Lunch near Reed College
I went to Reed 20 years ago. There was no place good to eat within walking distance then, and there still isn't. Yes, Otto's for a decent "wurst" and Woodstock Wine & Deli for decent deli food are passable. There's also an OK Thai place in the parking lot of Bi Mart (Woodstock around 43rd or 44th?).
If you can drive a short way, toast is inconsistent but can be quite good. www.toastpdx.com. The best place nearby is Jade (www.jadeportland.com). The food is consistent and delicious. It's family-run, which means friendly people, but they can be crowded and slow around mealtimes. Perfect place at 3:00, but at noon you'll wait a while. And it's about 2 miles away.
Sorry I don't have better news for you.
Woodstock Wine & Deli
4030 SE Woodstock Blvd, Portland, OR 97202
Can second the first two suggestions, particularly the second for being in an unusual location, i.e. alone in the middle of a charming residential neighborhood.
I also like Mickey Finn's pub (about 43rd and Woodstock). Has a good variety of beers and good pub fare.
If you're going by car, I most highly recommend the 72nd Street Pub (on 72nd, just south of Flavel -- take Woodstock east, up to 72nd and then turn right [south]); it's just past the second light (Flavel) along 72nd. This place has awesome chow at reasonable prices. Had a gigantic, highly tasty buffalo burger with bacon, cheese and mushrooms; it's too big to eat as a burger -- I could only get it in my mouth by cutting the burger in half and eating it open-faced. Their fish 'n chips are also great. And they have the best hand-battered onion rings I've ever had. They also have some very homey dishes like pork chops with mashed potatoes and gravy. All of these entrees are enough for two meals, for example: the pork chop plate comes with two juicy pork chops.