Reed actually has a low ranking in the most popular college ranking (USN&WR). However, this is because Reed is opposed to the USN&WR ranking system, and refuses to cooperate and supply the data that are needed for the ranking system. So USN&WR fills in the blanks with very conservative estimates, which kill Reed’s score.
Reed was ranked as high as the top 10 for National LACs by USN&WR before they stopped playing ball. https://www.reed.edu/apply/college-rankings.html
It’s not significant, but Reed is 4.6 mi from downtown, L&C is 5.6 mi from downtown.
Traffic, however, is horrible, so those 5 miles could take up to 25-30 minutes! @vonlost
^ public transportation and college shuttles 
My impression is that Reedies gravitate towards the Hawthorne District, which is also in SE Portland, and therefore closer and easier to get to than downtown. Wikipedia describes it like this:
According to Google maps, Hawthorne & Chavez (approximate center of district) is 18 minutes by bus or 19 minutes by bike from Reed.
I just graduated from Willamette. I consider going there to be the worst mistake I ever could have made in my life, and most of the people I knew there also regretted their decision. This institution is falling apart, the administration routinely lies to parents and students, and they withheld psychological care from me for months, even after i and my advisor made it clear that I was suicidal. Do not go here. Do not visit. Do not apply. It is a prison and it will break your spirit and your will to survive.