7521 N Gloucester Ave Portland, OR 97203

Located in the Peninsula neighborhood of North Portland, this converted farmhouse triplex is fully leased and offers a 5% cap rate with potential for increased cash flow or redevelopment into a higher-density building. The property includes three updated units, each with access to basement storage, a coin-operated laundry, a shared backyard and deck, and front porches. A 6' x 50' portion of the adjacent parking lot belongs to the property, offering potential for on-site parking with a driveway easement agreement. Unit 1 is a one-bedroom unit featuring original hardwood floors, a working wood-burning fireplace, and updates from 2015 including new countertops and a refreshed bathroom. Unit 2 is a two-bedroom unit with hardwood floors, a large kitchen, built-ins, and a remodeled bathroom and kitchen featuring penny tile, a clawfoot tub, and original hardware. Unit 3, spanning the entire upper floor, is a two-bedroom unit with new carpeting, newly added air conditioning and furnace, a refreshed kitchen with marmoleum flooring, and a bonus room. New exterior paint is planned for October. The property is located less than a mile from Arbor Lodge's New Seasons Market and two miles from the Kenton and St. Johns commercial districts, near the University of Portland, and with access to the 75 and 35 bus lines and nearby shops and restaurants on Lombard Avenue. Zoned CM2 (Commercial Mixed Use 2), the property offers flexibility for various future uses, including higher-density apartments. The property size is 3892 square feet and the lot size is 0.1 acres.