7521 N Gloucester Ave

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.