North Portland Mixed-Use
7521 N GLOUCESTER Ave N, Portland, OR 97203
New
MULTI_FAMILY - Portland, OR
Property size:
3,892 SFLot size:
0.10 AcresPrice / SF:
$186/SF- Added:
- May 15, 2026
- Days on Market:
- 1
- Last Refresh:
- May 15 at 4:06 pm
Property Features for 7521 N GLOUCESTER Ave N
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- CM2
- Bedrooms
- 5
- Bathrooms
- 3
- Rooms
- Bedroom 4, Bathroom 3, Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 5
- Standard status
- Active
- APN
- R248754
- Size
- 3,892 SF
- Lot size
- 0.10 Acres
Taxes and HOA fees
- Tax Description
- PORTSMOUTH VILLA EXTD, BLOCK F, N 2' OF ELY 25' OF LOT 2 & ELY 85
- Tax Annual Amount
- 6899
Utilities
- Heating system
- Forced Air
- Cooling system
- Window Unit(s), Central Air
Building Details
- Year built
- 1909
- Floors in Building
- 2
- Number of units
- 3
- Roof type
- Shingle
Listing agent Jessica Burke (971) 404-9673
Listing office Living Room Realty 421 SE 10th Ave, Portland, OR (503) 719-5588
Listing date May 15, 2026
MLS# 653794194
Listing URL
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Cash‑flowing triplex in North Portland with all units currently leased, providing immediate income.
- Rare CM2 mixed‑use zoning offers commercial flexibility and long‑term redevelopment potential.
- Converted farmhouse with unique character, including hardwood floors, original hardware, and clawfoot tub in select units.
- Each unit includes basement storage, plus shared backyard, deck, front porches, and coin‑op laundry.
- Unit 3 features new carpet, new HVAC, and refreshed kitchen, suitable for residential, office, or commercial use.
- Convenient location less than one mile to University of Portland and New Seasons, with access to transit lines 75 and 35.
Overview
This rare CM2 zoned mixed-use triplex is located in North Portland. The converted farmhouse is a turnkey investment, with all three units currently leased and generating income. The CM2 zoning provides commercial flexibility, a classification that is becoming increasingly scarce. Unit 1 features one bedroom, hardwood floors, a wood-burning fireplace, and updated kitchen and bath. Unit 2 includes two bedrooms, hardwood floors, built-ins, and a remodeled kitchen and bath with penny tile, a clawfoot tub, and original hardware. Unit 3 offers two bedrooms plus a bonus room, new carpet, new HVAC, and a refreshed kitchen, making it suitable for residential, office, or commercial use at the end of the lease. Each unit includes basement storage. Shared amenities include a backyard, deck, front porches, and coin-operated laundry. The property is approximately 0.1 acres and adjoins a parking lot with potential for a driveway easement. The CM2 zoning supports wellness, medical, professional office, and retail uses, with long-term redevelopment potential within the Prosper Portland Interstate Urban Renewal Area. The property is located less than one mile from the University of Portland and New Seasons, with transit lines 75 and 35 nearby. The property size is 3892 square feet.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$602.6K
NOI $54,237 @ 9.00% cap · cautious / downside scenario
Moderate
$774.8K
NOI $54,237 @ 7.00% cap · market / base-case scenario
Aggressive
$1.08M
NOI $54,237 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Multifamily LT 5
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $81.7k | $21.00 |
| − Vacancy | −$4.3k | −$1.09 |
| EGI | $77.5k | $19.91 |
| − OpEx | −$23.2k | −$5.97 |
| NOI | $54.2k | $13.94 |
3,892 SF · lease $21.00/SF/yr · vacancy 5.20% · expense 30.00%
Alternative Use Scenarios
Best Use
Multifamily LT 5
$774.8K
$678.0K – $904.0K
NOI $54,237 @ 7.0% cap · market cap 7.48%
Second Best
Mixed Use
$750.6K
$656.8K – $875.7K
NOI $52,542 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$1.09M
$956.4K – $1.28M
NOI $76,508 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Triplexes
Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Washington
- State
- Oregon
- Longitude
- -122.72329
- Latitude
- 45.582684
Nearby Similar for Sale
FAQs
What type of property is this?
Triplex - Cash-flowing triplex with commercial flexibility in a prime location.
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 $725,000.
What are key features of this property?
This property features: Cash‑flowing triplex in North Portland with all units currently leased, providing immediate income.; Rare CM2 mixed‑use zoning offers commercial flexibility and long‑term redevelopment potential.; Converted farmhouse with unique character, including hardwood floors, original hardware, and clawfoot tub in select units.
