540 S Nevada St, Portland

A rare opportunity to preserve a piece of Portland history, 540 S Nevada St offers a 7,405 sq ft, nearly level lot in a prime Johns Landing location, zoned RM1, with a decommissioned pump house ready for its next chapter. The original pump and electrical equipment remains inside and conveys with the sale, and everything is disconnected and decommissioned. A buyer may preserve the structure and potentially repurpose it for commercial use, convert it to residential use and expand onto it, or tear it down and build new to maximize the building footprint and total unit count, subject to buyer due diligence. Based on Portland zoning, RM1 allows a minimum density of 1 dwelling per 2,500 sq ft of land, with no maximum density specified, offering flexibility for a multifamily vision on this 0.17 acre site. The seller may consider short-term owner-carried financing if needed, until construction financing funds or permits are fully approved. For a developer, a creative buyer, or someone who sees the potential in a truly unique structure, 540 S Nevada St offers history, flexibility, and a prime location in one rare offering.