CM2-Zoned
For Sale
$650,000
7521 N GLOUCESTER Ave N, Portland, OR 97203
MultiFamily, Portland, OR
Property Size3,892 SF
Lot Size0.10 Acres
Price / SF$167.01
Days on Market143
Property Features for 7521 N GLOUCESTER Ave N
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
CM2
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 3, Bedroom 4, Bathroom 2
Subdivision
PORTSMOUTH/UNIVERSITY PARK
Elementary school
Astor
Middle school
Astor
High school
Roosevelt
Directions
West Lombard St. North on Gloucester, before Portsmouth.
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
Legal Description
PORTSMOUTH VILLA EXTD, BLOCK F, N 2' OF ELY 25' OF LOT 2 & ELY 85
Utilities
Heating system
Forced Air
Cooling system
Central Air, Window Unit(s)
Amenities
basement storage
shared backyard
deck
front porches
coin-op laundry
Building Details
Year built
1909
Floors in Building
2
Number of units
3
Roof type
Shingle
Listing Agency:
Living Room Realty
(503) 719-5588
Listed By:
Jessica Burke
(971) 404-9673
Added: May 15
Changed: Sep 28
Last Checked: Oct 4 at 5:06PM
MLS# 653794194
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.
Investment Insights
Based on property information with market context.
This 3,892-square-foot converted farmhouse, built in 1909, contains three leased units with distinct residential layouts. The unit mix includes one 1BR residence, one 2BR residence, and one 2BR residence with a bonus room. Interior features include hardwood floors, built-ins, fireplaces, updated or refreshed kitchens and baths, new carpet, and new HVAC in Unit 3. Each unit has basement storage, while shared amenities include a backyard, deck, front porches, and coin-operated laundry.
The property occupies 0.1 acres at 7521 N Gloucester Ave N in Portland’s North Portland area and carries CM2 zoning. The zoning supports wellness, medical, professional office, and retail uses, with Unit 3 specifically identified for residential, office, or commercial use at lease end. Approximately 50 feet adjoins a parking lot, with driveway easement potential. The property is under one mile from the University of Portland and New Seasons, and transit lines 75 and 35 serve the area.
The property occupies 0.1 acres at 7521 N Gloucester Ave N in Portland’s North Portland area and carries CM2 zoning. The zoning supports wellness, medical, professional office, and retail uses, with Unit 3 specifically identified for residential, office, or commercial use at lease end. Approximately 50 feet adjoins a parking lot, with driveway easement potential. The property is under one mile from the University of Portland and New Seasons, and transit lines 75 and 35 serve the area.
Key Highlights
- Three leased units: 1BR, 2BR, and 2BR plus bonus room
- CM2 zoning supports wellness, medical, professional office, and retail uses
- 3,892 square feet on 0.1 acres; built in 1909
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
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Converted farmhouse with three leased residences, shared outdoor space, basement storage, and flexible commercial-use 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: 1BR, 2BR, and 2BR plus bonus room; CM2 zoning supports wellness, medical, professional office, and retail uses; 3,892 square feet on 0.1 acres; built in 1909
