7738 SW 31st Ave, Portland, OR 97219

HUGE investment opportunity! Welcome to one of Multnomah Village's most charming and versatile homes just steps from Art Center. Built in 1920 and full of timeless character, this beautiful bungalow blends original craftsmanship with thoughtful updates, offering a home that is as functional as it is inviting. Warm hardwood floors, classic built-ins, original woodwork, and abundant natural light create an atmosphere that's both welcoming and full of personality. The spacious floor plan features 3 oversized bedrooms, a dedicated office or creative studio, a walk-in closet in the primary suite, and a charming butler's pantry that adds both character and everyday convenience. Outside, enjoy a fully fenced private backyard with room to garden, entertain, relax, or simply enjoy Portland's beautiful seasons. The lower level features its own exterior entrance, creating exciting possibilities for future ADU potential, multigenerational living, guest quarters, workshop space, or additional flex space (buyer to verify).Major updates provide peace of mind, including new interior paint (2026), new chimney (2026), sewer line replacement (2025), updated kitchen appliances, newer furnace, ductless heating and cooling, EV charger, and a decommissioned oil tank. Adding even more value, the property is zoned RM2 and has a successful history as a professionally managed short-term rental, offering flexibility for homeowners and investors alike. The location is truly exceptional. Just moments from the heart of Multnomah Village, you'll love being able to walk to neighborhood restaurants, coffee shops, boutiques, the weekly farmers market, Gabriel Park, the Multnomah Arts Center, and community events that make this one of Portland's most beloved neighborhoods. Whether you're searching for your forever home, a smart investment, or a property with room to grow and adapt to your lifestyle, this one-of-a-kind bungalow offers character and location in one remarkable package.Seller says "SELL".