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8410 SE 21st Ave
Portland, OR 97202
Multifamily Property For Sale
·
5 Units
Investment Highlights
- Zoning allows for additional development to the property.
Executive Summary
Exceptional Sellwood/Moreland 5-Plex with Rare Development Potential. An incredible opportunity in one of Portland’s most desirable rental markets. This well-maintained, income-producing 5-plex sits on an oversized RM1-zoned lot, offering multiple paths for both immediate and long-term upside. One unit is currently vacant and undergoing renovation, providing an ideal option for an owner-occupant or for leasing at full market rent. See photo of vacant 1bed/1bath unit. The unfinished basement offers a clear value-add opportunity, with a layout well-suited for conversion into a 6th dwelling unit (buyer to verify), potentially increasing annual income by more than 20%. The spacious lot and RM1 zoning open the door to future redevelopment, with potential to add up to 10 new units under current code (buyer to verify). Investors and developers alike will appreciate the rare combination of strong in-place income and significant expansion potential within this high-demand, walkable neighborhood. Recent exterior upgrades include fresh paint (August 2025) reinforced fire escapes, low-maintenance landscaping, featuring open grassy areas and outdoor spaces enjoyed by tenants. Close to parks, schools, boutique shops, and public transit, this property stands out as a prime candidate for portfolio growth or redevelopment in the heart of Sellwood/Moreland. Please do not disturb tenants. All offers subject to interior inspection
Property Facts
| Price Per Unit | $199,000 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 3,309 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1909/1992 |
| Apartment Style | Low-Rise | Parking Ratio | 0.91/1,000 SF |
| Building Class | C | ||
| Zoning | RM1 - The RM1 zone is a low-scale multi-dwelling zone applied around centers and corridors in locations near single-dwelling residential areas. | ||
| Price Per Unit | $199,000 |
| Sale Type | Investment |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 3,309 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1909/1992 |
| Parking Ratio | 0.91/1,000 SF |
| Zoning | RM1 - The RM1 zone is a low-scale multi-dwelling zone applied around centers and corridors in locations near single-dwelling residential areas. |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Refrigerator
- Range
- Carpet
- Window Coverings
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | - | 971 |
| 1+1 | 1 | - | 642 |
| Studios | 1 | - | 418 |
| 1+1 | 1 | - | 451 |
| 1+1 | 1 | - | 420 |
Property Taxes
| Parcel Number | R268008 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $427,250 |
Property Taxes
Parcel Number
R268008
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$427,250
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