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About this home
Rare developer and investor opportunity directly across from OHSU Hospital and adjacent to the medical and nursing schools! This premium location features approximately 15,000 SF of land spanning 3 city lotszoned RM2. Excellent potential for future growth with the massive benefit of immediate holding income: the property features an existing 3-story, 3-bedroom residential home that is currently rented. Perfect for a covered land play while you finalize your development plans in a high-demand medical community footprint. The final listing photos showcase the incredible views captured from 25-45 feet above ground level. According to City of Portland Zoning Code, RM2 allows a 45-foot maximum height, generally up to 4 stories, with potential for a higher ratio via city-approved inclusionary housing. Buyer to independently verify any and all zoning code applications, restrictions, and development potential. Owner will consider owner financing terms. [Home Energy Score = 3. HES Report at https://rpt.greenbuildingregistry.com/hes/OR10058334]
Single-familyProperty Type
1904Year Built
0.34 acresLot Size
$475Price/Sq.Ft.
Listed by Michael Beirwagen• Berkshire Hathaway HomeServices NW Real Estate
Listed by Emilie Evans• Berkshire Hathaway HomeServices NW Real Estate
Homestead, located between the Willamette River and Terwilliger Boulevard, is a residential and hillside Portland neighborhood with river-view slopes and wooded ravines. The neighborhood’s character concentrates around the South Waterfront Greenway and the Portland Aerial Tram landing, where bike paths, riverwalk promenades, and café patios set a steady, urban-outdoors rhythm. Contemporary mid-rises and newer condos line the flats, while winding streets climb into quieter pockets above. The South Waterfront Park blocks read as a linear front porch along the river. Oregon Health & Science University and the Center for Health & Healing anchor daily motion and a campus-like feel. Trails and viewpoints along Marquam Nature Park stitch the terrain together.
Provided by Walk Score and Local Logic
Offer insights
909 SW Gaines St · $1,075,000
$1.07M and above
75% chance or better to win
Why $1.07M+ is a strong offer
DAYS ON MARKET
100 days
The average home goes pending in 19 days.
SALE-TO-LIST
100.5%
Most homes are selling 1% above list price.
About offer insights
Property details
Interior
Exterior
Finance
Interior features
Full, partially finished basement
Dining room
Family room
Great room
Living room
Bedrooms
Primary bedroom (upper level)
Second bedroom (upper level)
Third bedroom (upper level)
Bathrooms
Two bathrooms total — one full on the main level and one partial on the lower level
Kitchen
Kitchen (main level)
Hot water: gas
Laundry & utility
No appliances explicitly listed for laundry
Heating & cooling
Forced air heating
No cooling
Exterior features
Lap siding
Territorial view
Paved road access
Home design
Single-family residence
Residential property
Not attached to another unit
View-facing
Construction
Built in 1904
Composition roof
Utilities
Public water
Public sewer
Gas fuel
Green-certified
Other
Lot comprised of three 50x100 lots (approx. 0.34 acre)
Parcel: R247185
Located adjacent to OHSU Nursing School to the west
Address: 909 SW Gaines St, Portland, OR 97239
Listing status: Active
Not new construction
Electricity and solar
View estimated energy costs and solar savings for this home
Rare developer and investor opportunity directly across from OHSU Hospital and adjacent to the medical and nursing schools! This premium location features approximately 15,000 SF of land spanning 3 city lots zoned RM2. Excellent potential for future growth with the massive benefit of immediate holding income: the property features an existing 3-story, 3-bedroom residential home that is currently rented. Perfect for a covered land play while you finalize your development plans in a high-demand medical community footprint. The final listing photos showcase the incredible views captured from 25-45 feet above ground level. According to City of Portland Zoning Code, RM2 allows a 45-foot maximum height, generally up to 4 stories, with potential for a higher ratio via city-approved inclusionary housing. Buyer to independently verify any and all zoning code applications, restrictions, and development potential. Owner will consider owner financing terms.
RMLS #692771136
Jun 4, 2026
Listed
$1,075,000
$475/sq ft
Public Records
Mar 26, 1998
Sold
$200,000
$88/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$10,775 (+3.7%)
2024
$10,388 (+4.0%)
2023
$9,989 (+2.2%)
2022
$9,772 (+1.7%)
2021
$9,607 (+9.0%)
2020
$8,813 (+3.8%)
2019
$8,489 (+3.0%)
2018
$8,239 (+4.3%)
2017
$7,897 (+9.3%)
2016
$7,226 (+2.7%)
2015
$7,036 (+1.5%)
2014
$6,930 (+2.4%)
2013
$6,770 (+10.5%)
2012
$6,124 (+3.9%)
2011
$5,892 (+5.5%)
2010
$5,584 (+2.7%)
2009
$5,436
Public record
Public record
Zoning
Permits
Beds
3
Baths
1
Stories
1
Lot width
—
Lot depth
—
Lot size
0.34 Acres
Year renovated
1904
Finished Sq. Ft.
1,544
Unfinished Sq. Ft.
—
Total Sq. Ft.
1,544
Year built
1904
Style
Single Family Residential
County
Multnomah County
APN
R247185
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 15, 2026.
RM2
Residential Multi-Dwelling 2 zone
The RM2 zone is a medium-scale multi-dwelling zone that is generally applied in and around a variety of centers and corridors that are well-served by transit. Allowed housing is characterized by buildings of up to three or four stories with a higher percentage of building coverage than in the RM1 zone, while still providing opportunities for landscaping and outdoor spaces that integrate with residential neighborhood characteristics. The major types of new housing development will be a diverse range of multi-dwelling structures and other compact housing that contribute to the intended urban scale of centers and corridors, while providing transitions in scale and characteristics to lower-scale residential neighborhoods.
Permitted uses
Include but are not limited to:
Housing
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Jun 19, 2003 • Final
Mechanical
Gas
HVAC
Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
2/10 Heat Factor
6 days above 91° expected this year, 12 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
19 unhealthy days expected this year, 20 days in 30 years
Provided by First Street
Historical weather
Portland, OR • 97239
Average low and high temperatures (°F)
47
37
49
38
56
43
64
45
70
50
77
54
83
59
84
62
75
58
61
49
52
44
50
42
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
77/ 100
Good sunlight
Sunscore
There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
8.4 hrs
4.1 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 909 SW Gaines St
We cannot show automated home-value estimates for this home.
Nearby homes have recently sold between $579,000 and $1,050,600.
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $579K to $1.1M.