Rare CM2 mixed-use triplex in North Portland — all three units leased and cash-flowing from day one. This converted farmhouse offers a turnkey investment with genuine commercial flexibility in a zoning classification that's increasingly scarce.Unit 1: 1BR | hardwood floors, wood-burning fireplace, updated kitchen and bathUnit 2: 2BR | hardwood floors, built-ins, remodeled kitchen and bath with penny tile, clawfoot tub, and original hardwareUnit 3: 2BR + bonus room | new carpet, new HVAC, refreshed kitchen — ideal for residential, office, or commercial use at lease endEvery unit has basement storage. Shared backyard, deck, front porches, and coin-op laundry. Approximately 50 feet adjoining a parking lot with driveway easement potential. CM2 zoning supports wellness, medical, professional office, retail, and more — with long-term redevelopment upside within the Prosper Portland Interstate Urban Renewal Area. Under one mile to University of Portland and New Seasons. Transit lines 75 and 35.
Active
Price cut: $25K (6/1)
$699,999
7521 N Gloucester Ave, Portland, OR 97203
5beds
3,892sqft
Multi Family
Built in 1909
-- sqft lot
$695,100 Zestimate®
$180/sqft
$-- HOA
What's special
Wood-burning fireplaceShared backyardBasement storageRefreshed kitchenHardwood floorsUpdated kitchen and bathNew carpet
- 60 days |
- 548 |
- 33 |
Zillow last checked:
Listing updated:
Listed by:
Jessica Burke 971-404-9673,
Living Room Realty
Source: RMLS (OR),MLS#: 653794194
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Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 5
- Bathrooms: 3
- Full bathrooms: 3
Heating
- Forced Air, Fireplace(s)
Cooling
- Central Air, Window Unit(s), Air Conditioning
Appliances
- Included: Refrigerator, Gas Water Heater
- Laundry: Common Area
Features
- Storage
- Flooring: Hardwood
- Windows: Window Coverings
- Basement: Daylight,Exterior Entry,Storage Space
Interior area
- Total structure area: 3,892
- Total interior livable area: 3,892 sqft
Property
Parking
- Parking features: On Street
- Has uncovered spaces: Yes
Features
- Stories: 2
- Patio & porch: Deck
- Has view: Yes
- View description: Trees/Woods
Lot
- Size: 4,356 Square Feet
- Dimensions: 50' x 85'
- Features: On Busline, Trees, SqFt 3000 to 4999
Details
- Parcel number: R248754
- Zoning: CM2
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Wood Siding
- Foundation: Concrete Perimeter
- Roof: Shingle
Condition
- Updated/Remodeled
- Year built: 1909
Utilities & green energy
- Gas: Gas
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Cable Connected
Community & HOA
Community
- Features: All Landscaping, Laundry
- Security: Security System, Security System Owned
- Subdivision: Portsmouth/University Park
HOA
- Has HOA: No
Location
- Region: Portland
Financial & listing details
- Price per square foot: $180/sqft
- Annual tax amount: $6,899
- Date on market: 5/15/2026
- Listing terms: Cash,Contract,Conventional,FHA,VA Loan
- Total actual rent: 4275
- Road surface type: Paved
Estimated market value
$695,100
$660,000 - $730,000
$2,143/mo
Price history
| Date | Event | Price |
|---|---|---|
| 6/1/2026 | Price change | $699,999-3.4%$180/sqft |
Source:  RMLS (OR) #653794194 Report a problem | ||
| 5/15/2026 | Listed for sale | $725,000+108.9%$186/sqft |
Source: RMLS (OR) #653794194 Report a problem | ||
| 3/26/2015 | Sold | $347,000$89/sqft |
Source: RMLS (OR) #13311599 Report a problem | ||
Public tax history
Tax history is unavailable.
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: Portsmouth
Nearby schools
GreatSchools rating
- 9/10Astor Elementary SchoolGrades: K-8Distance: 0.4 mi
- 2/10Roosevelt High SchoolGrades: 9-12Distance: 0.8 mi
Schools provided by the listing agent
- Elementary: Astor
- Middle: Astor
- High: Roosevelt
Source: RMLS (OR). This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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A local agent can set up tours, give advice and negotiate with sellers.
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