New Construction 11-Unit
8632 SW 21st Ave Portland, OR 97219
For Sale
$3,998,900
MULTI_FAMILY - Portland, OR
Property Size9,970 SF
Lot Size0.17 Acres
Price / SF$401.09
Days on Market179
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
- Rooms
- Bedroom 5, Bedroom 2, Bathroom 2, Bathroom 4, Bathroom 9, Bathroom 11, Bedroom 6, Bathroom 5, Bathroom 12, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 7, Bathroom 6, Bathroom 8, Bathroom 10, Bathroom 7, Bedroom 8
- 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
Utilities
- Cooling system
- Heat Pump
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: Jul 23
Last Checked: Jul 24 at 1:06PM
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.
New construction 11-unit condominium community in Portland’s Markham neighborhood, with all homes currently vacant and move-in ready. The residences are configured as 2 bedrooms and 2 1/2 bathrooms, each with a bright great room layout, upstairs dual ensuite bedrooms, and in-unit laundry. Kitchens feature islands with eat bars, solid surface countertops, stainless steel appliances, pantries, and generous cabinetry. Heating and cooling are provided by efficient mini-split systems, and certain homes include fenced yards, additional windows for natural light, or premium end unit positioning. Outdoor space is split between two buildings, with five homes offering private decks and six homes offering patios.
The property is located at 8632 SW 21st Ave in Portland, Oregon 97219 and is zoned RM1. In the surrounding area, Gabriel Park, Multnomah Village shopping and dining, Barbur Boulevard transit, downtown Portland, and major employment centers are described as within easy reach.
Across 9,970 total square feet, the community offers modern, consistent unit design with variations in outdoor space between the west and east buildings.
The property is located at 8632 SW 21st Ave in Portland, Oregon 97219 and is zoned RM1. In the surrounding area, Gabriel Park, Multnomah Village shopping and dining, Barbur Boulevard transit, downtown Portland, and major employment centers are described as within easy reach.
Across 9,970 total square feet, the community offers modern, consistent unit design with variations in outdoor space between the west and east buildings.
Key Highlights
- 11‑unit new construction condominium community in Portland’s Markham neighborhood (under construction, year built 2026).
- 9,970 total SF across 11 residences with 2 bedrooms and 2.5 bathrooms each, approx. 905–908 SF per home.
- In‑unit laundry plus heating and cooling via mini splits/heat pump; each unit has a bright great room layout.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $250.0k | $25.08 |
| − Vacancy | −$15.5k | −$1.55 |
| EGI | $234.5k | $23.53 |
| − OpEx | −$105.5k | −$10.59 |
| NOI | $129.0k | $12.94 |
9,970 SF · lease $25.08/SF/yr · vacancy 6.20% · expense 45.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - New construction 11-unit condominium community with 2-bedroom layouts, in-unit laundry, and outdoor decks or patios.
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‑unit new construction condominium community in Portland’s Markham neighborhood (under construction, year built 2026).; 9,970 total SF across 11 residences with 2 bedrooms and 2.5 bathrooms each, approx. 905–908 SF per home.; In‑unit laundry plus heating and cooling via mini splits/heat pump; each unit has a bright great room layout.
