540 S Nevada St
Land | 7,405 SqFt
Marketing description
Opportunity knocks! Take advantage of this rare offering, a 7,400 SqFt nearly level lot, zoned RM1, in an absolutely prime location! Based on Portland zoning specs, this site allows for a MINIMUM of 1 dwelling per 2,500 SqFt of land with no maximum number of dwellings specified. The current decommissioned pump house can be preserved and potentially repurposed into some form of commercial use, converted into residential use & expanded onto, or torn down to build completely new and maximize the building footprint and total unit count. Buyer to do due diligence. Seller may consider owner carried financing for a limited term if needed, either until construction financing funds, or permits are fully approved.
Investment highlights
📍 Location Advantages
Situated in South Portland’s John’s Landing neighborhood, minutes from downtown.
Walkable to local favorites including Zupan’s Market, Elephants on Corbett, JoLa Café, and Willamette Park & River access.
Convenient access to I-5, Macadam Ave/99E, and public transit, supporting strong tenant or buyer demand.
🏗 Development Potential
Zoning: RM1 (Residential Multi-Family 1) – supports small multi-family development.
Current lot size: 7,405 SF (≈0.17 acres).
Density allowance: minimum 1 dwelling per 2,500 SF of land with up to 3 stories in height permitted.
Opportunity for townhomes, duplexes, or a boutique multi-unit project.
🔑 Property Features
Existing structure: Decommissioned pump house with adaptive reuse or demolition potential.
Relatively level lot with development flexibility.
Property taxes: Approx. $6,320 annually (2024).
Asking Price: $595,000.
💡 Investment Upside
Scarce developable land in desirable Southwest Portland submarket.
Strong end-user demand from professionals and families seeking proximity to downtown & river recreation.
Flexible redevelopment path: ground-up build, adaptive reuse, or long-term hold.
Seller financing potential (short-term carried contract available, per seller).
⚖️ Risk & Considerations
Standard entitlement, permitting, and construction costs apply.
Existing structure may require demo or significant upgrades.
Development potential subject to buyer’s due diligence with City of Portland planning.
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