CM2-Zoned Triplex with Basement
For Sale
$650,000
7521 N Gloucester Ave N, Portland, OR 97203
Three leased units pair residential character with flexible commercial use under CM2 zoning.
Property Size3,892 SF
Price / SF$167.01
Days on Market19
Property Features for 7521 N Gloucester Ave N
General Information
Standard status
Active
Size
3,892 SF
Property subtype
Multi-Family
Building Details
Year Built
1909
Listing Agency:
Living Room Realty
(503) 719-5588
Listed By:
Jessica Burke
Source:
Wyndeekono
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 29 at 12:12PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Living Room Realty
Investment Insights
Based on property information with market context.
This 1909 converted farmhouse contains three leased units totaling 3,892 square feet. The mix includes one one-bedroom residence, one two-bedroom residence, and a two-bedroom unit with a bonus room. Interior details include hardwood flooring, built-ins, fireplaces, updated or remodeled kitchens and baths, new carpet, and refreshed finishes. Each unit has basement storage, while shared amenities include a backyard, deck, front porches, and coin-operated laundry.
CM2 zoning supports wellness, medical, professional office, retail, and other commercial applications. The property adjoins a parking lot for approximately 50 feet and includes potential for a driveway easement. It is within one mile of the University of Portland and New Seasons, with access to transit lines 75 and 35. The property is also located within the Prosper Portland Interstate Urban Renewal Area.
CM2 zoning supports wellness, medical, professional office, retail, and other commercial applications. The property adjoins a parking lot for approximately 50 feet and includes potential for a driveway easement. It is within one mile of the University of Portland and New Seasons, with access to transit lines 75 and 35. The property is also located within the Prosper Portland Interstate Urban Renewal Area.
Key Highlights
- Three leased units totaling 3,892 square feet
- Unit mix includes 1BR, 2BR, and 2BR plus bonus room
- CM2 zoning supports wellness, medical, professional office, and retail uses
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,237
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,084,740
$1.1M
Cap Rate 7%
$774,814
$774.8K
Cap Rate 9%
$602,633
$602.6K
Market Conditions
NOI Build-Up for 3,892 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$81.7K $21.00/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$77.5K $19.91/SF
− OpEx
−$23.2K −$5.97/SF
NOI
$54.2K $13.94/SF
Area
Portland, OR
Vacancy
5.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,084,740
Cap Rate 7%
$774,814
Cap Rate 9%
$602,633
Alternative Uses
Best Use
Multifamily LT 5
$774.8K
$678.0K – $904.0K
NOI $54,237 @ 7.0% cap · market cap 8.34%
Second Best
Mixed Use
$750.6K
$656.8K – $875.7K
NOI $52,542 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$1.09M
$956.4K – $1.28M
NOI $76,508 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
473
Businesses Nearby
Explore this area
Business Placement
Demographics for 97203, OR
33,763
Population
13,462
Households
2.5
Avg Household Size
34
Median Age
45%
College-Educated
90%
High-School Grad
10.8 sq mi
ZIP Area
3,126
Density / Sq Mi
$77,619
Median Household Income
$46,152
Median Earnings
$1,551
Median Rent
$468,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three leased units pair residential character with flexible commercial use under CM2 zoning.
Where is this triplex located?
The property is located at 7521 N Gloucester Ave N Portland, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Three leased units totaling 3,892 square feet; Unit mix includes 1BR, 2BR, and 2BR plus bonus room; CM2 zoning supports wellness, medical, professional office, and retail uses
