RM1-Zoned 5-Plex with
For Sale
$930,000
8410 SE 21ST AVE, Portland, OR 97202
Well-maintained 5-plex on an oversized RM1-zoned lot with an unfinished basement offering value-add possibilities.
Property Size3,309 SF
Price / SF$281.05
Days on Market346
Property Features for 8410 SE 21ST AVE
General Information
Standard status
Active
Size
3,309 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Zoning
R2
Net Operating Income
$33,139
Additional Details
Business Included
Yes
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$11,512
Amenities
Basement,IndividualStorageUnits
FullBasement,StorageSpace,Unfinished
Electricity,Tank
UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5
Electricity
2
1
Dishwasher,Range,Refrigerator,WindowCoverings
Range,Refrigerator
1395
1026
1188
1045
CornerLot,Level
PublicWater
3.0
0.23
Paved
3309.0
LapSiding,WoodSiding
Building Details
Building Size
3,309 SF
Year Built
1909
Stories
2
Tenancy
Multi
Listing Agency:
Keller Williams Realty Portland Premiere
(503) 233-4592
Listed By:
Alex Roy
(503) 233-4592
Source:
Premierepropertygroup
Added: Sep 9, 2025
Changed: Aug 20
Last Checked: Aug 20 at 4:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Realty Portland Premiere
Investment Insights
Based on property information with market context.
This property is a well-maintained 5-plex designed for residential income. The unfinished basement provides additional space and may offer an opportunity to add a sixth dwelling unit, subject to buyer verification and required approvals. Recent exterior upgrades include fresh paint in August 2025, reinforced fire escapes, and low-maintenance landscaping with open grassy areas and outdoor space for tenants.
Set on an oversized lot and zoned RM1, the site supports multiple planning paths for both near-term improvement and longer-term growth, subject to buyer verification of feasibility under current code. The property is positioned near parks, schools, boutique shops, and public transit, supporting resident convenience in the surrounding area.
For investors or buyers seeking an income-producing multifamily asset with room to improve, the in-place rental setup paired with an unfinished basement can be a practical starting point for value-add work. The RM1 zoning and generous lot size also make it worth evaluating redevelopment or expansion options, again subject to confirmation with local requirements and permitting. Please do not disturb tenants; all offers are subject to interior inspection.
Set on an oversized lot and zoned RM1, the site supports multiple planning paths for both near-term improvement and longer-term growth, subject to buyer verification of feasibility under current code. The property is positioned near parks, schools, boutique shops, and public transit, supporting resident convenience in the surrounding area.
For investors or buyers seeking an income-producing multifamily asset with room to improve, the in-place rental setup paired with an unfinished basement can be a practical starting point for value-add work. The RM1 zoning and generous lot size also make it worth evaluating redevelopment or expansion options, again subject to confirmation with local requirements and permitting. Please do not disturb tenants; all offers are subject to interior inspection.
Key Highlights
- 5‑plex with 5 units (2x 2BR/1BA, 1x 2BR/1BA, 2x 1BR/1BA) and monthly rents of $1,395, $1,026, $1,188, $1,045, and $1,045
- 0.23‑acre corner lot (level) with RM1 zoning and 3 paved parking spaces
- 3,309 SF total building area built in 1909 with lap siding and wood siding exterior
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
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 5-plex on an oversized RM1-zoned lot with an unfinished basement offering value-add possibilities.
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: 5‑plex with 5 units (2x 2BR/1BA, 1x 2BR/1BA, 2x 1BR/1BA) and monthly rents of $1,395, $1,026, $1,188, $1,045, and $1,045; 0.23‑acre corner lot (level) with RM1 zoning and 3 paved parking spaces; 3,309 SF total building area built in 1909 with lap siding and wood siding exterior
