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    The Largest CRE Database in the US with Over 1 Million Listings

    8632 SW 21St Ave Portland, OR 97219

    Sponsored
    For Sale
    $4,418,900

    MULTI_FAMILY - Portland, OR

    Property size:
    9,970 SF
    Lot size:
    0.17 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 19 at 7:06 pm

    Property Features for 8632 SW 21St Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Property condition
    Under Construction
    Standard status
    Active
    Zoning
    RM1
    Rooms
    Bedroom 3, Bathroom 8, Bathroom 9, Bedroom 2, Bathroom 6, Bathroom 5, Bedroom 6, Bathroom 11, Bedroom 5, Bathroom 12, Bedroom 8, Bathroom 4, Bathroom 10, Bathroom 3, Bedroom 7, Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1, Bathroom 7
    Bedrooms
    8
    APN
    New Construction
    Size
    9,970 SF
    Lot size
    0.17 Acres

    Utilities

    Cooling system
    Heat Pump

    Building Details

    Year built
    2026
    Floors in Building
    2
    Number of units
    11
    Roof type
    Composition

    We can help!

    Listing Contact
    Darryl Bodle
    Darryl Bodle

    Keller Williams Realty Portland Premiere (503) 880-4905

    Listing agent Darryl Bodle (503) 597-2444

    Listing date Feb 19, 2026

    MLS# 258555663 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    New Construction Condominium Community

    This new construction 11-unit condominium community is located in Portland's desirable Markham neighborhood. It offers investors the opportunity to acquire a modern, low-maintenance asset with immediate lease-up potential. All units are currently vacant and move-in ready, allowing for rapid tenant placement and quick income stabilization. Each unit ranges from approximately 905 to 908 square feet and features 2 bedrooms and 2.1 bathrooms, including dual en-suite bedrooms. The main living level offers an open great room layout anchored by a spacious kitchen island with eat bar. Outdoor living is differentiated by building, with five units in the west building offering private decks off the living room slider, while six units in the east building include patio spaces accessed directly from the living room. Unit 8610 #6 has a fenced yard space and Unit 8630 #1 features additional windows. Energy-efficient mini-split systems provide heating and cooling, and all units include in-unit laundry located between the bedrooms. Built by a respected Street of Dreams builder, this community benefits from durable construction. The Markham location offers proximity to Gabriel Park, Multnomah Village shopping and dining, Barbur Boulevard transit access, and convenient routes to downtown Portland and major employment centers. The property is situated on a lot of approximately 0.17 acres and the building size is 9970 square feet. This is an ideal acquisition for investors seeking a turnkey, lease-ready asset with strong rentability, low maintenance, and long-term hold appeal in Southwest Portland.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Portland
    County
    Washington
    State
    Oregon
    Longitude
    -122.698608
    Latitude
    45.462342

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    FAQs

    What type of property is this?
    Apartment building - Modern 11-unit condominium community in Portland's Markham neighborhood.
    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 $4,418,900.
    What are key features of this property?
    This property features: - New construction, 11-unit condominium community in Portland's desirable Markham neighborhood; - All units are vacant and move-in ready for rapid tenant placement and income stabilization; - Each unit features **2 bedrooms and 2.1 bathrooms**, including dual en-suite bedrooms
    (503) 597-2444
    Request Owner's contact information
    8632 SW 21St Ave Portland, OR 97219
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    Portland, OR 97219
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    8632 SW 21St Ave Portland, OR 97219
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    We can help!
    Listing Contact
    Darryl Bodle
    Darryl Bodle
    Real Estate License ID: 199910100
    (503) 597-2444 (503) 709-4632 (360) 803-4613
    Learn more
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