Adjective used to mean "smellable"

Solution 1:

Both olfactory and olfactive have this meaning, but both words also have the more common meaning of emitting a smell, so they wouldn't be useful.

The best choice would be olfactible. Wiktionary includes it, but as far as I can tell, they're the only ones.

Solution 2:

Olfactible (“having an odor; capable of being smelled”) seems relevant.

You may find the wordnik list for odorific of interest; it includes about five dozen “smelling words”, the first few being odoriferous, malodorous, heavenly, redolent, putrid, delectable, stagnant, fragrant, smelly, noisome, noxious, fetid, aromatic, dank, musty, moldy, fusty.

Solution 3:

Odorous? (Odourous in the UK) (Same in the UK, see below)

Scented if the smell was added (Strawberry-scented envelopes, but not scented strawberries) or smelly if the smell is pungent or unpleasant (smelly cheese can be good, smelly socks aren't).

Solution 4:

An object that can be smelled might be called "fragrant".

Solution 5:

Smellable is reported in the NOAD as derivative of smell, and I imagine it means able to be smelled, in the same way calculable means "able to be measured or assessed."