7521 N Gloucester Ave Portland, OR 97203

Located in the heart of North Portland, this rare CM2-zoned commercial mixed-use property is well-suited for office, wellness, or service uses such as massage therapy, chiropractic, medical, design studios, or professional services. Two of the three units are currently leased, offering immediate income with the opportunity for owner-occupancy or office use. The property is located in Prosper Portland Interstate URA. This former farmhouse has been thoughtfully converted into a three-unit building that blends vintage charm with functional updates. The CM2 zoning allows for flexible commercial use today and long-term potential for higher-density redevelopment. All units have been updated and include basement storage access, coin-operated laundry for additional income, a shared backyard and deck, and inviting front porches. The lot abuts a parking lot, with approximately 6' x 50' belonging to the property, offering potential on-site parking. Unit 1 is a 1-bedroom unit with original hardwood floors, a working wood-burning fireplace, and 2015 kitchen and bath updates. Unit 2 is a 2-bedroom unit with hardwood floors, a large kitchen, built-ins, and a remodeled kitchen and bath featuring penny tile, a clawfoot tub, and original hardware. Unit 3 is an upper-level 2-bedroom unit with new carpeting, newly added A/C and furnace, a refreshed kitchen with marmoleum flooring, and a large bonus room ideal for office expansion or treatment space. Located less than a mile from University of Portland and New Seasons, and between the Kenton and St. Johns commercial districts, the property offers excellent transit access via the 75 and 35 bus lines, with shops and services along Lombard Avenue. The property size is 3892 square feet and the lot size is 0.1 acres.