This two-story, brick building is listed on the National Register under Criterion C as a relatively intact example of Italian Renaissance architecture in the commercial vein. It has corbelled beltcourses, flat rowlock arches with keystones above upper floor windows, rounded arch entry (north front) which is distinguished with decorative detailing and keystone, The building faces west. Statement of Significance: The Petzold Building was constructed in c.1905 by German businessman Gustav Friewald. He leased the building to Albert Knapp and Louis A. Nobel in 1906. They opened a combination saloon-liquor store on the first floor; Nobel used the second floor for living quarters. In the 1916 city directory, the building is referred to as the Nobel Building. In 1917, Richard Petzold purchased the building and continued to lease the retail space to various businesses until the family sold the property in 1951. According to the NR nomination, businesses which were located at this site included a restaurant and confectionery operated by the McAnulty family from 1924 to 1930 and a pool hall in the early 1930s. The building's storefronts were remodeled in 1935 to accommodate the Robnett & Cross Drug Store (which was located here from 1935 to the mid-1960s) and the Western Hardware Store (mentioned in 1936 newspaper ads at this address), followed by Klippel's Auto and Home Supply Store (listed in the 1941 and 1947 directories) and Kap's Hardware (1953 directory). The upper story was converted to five small apartments after about 1920, although it is not known how long they were used. In 1966, the building was converted to office space. Richard Petzold, a German immigrant, was a prominent Oregon City businessman who devoted himself to community service. He came to Oregon City in 1893 and opened a butcher shop with partner, Charles H. Gale. After a trip to his homeland in 1898, he briefly relocated to La Grande before returning to Oregon City in 1903, at which time he established his own meat market and butcher shop. He eventually owned interest in several downtown buildings, as well as residential rentals. He retired in 1919, but continued to manage his properties until his death in 1936. He served as on the City Council from 1920 to 1922 and was an active member in the local Commercial Club.

This building is a local Landmark.