When we last saw this building, in a 1935 photo, it was a Signal gas station. By about 1937 it was the Powell Tavern, as seen here. There appears to be a Richfield station behind the tavern and a Texaco on the near corner. The area looked almost rural at the time. This view is north on 39th.
(City of Portland Archives)
Vintage Portland 
This is not Portland, but here is something I came across today, NY Photos. I thought may draw some interest.
Never-before-seen photos from 100 years ago tell vivid story of gritty New York City
http://tinyurl.com/csw2p8f
I worked near there at the Parry Center in the early 60s and remember buying gas at a Hancock station where the Powell Tavern is in the photo…for about 20 cents a gallon.
My parents never ceased calling Powell “Powell Valley Road.”
Thanx NativePDX for those NYC photos. I was just there in some of those same places a few days ago.
A Safeway store would show up at this intersection beginning in 1941. That store would receive its first expansion in 1974, and an even bigger expansion in 2001.
Not sure if that photo is of 39th and Powell. there is no hill that large at 39th.