7521 N Gloucester Ave Portland, OR 97203

Rare CM2-zoned commercial mixed-use property in the heart of North Portland, well-suited for office, wellness, or service uses such as massage therapy, chiropractic, medical, design studios, or professional services. Two of three units are currently leased, offering immediate income with the opportunity for owner-occupancy or office use while tenants help pay the mortgage. Located in Prosper Portland Interstate URA.This former farmhouse has been thoughtfully converted into a three-unit building that blends vintage charm with functional updates. CM2 zoning allows for flexible commercial use today and long-term potential for higher-density redevelopment. All units have been updated and include basement storage access, coin-operated laundry for additional income, shared backyard and deck, and inviting front porches. The lot abuts a parking lot, with approximately 6' x 50' belonging to the property, offering potential on-site parking (driveway easement agreement needed)."¢ Unit 1: 1-bedroom with original hardwood floors, working wood-burning fireplace, and 2015 kitchen and bath updates."¢ Unit 2: 2-bedroom with hardwood floors, large kitchen, built-ins, and remodeled kitchen and bath featuring penny tile, clawfoot tub, and original hardware."¢ Unit 3: Upper-level 2-bedroom with new carpeting, newly added A/C and furnace, refreshed kitchen with marmoleum flooring, and a large bonus room ideal for office expansion or treatment space.Located less than a mile from University of Portland and New Seasons, and between the Kenton and St. Johns commercial districts. Excellent transit access via the 75 and 35 bus lines, with shops and services along Lombard Avenue.Zoned CM2 (Commercial Mixed Use 2) - a rare opportunity for investors or owner-users seeking income, flexibility, and long-term upside in a walkable North Portland location.