Five-Plex Apartment Building with Unfinished
For Sale
$930,000
8410 SE 21ST Ave, Portland, OR 97202
MULTI_FAMILY - Portland, OR
Property Size3,309 SF
Lot Size0.23 Acres
Price / SF$281.05
Days on Market353
Property Features for 8410 SE 21ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 2, Bathroom 5, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 6, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 4
Subdivision
SELLWOOD-MORELAND
Elementary school
Duniway
Middle school
Sellwood
High school
Cleveland
Directions
Tacoma, South on 21st
Standard status
Active
APN
R268008
Size
3,309 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
SELLWOOD, BLOCK 106, LOT 12&13
Tax Annual Amount
11512
Legal Description
SELLWOOD, BLOCK 106, LOT 12&13
Building Details
Year built
1909
Floors in Building
2
Number of units
5
Roof type
Composition
Listing Agency:
Redfin
(503) 496-7620
Listed By:
Jason Maycumber
(503) 805-9197
Added: Sep 9, 2025
Changed: Aug 13
Last Checked: Aug 27 at 9:06AM
MLS# 389001689
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This five-plex apartment building was built in 1909 and includes an unfinished basement, described as having a layout well-suited for conversion into a potential sixth dwelling unit (buyer to verify). The property sits on a 0.23-acre lot and has 3,309 square feet under roof. The building roof is composition.
Recent exterior updates include fresh exterior paint in August 2025, reinforced fire escapes, and low-maintenance landscaping with open grassy areas and outdoor spaces for tenants.
All offers are subject to interior inspection, and buyers are asked not to disturb tenants.
Recent exterior updates include fresh exterior paint in August 2025, reinforced fire escapes, and low-maintenance landscaping with open grassy areas and outdoor spaces for tenants.
All offers are subject to interior inspection, and buyers are asked not to disturb tenants.
Key Highlights
- Five‑plex apartment building built in 1909
- 0.23‑acre lot with 3,309 SF
- Unfinished basement with layout suited for potential sixth dwelling unit (buyer to verify)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,643
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.80%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,860
$892.9K
Cap Rate 7%
$637,757
$637.8K
Cap Rate 9%
$496,033
$496.0K
Market Conditions
NOI Build-Up for 3,309 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$86.2K $26.04/SF
− Vacancy
−$5.0K −$1.51/SF
EGI
$81.2K $24.53/SF
− OpEx
−$36.5K −$11.04/SF
NOI
$44.6K $13.49/SF
Area
ZIP 97202
Vacancy
5.80%
Lease Rate
$26.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$892,860
Cap Rate 7%
$637,757
Cap Rate 9%
$496,033
Alternative Uses
Best Use
Apartment 5plus
$637.8K
$558.0K – $744.1K
NOI $44,643 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$789.4K
$690.8K – $921.0K
NOI $55,260 @ 7.0% cap · market cap 5.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
935
Businesses Nearby
Explore this area
Business Placement
Demographics for 97202, OR
43,193
Population
20,097
Households
2.1
Avg Household Size
38
Median Age
65%
College-Educated
96%
High-School Grad
6.3 sq mi
ZIP Area
6,856
Density / Sq Mi
$100,353
Median Household Income
$52,090
Median Earnings
$1,674
Median Rent
$684,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Five-plex built in 1909 featuring an unfinished basement and recent exterior upgrades including August 2025 exterior paint.
Where is this apartment building located?
The property is located at 8410 SE 21ST Ave Portland, OR.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: Five‑plex apartment building built in 1909; 0.23‑acre lot with 3,309 SF; Unfinished basement with layout suited for potential sixth dwelling unit (buyer to verify)
