11-Unit Apartment
For Sale
$3,998,900
8632 SW 21st Ave, Portland, OR 97219
MultiFamily, Portland, OR
Property Size9,970 SF
Lot Size0.17 Acres
Price / SF$401.09
Days on Market210
Property Features for 8632 SW 21st Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RM1
Bedrooms
8
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 4, Bathroom 8, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 1, Bathroom 9, Bedroom 6, Bedroom 8, Bathroom 5, Bathroom 7, Bathroom 10, Bathroom 12, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 6, Bedroom 3, Bedroom 7, Bathroom 11
Subdivision
MARKHAM
Elementary school
Capitol Hill
Middle school
Jackson
High school
Ida B Wells
Directions
SW Spring Garden St to SW 20th Ave to SW 21st Ave
Standard status
Active
APN
New Construction
Size
9,970 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
UNITS 1 THROUGH 11, TWENTY FIRST CONDOMINIUMS, MULTNOMAH COUNTY, OREGON
Legal Description
UNITS 1 THROUGH 11, TWENTY FIRST CONDOMINIUMS, MULTNOMAH COUNTY, OREGON
Utilities
Cooling system
Heat Pump
Amenities
private decks
patios
fenced yards
in-unit laundry
mini splits
Building Details
Year built
2026
Floors in Building
2
Number of units
11
Roof type
Composition
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 597-2444
Listed By:
Darryl Bodle · License #199910100
(503) 709-4632
Added: Jan 26
Changed: Aug 24
Last Checked: Aug 24 at 3:06PM
MLS# 258555663
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 apartment property comprises 11 residences totaling 9,970 square feet. Each home includes two bedrooms, 2 1/2 bathrooms, an open great-room arrangement, and a kitchen with an island, eat bar, solid surface countertops, stainless steel appliances, pantry, and substantial cabinetry. Dual ensuite bedrooms, in-unit laundry, and mini-split systems provide practical residential functionality. The community is scheduled for completion in 2026 and includes composition roofing.
Outdoor features vary by building: five west-building homes have decks, while six east-building residences include patios. Certain units also offer fenced yards, end-unit placement, or added windows. The property is zoned RM1 and occupies 0.17 acres in Portland's Markham neighborhood.
Nearby context includes Gabriel Park, Multnomah Village retail and dining, Barbur Boulevard transit, downtown Portland, and major employment centers. The complete 11-unit offering provides a single multifamily acquisition with varied residence layouts and outdoor amenities.
Outdoor features vary by building: five west-building homes have decks, while six east-building residences include patios. Certain units also offer fenced yards, end-unit placement, or added windows. The property is zoned RM1 and occupies 0.17 acres in Portland's Markham neighborhood.
Nearby context includes Gabriel Park, Multnomah Village retail and dining, Barbur Boulevard transit, downtown Portland, and major employment centers. The complete 11-unit offering provides a single multifamily acquisition with varied residence layouts and outdoor amenities.
Key Highlights
- 11 residences totaling 9,970 square feet
- Each unit offers 2 bedrooms and 2 1/2 bathrooms
- Five west‑building homes include private decks; six east‑building homes have patios
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
$129,000
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
3.23%
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%
$2,580,000
$2.6M
Cap Rate 7%
$1,842,857
$1.8M
Cap Rate 9%
$1,433,333
$1.4M
Market Conditions
NOI Build-Up for 9,970 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
$250.0K $25.08/SF
− Vacancy
−$15.5K −$1.55/SF
EGI
$234.5K $23.53/SF
− OpEx
−$105.5K −$10.59/SF
NOI
$129.0K $12.94/SF
Area
ZIP 97219
Vacancy
6.20%
Lease Rate
$25.08 /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%
$2,580,000
Cap Rate 7%
$1,842,857
Cap Rate 9%
$1,433,333
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.15M
NOI $129,000 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.80M
$2.45M – $3.27M
NOI $195,988 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
661
Businesses Nearby
Explore this area
Business Placement
Demographics for 97219, OR
42,474
Population
18,881
Households
2.2
Avg Household Size
40
Median Age
66%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,630
Density / Sq Mi
$115,525
Median Household Income
$59,178
Median Earnings
$1,603
Median Rent
$651,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - RM1-zoned multifamily property with modern two-bedroom residences and shared access to private outdoor spaces.
Where is this apartment building located?
The property is located at 8632 SW 21st Ave Portland, OR.
What is the asking price?
The asking price for this property is $3,998,900.
What are key features of this property?
This property features: 11 residences totaling 9,970 square feet; Each unit offers 2 bedrooms and 2 1/2 bathrooms; Five west‑building homes include private decks; six east‑building homes have patios
