, not a value

1All four floor comparables are residential-path land on the county record: TR (1335 SE 282nd Ave), HDR-PV (SE 190th Dr), LDR-5 (SE Salquist Rd), MDR-24 (3105 SE Powell Valley Rd). None carried an industrial designation. The subject is eligible for annexation and, if annexed, zoned industrial with limited commercial, in the City's written words, with the same industrial designation drawn on the City's Springwater plan map and zoning GIS, applied at annexation.^{35,33,40,38,6,58,9,10}
21335 SE 282nd Ave enters the floor at $298K per acre. Within ten months of its May 2025 closing, the same parcel resold as platted lots to Weekley Homes LLC for $3,890,797 across 26 lots, about $1.37M per parent acre, per county deed records.^{35,55,6,60,61}
3SE Salquist Rd, the largest of the four at 12.37 acres, sits on a local street off Orient Dr with no arterial frontage, and its net adjustment is only +15% (size +10%, frontage +10%, utilities -5%).^40,60,61
4The floor gives zero weight to the only commercial-zoned sale, $833K per acre after a 50% zoning cut and a 25% size cut, and zero weight to the Program C residual, $3.03M at a 6.0% cap, which is above the ask.^27,60,59,61
5All four floor comparables closed before the City's May 11, 2026 EOA memo, and all four closed before Grainger's August 19, 2026 opening in Gresham. The latest of them, 3105 SE Powell Valley Rd, closed Apr 2026.^{35,33,40,38,14,17}

Value range, $ per acreReconciled range shaded. Ask marked.

$331K⁶¹

Adjusted median, all 15 sales

$387K³⁵

1335 SE 282nd, raw

$389K⁶¹

Low: four closest, adjusted mean

$517K⁶¹

High: SE 190th Dr, adjusted

$833K⁶¹

Commercial ceiling, adjusted

ASK $434K

$0$300K$600K$900K

1Adjusted median, all 15 sales: $331K⁶¹
21335 SE 282nd, raw: $387K³⁵
3Low: four closest, adjusted mean: $389K⁶¹
4High: SE 190th Dr, adjusted: $517K⁶¹
5Commercial ceiling, adjusted: $833K⁶¹

Reconciled range $389K to $517K per acre ($2.24M to $2.98M): from the adjusted mean of the four closest comparables to SE 190th Dr adjusted.⁶¹

Middle half of the 15 adjusted sales, $168K to $641K.⁶¹

The ask, $2,500,000 for 5.76 acres, sits 36% of the way through the reconciled range.⁶¹

Three indicators, weighted by how much of the subject they describe. The sales comparison carries the most weight: 15 verified, adjusted sales put the whole-set median at $331K and the middle half at $168K to $641K per acre, and the four closest comps, which set the floor, average $389K^60,61. The residual check confirms the ask for Program C at a 6.0% cap and caps the upside⁶¹. The commercial ceiling and the Weekley lot takedowns show what entitlement is worth on this road and in this city, without being relied on for the number^27,55.

Reconciled range: $2.24M to $2.98M, $389K to $517K per acre⁶¹. The ask of $2,500,000 is inside the range, 36% of the way from the floor to the high, and below every in-city sale under one acre, the commercial ceiling, and the Program C residual⁶¹. It is priced for the buyer who values the industrial path, the signalized dual frontage, and the frozen county supply. It is not priced as farm ground, and it is not priced as if it were already annexed and served. That gap is the buyer's margin.

Next step§ 12

One email starts it.

Email Johny Saephan for the diligence package: APNs and title chain, the City's correspondence (eligible for annexation; if annexed, zoned industrial with limited commercial), the plan map and GIS readout of the industrial designation, county tax roll excerpts, traffic counts, the utility memo, and the EOA excerpt. Proof of funds is required before detailed materials go out⁵⁸.

Request the diligence package Book a tour

Johny Saephan, Johny Sells Property

Part of Saephan Enterprise

johnysellshomes@gmail.com

Public listing reference: Zillow.

Step 1
Choose your program
Pick A, B, or C from your tenant pipeline.
Step 2
Book the pre-app
Gresham pre-application: owner-initiated annexation, shared-boundary survey, utilities, and confirmation of the City's words, eligible for annexation and if annexed, zoned industrial with limited commercial, against the Springwater plan map and zoning GIS.
Step 3
Lot of record
Run the MultCo Type II determination in parallel.
Step 4
Real GC number
Get a contractor bid inside the cost bands, then write the offer at $2.5M.

Plain-language glossary§ 13

The terms, one line each.

Annexation: The legal step that moves land from county jurisdiction into a city. Here, from Multnomah County into the City of Gresham. The owner applies; the City decides.
Industrial with limited commercial: The City of Gresham's description of the zoning the Springwater plan map applies at annexation (3,000 sf single outlet / 20,000+ sf multi-outlet). Allows industrial, flex, R&D, and manufacturing, plus limited commercial under Note 9. Warehousing is ancillary only, 20% or less of a building; a pure warehouse is not allowed.
OCI and OR: Multnomah County rural zones: Orient Commercial Industrial and Orient Rural. The subject's zoning today.
RSIA: Regionally Significant Industrial Area, a state designation. Inside one, new non-industrial uses and any reduction of industrial land are restricted.
Note 9: A footnote in the industrial use table of Gresham's Springwater plan code (Section 4.1500). Commercial uses are capped at 3,000 square feet for a single outlet, or must exceed 20,000 square feet across a multi-outlet project.
Lot of record: A county determination that a parcel was legally created and can be developed on its own. The subject needs a Type II (staff-level, with notice) determination from Multnomah County.
Contiguity: Sharing a boundary with the city. Required for annexation. The subject touches Samson Acres, which is inside Gresham.
EOA: Economic Opportunities Analysis. A study Oregon cities must produce under Statewide Planning Goal 9 to show they have enough employment land for 20 years.
Goal 9: Oregon Statewide Planning Goal 9, Economic Development. It requires cities to inventory and plan for employment land.
UGB: Urban Growth Boundary. The line around the Portland metro inside which cities may grow. Springwater was added to it in 2002.
ADT: Average daily traffic, the number of vehicles passing a counter in a typical day.
FEMA Zone X: FEMA's label for land outside the mapped special flood hazard area (the 100-year floodplain) on the effective flood insurance rate map (panel effective February 1, 2019). It is a map designation, not an insurance decision: a lender or insurer can still require flood coverage, so buyer to verify with lender and insurer.
RMV: Real market value, the county assessor's estimate of what a property would sell for. Used for taxes; not a sale price.
Arm's length: A sale between unrelated parties, each acting in their own interest. Bargain and sale deeds and family transfers may not be.
Comparable sale (comp): A recent sale of similar land used as a yardstick. Adjustments move each comp toward the subject so they can be compared per acre.
Adjusted $/acre: A comp's raw price per acre multiplied by the adjustment factor for zoning path, size, frontage, date, and utilities.
Merchant build: Building a project to sell it on completion rather than to hold it. Its math is the thinnest because it captures no rent growth.
Cap rate: Capitalization rate: yearly net operating income divided by value. A 6.0% cap means a buyer pays about 16.7 times NOI.
NOI: Net operating income: rent collected minus operating costs. The programs use 95% of gross rent.
Residual land value: What a builder can pay for land after everything else: finished value at the exit cap rate, minus hard and soft cost.
Hard and soft cost: Hard cost is construction. Soft cost is design, permits, financing, and fees, taken here as about 20% of hard.
Land payback: The land price divided by the project's yearly gross rent: how many years of rent cover the land.
Hero yield: Yearly gross rent divided by total capital (land plus hard plus soft). A quick, unlevered return figure.
Pre-app: A pre-application meeting with City planning staff to confirm the path, the studies required, and the fees before a formal application.

Sources appendix§ 14

Every number, traced.

Every source below is public and opens in a browser without a login, subscription, or paid account, and every link was opened on the access date shown with it while preparing this document. Entries marked "Seller's estimate" are not public records and are labeled so wherever they are used. All links checked on 2026-10-06: 40 were fetched and verified automatically; 15 sit behind bot protection that refuses automated requests, open normally in a browser, and are marked below.

1
Multnomah County Assessor via PortlandMaps. Assessor detail, R341024 (subject, 0.21 ac, OCI).
https://www.portlandmaps.com/detail/assessor/R341024_did/
Accessed 2026-09-28. 2025 tax $505.36. Deed 2/12/2021, $1,045,000 for all five lots, instrument 2021025974.
2
Multnomah County Assessor via PortlandMaps. Assessor detail, R341025 (subject, 0.92 ac, OCI).
https://www.portlandmaps.com/detail/assessor/R341025_did/
Accessed 2026-09-28. 2025 tax $4,601.97. Tax roll also lists $4,447.37 of potential additional tax on this lot from a 2008 to 2012 farm-use disqualification ($46,465 across the four lots that carry it).
3
Multnomah County Assessor via PortlandMaps. Assessor detail, R168986 (subject, 1.39 ac, OCI).
https://www.portlandmaps.com/detail/assessor/R168986_did/
Accessed 2026-09-28. 2025 tax $2,926.34. Tax roll also lists $13,321.95 of potential additional tax on this lot from a 2008 to 2012 farm-use disqualification ($46,465 across the four lots that carry it).
4
Multnomah County Assessor via PortlandMaps. Assessor detail, R168985 (subject, 0.38 ac, OR).
https://www.portlandmaps.com/detail/assessor/R168985_did/
Accessed 2026-09-28. 2025 tax $1,722.01. Tax roll also lists $1,262.10 of potential additional tax on this lot from a 2008 to 2012 farm-use disqualification ($46,465 across the four lots that carry it).
5
Multnomah County Assessor via PortlandMaps. Assessor detail, R341018 (subject, 2.86 ac, OR).
https://www.portlandmaps.com/detail/assessor/R341018_did/
Accessed 2026-09-28. 2025 tax $5,853.98. Tax roll also lists $27,433.48 of potential additional tax on this lot from a 2008 to 2012 farm-use disqualification ($46,465 across the four lots that carry it).
6
Multnomah County DART. Taxlots public GIS layer (fields: ZONING, SIZEACRES, SALE_PRICE, SALE_DATE, DEED_TYPE, INST_NUM, ROLLYEAR, ROLLLAND).
https://www3.multco.us/gisagspublic/rest/services/DART/Taxlots_Orion_Public/MapServer/0
Accessed 2026-09-28. Open REST endpoint; append /query?where=PROPID%3D%27R341018%27&outFields=*&f=pjson to read any lot. Same data as PortlandMaps.
7
Multnomah County Land Use Planning. Zoning Code and Maps (rural zoning map viewer, OCI and OR districts).
https://multco.us/info/zoning-code-and-maps
Accessed 2026-09-28.
8
Business Oregon. Regionally Significant Industrial Areas program page (limits on new non-industrial uses and on reducing industrial land inside an RSIA).
https://www.oregon.gov/biz/programs/rsia/pages/default.aspx
Accessed 2026-09-28.
9
City of Gresham. Springwater Plan District Plan Map (Exhibit B3, September 20, 2005).
https://www.greshamoregon.gov/globalassets/city-departments/urban-design-and-planning/development-planning/springwater-plan-district-plan-map.pdf
Accessed 2026-09-28. Parcel-level reading verified against the City's public Planning map service on 2026-09-29: every subject tax lot falls only in the plan map's industrial designation (industrial with limited commercial: 3,000 sf single outlet / 20,000+ sf multi-outlet) inside the Springwater Plan Area. See the City's public Planning map service entry below for the layer, field, and value.
10
City of Gresham. Public Planning map service (GME/Planning/MapServer): Springwater Zoning layer 7 (field ZONE) and Springwater Plan Area layer 2.
https://gis.greshamoregon.gov/ext/rest/services/GME/Planning/MapServer?f=pjson
Accessed 2026-09-30. Plan-layer footnote, the one place this site prints the map code. Open ArcGIS REST endpoint, no login. On 2026-09-29 the Springwater Zoning layer (layer 7, field ZONE) returned IND-SW for each of the five county tax-lot polygons from the Multnomah County DART service (mc-taxlots), all inside the Springwater Plan Area (layer 2); re-verified against the live service on 2026-09-30 with an intersects query per lot. The City Zoning layer (layer 4) returns no zone for the lots themselves, which are unincorporated today; the only touch is R341018's shared edge with Samson Acres (LDR-5), the contiguity boundary. Plan-layer observation, not active City zoning today; the plan map applies at annexation under Development Code 4.1502.
11
City of Gresham Urban Design & Planning. Pre-application meetings, not in design districts (handout: an optional staff meeting to discuss a land use proposal before filing a development permit application).
https://www.greshamoregon.gov/globalassets/city-departments/urban-design-and-planning/development-planning/pre-application-conferences-not-in-design-districts.pdf
Accessed 2026-10-02.
12
City of Gresham. Gresham Map (parcel lookup with zoning and Springwater designations).
https://gis.greshamoregon.gov/GreshamMap/
Accessed 2026-09-28.
13
City of Gresham Development Code. Section 4.1500 Springwater Plan District (4.1502 plan map applied at annexation; industrial use table Note 9 for the plan map's industrial designation, industrial with limited commercial: 3,000 sf single outlet / 20,000+ sf multi-outlet).
https://www.greshamoregon.gov/globalassets/government/city-codes-and-policies/development-code/dc-section-4.1500.pdf?id=7842
Accessed 2026-09-28.
14
City of Gresham Planning Commission. Economic Opportunities Analysis project work session memo, May 11, 2026.
https://www.greshamoregon.gov/globalassets/government/mayor-and-council/committees/planning-commission/2026-05-11-economic-opportunities-analysis-project-work-session-memo.pdf
Accessed 2026-09-28.
15
City of Gresham Planning Commission. Staff report, Type IV hearing, Comprehensive Plan Amendment CPA-25-00645, Goal 9 Economic Development Update, hearing date August 24, 2026 (lists "Council Hearing, October 6, 2026 (scheduled)" and states that notice of the October 6, 2026 City Council hearing will be published in the Gresham Outlook no later than September 23, 2026).
https://www.greshamoregon.gov/globalassets/government/mayor-and-council/committees/planning-commission/2026-08-24-economic-development-update-staff-report.pdf
Accessed 2026-09-29. Linked from the City's Planning Commission page (greshamoregon.gov/planning-commission) under August 24, 2026. The Planning Commission holds the first hearing and recommends; the Council holds the second hearing and makes the final decision. The staff report gives no hearing time, and the Council agenda for October 6, 2026 was not yet posted on the City's meeting portal on the access date.
16
Oregon Department of Revenue. Real Property Assessment and Taxation, publication 150-303-670 (defines real market value as the price a property would sell for between a willing buyer and a willing seller on January 1, the assessment date; tax is charged on the lower of RMV and maximum assessed value).
https://www.oregon.gov/dor/forms/FormsPubs/real-property-assessment_303-670.pdf
Accessed 2026-09-29.
17
W.W. Grainger, Inc.. Press release, August 19, 2026: Grainger opens Northwest Distribution Center in Gresham, Oregon.
https://pressroom.grainger.com/news/press-release-details/2026/GRAINGER-OPENS-NORTHWEST-DISTRIBUTION-CENTER-IN-GRESHAM-OREGON/default.aspx
Accessed 2026-09-29.Not verified by the automatic link check: Cloudflare serves a bot challenge (HTTP 403, cf-mitigated: challenge) to non-browser clients, so the link check cannot fetch it; opens normally in a browser.
18
City of Gresham. City news release, April 10, 2026: City of Gresham Celebrates 20 Years of Enterprise Zone Success (more than $1.6 billion in local investment and more than 5,000 jobs since March 2006; 23 companies have benefitted, including Microchip Technology and Arnprior Aerospace).
https://www.greshamoregon.gov/news/city-news/city-of-gresham-celebrates-20-years-of-enterprise-zone-success
Accessed 2026-09-30. Program terms are on the City's Enterprise Zone page, greshamoregon.gov/enterprise-zone. Enterprise zone benefits are a separate program with their own eligibility rules; nothing here states that the subject qualifies.
19
Multnomah County Transportation. Average Daily Traffic (ADT) public map, counters ORI-2 (Orient Dr, Dodge Park Blvd to 282nd) and 282-AV1 (282nd Ave, Stone Rd to Orient).
https://experience.arcgis.com/experience/cb2ee6d16ca24ffe9fc9d43b513af3ac
Accessed 2026-09-28. Linked from multco.us/info/traffic-counts. Data layer: services5.arcgis.com/x7DNZL1YqNQVNykA/arcgis/rest/services/Average_Daily_Traffic/FeatureServer/2. These are county counts; the roads are county roads, not ODOT highways.
20
FEMA Flood Map Service Center. Address search, 28131 SE Orient Dr, Gresham OR 97080.
https://msc.fema.gov/portal/search?AddressQuery=28131%20SE%20Orient%20Dr%2C%20Gresham%2C%20OR%2097080
Accessed 2026-09-28. PortlandMaps hazard tab for the same parcels reports no FEMA Special Flood Hazard Area, which is Zone X. Panel effective February 1, 2019, an older map; buyer to verify the current designation and any lender or insurer requirement.
21
CBRE Research. Portland Industrial Figures Q2 2026 (PDF, market statistics table).
https://mktgdocs.cbre.com/2299/170a53dc-d2eb-44ca-abf1-605cc27b1789-1589715754/Portland_Industrial_Figures__Q.pdf
Accessed 2026-09-28. Web version: cbre.com/insights/figures/portland-industrial-figures-q2-2026.Not verified by the automatic link check: Cloudflare serves a bot challenge (HTTP 403, cf-mitigated: challenge) to non-browser clients, so the link check cannot fetch it; opens normally in a browser.
22
CBRE Research. Portland Industrial Figures Q1 2026 (web report: "approximately 3.0 million sq. ft. of active tenant requirements being tracked"; metro vacancy 7.6% that quarter).
https://www.cbre.com/insights/figures/portland-industrial-figures-q1-2026
Accessed 2026-09-30. Tenant requirements are a demand indicator CBRE tracks metro-wide, not signed leases and not tied to this site. The Q2 2026 report above is used for the vacancy figures.Not verified by the automatic link check: Cloudflare serves a bot challenge (HTTP 403, cf-mitigated: challenge) to non-browser clients, so the link check cannot fetch it; opens normally in a browser.
23
Kidder Mathews. Portland Industrial Market Report 2Q 2026 (PDF).
https://kidder.com/wp-content/uploads/market_report/industrial-market-research-portland-2026-2q.pdf
Accessed 2026-09-28.
24
Zillow (republishes RMLS sale records). 4058 NE Fairview Lake Way, Fairview (RMLS 23421684).public listing
https://www.zillow.com/homedetails/4058-NE-Fairview-Lake-Way-Fairview-OR-97024/119260558_zpid/
Accessed 2026-09-28.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
25
Multnomah County Assessor via PortlandMaps. Assessor detail, R117237 (4058 NE Fairview Lake Way).
https://www.portlandmaps.com/detail/assessor/R117237_did/
Accessed 2026-09-28.
26
Zillow (republishes RMLS sale records). 405 NE 3rd St, Gresham.public listing
https://www.zillow.com/homedetails/405-NE-3rd-St-Gresham-OR-97030/53992648_zpid/
Accessed 2026-09-28. Listing shows 10,454 sf (0.24 ac); county lot is 9,552 sf (0.22 ac). County used.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
27
Multnomah County Assessor via PortlandMaps. Assessor detail, R314031 (425-445 NE 3rd St).
https://www.portlandmaps.com/detail/assessor/R314031_did/
Accessed 2026-09-28.
28
Zillow (republishes RMLS sale records). SE 32nd St, Gresham (RMLS 454850768).public listing
https://www.zillow.com/homedetails/32-Southeast-St-Gresham-OR-97080/119261616_zpid/
Accessed 2026-09-28.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
29
Multnomah County Assessor via PortlandMaps. Assessor detail, R168974 (SE 32nd St).
https://www.portlandmaps.com/detail/assessor/R168974_did/
Accessed 2026-09-28.
30
Zillow (republishes RMLS sale records). 17616 NE Glisan St.public listing
https://www.zillow.com/homedetails/17616-NE-Glisan-St-Portland-OR-97230/2078121457_zpid/
Accessed 2026-09-28. Listing shows 0.68 ac; county lot R321636 is 0.66 ac. County used.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
31
Multnomah County Assessor via PortlandMaps. Assessor detail, R321636 (17640 NE Glisan St, now inactive after split).
https://www.portlandmaps.com/detail/assessor/R321636_did/
Accessed 2026-09-28.
32
Zillow (republishes RMLS sale records). 7424 SE 190th Dr, Gresham (RMLS 22158155).public listing
https://www.zillow.com/homedetails/7424-SE-190th-Dr-Gresham-OR-97030/54006219_zpid/
Accessed 2026-09-28. Listing shows 4.0 ac; county lot is 3.91 ac. County used.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
33
Multnomah County Assessor via PortlandMaps. Assessor detail, R723154 (SE 190th Dr).
https://www.portlandmaps.com/detail/assessor/R723154_did/
Accessed 2026-09-28.
34
Zillow (republishes RMLS sale records). 1335 SE 282nd Ave, Gresham (RMLS 22231480).public listing
https://www.zillow.com/homedetails/1335-SE-282nd-Ave-Gresham-OR-97080/80922466_zpid/
Accessed 2026-09-28. Listing describes 2 acres and names R339876 as an additional parcel. Pending August 2022, closed May 2025.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
35
Multnomah County Assessor via PortlandMaps. Assessor detail, R339848 (1335 SE 282nd Ave, 2.84 ac, now inactive after subdivision).
https://www.portlandmaps.com/detail/assessor/R339848_did/
Accessed 2026-09-28.
36
Multnomah County Assessor via PortlandMaps. Assessor detail, R339876 (adjoining 1.02 ac lot named in the 1335 listing; county shows no 2025 deed on it).
https://www.portlandmaps.com/detail/assessor/R339876_did/
Accessed 2026-09-28.
37
Zillow (republishes RMLS sale records). 3105 SE Powell Valley Rd, Gresham.public listing
https://www.zillow.com/homedetails/3105-SE-Powell-Valley-Rd-Gresham-OR-97080/54005561_zpid/
Accessed 2026-09-28.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
38
Multnomah County Assessor via PortlandMaps. Assessor detail, R339538 (3105 SE Powell Valley Rd, 0.46 ac with a 1964 house).
https://www.portlandmaps.com/detail/assessor/R339538_did/
Accessed 2026-09-28.
39
Multnomah County Assessor via PortlandMaps. Assessor detail, R339413 (SE Powell Valley Rd, 0.64 ac vacant, same deed).
https://www.portlandmaps.com/detail/assessor/R339413_did/
Accessed 2026-09-28.
40
Multnomah County Assessor via PortlandMaps. Assessor detail, R339867 (SE Salquist Rd, 12.37 ac).
https://www.portlandmaps.com/detail/assessor/R339867_did/
Accessed 2026-09-28.
41
Zillow (republishes RMLS sale records). 2605 SE 282nd Ave, Gresham.public listing
https://www.zillow.com/homedetails/2605-SE-282nd-Ave-Gresham-OR-97080/54005654_zpid/
Accessed 2026-09-28.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
42
Multnomah County Assessor via PortlandMaps. Assessor detail, R339731 (2605 SE 282nd Ave, 25.79 ac, 1910 house on site).
https://www.portlandmaps.com/detail/assessor/R339731_did/
Accessed 2026-09-28.
43
Multnomah County Assessor via PortlandMaps. Assessor detail, R286089 (W/ NE Kane Dr, 1.01 ac, bargain and sale deed).
https://www.portlandmaps.com/detail/assessor/R286089_did/
Accessed 2026-09-28.
44
Zillow (republishes RMLS sale records). 8395 SE Regner Rd, Gresham (RMLS 19036269).public listing
https://www.zillow.com/homedetails/8395-SE-Regner-Rd-Gresham-OR-97080/54006265_zpid/
Accessed 2026-09-28.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
45
Multnomah County Assessor via PortlandMaps. Assessor detail, R713901 (SW Day Ln, successor account for the Regner Rd tract).
https://www.portlandmaps.com/detail/assessor/R713901_did/
Accessed 2026-09-28.
46
Multnomah County Assessor via PortlandMaps. Assessor detail, R340936 (3655 S/ SE Deer Creek Way, 2.71 ac).
https://www.portlandmaps.com/detail/assessor/R340936_did/
Accessed 2026-09-28.
47
Zillow (republishes RMLS sale records). SE Grace St / SE Clare Rd Lots 5 and 6, Gresham (RMLS 24454680).public listing
https://www.zillow.com/homedetails/SE-Grace-Street-Se-Clare-Rd-LOT-56-Gresham-OR-97080/346924226_zpid/
Accessed 2026-09-28.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
48
Zillow (republishes RMLS sale records). 0 S Keller Ave, Gresham.public listing
https://www.zillow.com/homedetails/0-S-Keller-Ave-Gresham-OR-97080/2067797561_zpid/
Accessed 2026-09-28. Listing reports $450,000 for the 5.65 ac lot alone (agent provided). County deed is $640,000 for three lots totaling 8.22 ac. County used.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
49
Multnomah County Assessor via PortlandMaps. Assessor detail, R341039 (27321 SE Orient Dr, 5.65 ac, OR).
https://www.portlandmaps.com/detail/assessor/R341039_did/
Accessed 2026-09-28.
50
Multnomah County Assessor via PortlandMaps. Assessor detail, R341034 (SE Orient Dr, 1.62 ac, same deed).
https://www.portlandmaps.com/detail/assessor/R341034_did/
Accessed 2026-09-28.
51
Multnomah County Assessor via PortlandMaps. Assessor detail, R341043 (SE Orient Dr, 0.95 ac with 1963 improvements, same deed).
https://www.portlandmaps.com/detail/assessor/R341043_did/
Accessed 2026-09-28.
52
Zillow (republishes RMLS sale records). 8081 SE 282nd Ave, Gresham.public listing
https://www.zillow.com/homedetails/8081-SE-282nd-Ave-Gresham-OR-97080/2122739589_zpid/
Accessed 2026-09-28.Not verified by the automatic link check: Zillow answers automated requests with HTTP 403 or 429 (bot protection), so the link check cannot fetch it; opens normally in a browser.
53
Multnomah County Assessor via PortlandMaps. Assessor detail, R341031 (8081 SE 282nd Ave, 7.99 ac).
https://www.portlandmaps.com/detail/assessor/R341031_did/
Accessed 2026-09-28.
54
Multnomah County Assessor via PortlandMaps. Assessor detail, R339897 (2840 SE Orient Dr, 1.92 ac).
https://www.portlandmaps.com/detail/assessor/R339897_did/
Accessed 2026-09-28.
55
Multnomah County Assessor via PortlandMaps. Assessor detail, R735549 (5881 SE Powell Valley Rd, one of 12 platted lots bought by Weekley Homes LLC, instrument 2026021468).
https://www.portlandmaps.com/detail/assessor/R735549_did/
Accessed 2026-09-28. Query the county taxlot layer for INST_NUM 2026021468 to list all 12 lots.
56
Seller's estimate. Utility distances (water 9 to 12 ft, sewer 149 ft) come from the seller's utility memo, a private document. Not a public record..estimate, not a record
No public page.
57
Seller's estimate. Drive times and nearby distances were measured by the seller on a public road map at typical traffic. Approximate, not a public record..estimate, not a record
No public page.
58
Seller's estimate. City of Gresham email correspondence held by the seller, a private document. It supports two statements only: annexation eligibility, and that the land will be zoned industrial with limited commercial. Quoted exactly: "The parcels are eligible for annexation into Gresham. If the owners choose to annex the land will be zoned industrial and commercial uses are allowed in a limited way." The email does not name the district; the plan map's industrial designation (industrial with limited commercial: 3,000 sf single outlet / 20,000+ sf multi-outlet) comes from the City's Springwater plan map and public Planning map service, cited separately above. Buyer to confirm with the City..estimate, not a record
No public page.
59
Seller's estimate. Program rents, occupancy, hard and soft cost bands, and NOI are market-band estimates prepared by the seller. Not an appraisal, not a bid, not a public record..estimate, not a record
No public page.
60
Seller's estimate. Adjustment percentages in the comparable grid are the seller's analytical judgments, applied by fixed rules shown in the adjustment key. Not a public record..estimate, not a record
No public page.
61
This document. Computed here from the raw figures cited alongside it (division, percentage change, median, quartiles). Rounded for display..estimate, not a record
No public page.

Prepared by the seller. Not an appraisal, not a broker opinion of value, not investment advice. Rents, costs, yields, and adjustments are estimates. Zoning, annexation eligibility, lot-of-record status, utilities, and flood designation must be independently verified with the City of Gresham and Multnomah County. 2026-09-28.

Back to the offering

28131 SE Orient DriveGresham, OR 97080

Why this land is worth $2,500,000.

Priced like residential land, with an industrial path if annexed.

In the buyer scenarios, the land pays for itself in project rent.

Buildings are full and new supply is frozen.

Summary for quick readers

Where $434K per acre sits.

Five things the price is made of.

Six things a careful buyer will raise, and what outweighs each.

There is a lot-of-record step.

Sewer is 149 feet away.

The seller paid $1,045,000 in 2021.

Merchant-build math is thin at mid-band costs.

Springwater is water-constrained, and the City is reviewing whether the area stays industrial.

It is not in the city yet.

What would have to be true for this to be a bad buy.

Annexation would have to be unavailable, or the zoning after annexation something other than industrial.

An urban zoning path would have to be worth little on this road.

Gresham would have to have plenty of ready industrial land.

Southeast industrial buildings would have to be sitting empty.

All three programs would have to fail at every reasonable exit cap.

A cheaper parcel with the same path would have to exist.