7521 N GLOUCESTER Ave, Portland, OR 97203

• 3,892 sqft

Property Description

Charming Farmhouse Triplex in the Heart of North Portland – Fully Leased with 5% Cap Rate and Upside Potential. Tenants are month-to-month but can sign annual leases. This former farmhouse, now a thoughtfully converted triplex, is nestled in the vibrant Peninsula neighborhood. This income-producing property blends vintage charm with modern upgrades. Opportunities for increased cash flow or re-development into a higher density building. New exterior paint coming in October. All 3 units have been updated, have access to storage in the basement, a coin-operated laundry for additional income, shared backyard + deck, and front porches. The lot abuts a parking lot, of which 6’ x 50’ belongs to the property for potential on-site parking (driveway easement agreement needed) • Unit 1: A warm and inviting 1-bedroom featuring original hardwood floors, working wood-fireplace, and a stylish 2015 update with new countertops and a refreshed bathroom. • Unit 2: A quaint 2-bedroom with hardwood floors, a large kitchen, built-ins, and a recently remodeled bathroom and kitchen. Features classic penny tile a, clawfoot tub, and original hardware • Unit 3: Spanning the entire upper floor, this bright 2-bedroom unit includes new carpeting, and newly added air conditioning / furnace, a refreshed kitchen with marmoleum flooring, and a generous bonus room perfect for a playroom or large walk-in closet. Located less than a mile from Arbor Lodge’s New Seasons Market, and just two miles to both the Kenton and St. Johns commercial districts. A few short blocks to University of Portland, this property is perfectly positioned for walkability and long-term desirability. Served by the 75 and 35 Bus-lines, with lots of nearby shops and restaurants on Lombard Avenue. • Zoned CM2 (Commercial Mixed Use 2) – flexible for a variety of future uses into higher density apartments. Whether you’re a seasoned investor or a visionary homebuyer, this one-of-a-kind triplex offers with shops, parks and activities.

Listing Status:

Active

Date Added:

August 18, 2025 at 05:00AM

Listing Office:

Living Room Realty : 503-719-5588

Listing Agent:

Jessica Burke : 971-404-9673

MLS ID:

232296525

Interior

• Basement: Partial basementStorage spaceUnfinished
• A/C: Central air
• Heating: Forced air

Exterior

• General: Wood siding
• Parking: On streetParking spaces: 0

Construction

• Roofing: Shingle
• General: Concrete perimeter

Location

• Golf: Laundry
• Originating MLS: Regional Multiple Listing ServiceInc.
• County: Multnomah

Lot

• Zoning: CM2PORTSMOUTH VILLA EXTDBLOCK FN 2' OF ELY 25' OF LOT 2 & ELY 85R248754
• View: View

Utilities

• Water: Public water
• Sewer: Public sewer

Financial

• Source: Regional Multiple Listing ServiceInc.

This listing courtesy of Jessica Burke, Living Room Realty