7521 N Gloucester Ave Portland, OR 97203

This commercial mixed-use property is located in the heart of North Portland. The former farmhouse has been converted into a three-unit building that blends vintage charm with functional updates. The CM2 zoning allows for flexible commercial use and long-term potential for higher-density redevelopment. All units have been updated and include basement storage access, coin-operated laundry for additional income, shared backyard and deck, and 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 with original hardwood floors, a working wood-burning fireplace, and 2015 kitchen and bath updates. Unit 2 is a 2-bedroom with hardwood floors, a large kitchen, built-ins, and a remodeled kitchen and bath featuring penny tile, clawfoot tub, and original hardware. Unit 3 is an upper-level 2-bedroom with new carpeting, newly added A/C and furnace, a refreshed kitchen with marmoleum flooring, and a large bonus room. The property is located less than a mile from the University of Portland and New Seasons, and between the Kenton and St. Johns commercial districts. Excellent transit access is available via the 75 and 35 bus lines, with shops and services along Lombard Avenue. The property is well-suited for office, wellness, or service uses such as massage therapy, chiropractic, medical, design studios, or professional services. Two of three units are currently leased, offering immediate income with the opportunity for owner-occupancy or office use while tenants help pay the mortgage. The property is located in Prosper Portland Interstate URA.