Acquire an entire new construction11 unit condominium community in Portland’s desirable Markham neighborhood, offering investors a turnkey portfolio with immediate lease up potential. All homes are vacant and move in ready, providing a clear path to tenant placement and income stabilization. The offering includes 9,970 total square feet across 11 thoughtfully designed 2 bedroom, 2½ bathroom residences, each spanning approximately 905 to 908 square feet. Every home features a bright great room layout. Kitchens are anchored by islands with eat bars and include solid surface countertops, stainless steel appliances, pantries, and generous cabinetry. Upstairs, dual ensuite bedrooms provide privacy that appeals to roommates, remote workers, and guests. In unit laundry and efficient mini splits add everyday convenience and year round heating and cooling. Five homes in the west building offer private decks, while six homes in the east building feature patios. Select residences add larger fenced yards, premium end unit positioning, or additional windows that enhance natural light. Built by a trusted Pacific Northwest Street of Dreams builder with over 20 years of experience, known for purposeful design and precision craftsmanship. Designed for life. Crafted to last. The location supports sustained rental appeal with Gabriel Park, Multnomah Village shopping and dining, Barbur Boulevard transit, downtown Portland, and major employment centers all within easy reach. A rare opportunity to acquire an entire lease ready community with modern construction, several variations of outdoor spaces, and compelling long term potential in Southwest Portland.
Multi-familyProperty Type
2026Year Built
7,405 sq ftLot Size
$404Price/Sq.Ft.
Listed by Darryl Bodle• Keller Williams Realty Portland Premiere
Listed by Kelly Christian• Keller Williams Realty Portland Premiere
Markham, located between Tryon Creek State Natural Area and the South Waterfront, is a residential and wooded Portland neighborhood with steep hillsides and winding streets. The neighborhood’s character concentrates around SW Barbur Blvd at SW Capitol Hwy, where commuter traffic, small storefronts, and transit stops set a practical, in-motion tone. Mid-century ranches and split-levels sit beside newer infill, often framed by tall firs and deep setbacks. Trails and creek corridors shape daily routines more than a main street grid. Nearby cultural pillars such as the Oregon Historical Society, Portland Art Museum, and Keller Auditorium anchor bigger nights out beyond the ridge lines.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Crawl space foundation
No storage
Bedrooms
Eleven total units comprised of 2-bedroom floorplans (unit types include 2-bed configurations)
Bathrooms
Each unit has 3 bathrooms
Kitchen
Dishwasher in units
Range in units
Laundry & utility
Washer/Dryer hookup in units
Electric tank hot water
Heating & cooling
Mini split heating
Heat pump and mini split cooling
Exterior features
Board & batten, cement, lap and panel siding
Gentle sloping lot
Paved road frontage
Trees/woods view
Sidewalk
Home design
Multi-family property (condominium style)
New construction
Units are not attached (individual condominium units)
Facing/view toward trees/woods
Parking
On-street parking
Security
Sidewalk (site feature)
Construction
2026 construction
Composition roof
Concrete perimeter and stem wall foundation
Building area approximately 9,970 total
Utilities
Electricity fuel
Public water
Public sewer
HOA & community
Zoned RM1
Financial info
Cap rate 6.1
Gross rent multiplier 12.77
Unit mix: eleven total units (seven units of one 2-bed plan, two units of a second 2-bed plan, one unit of a third 2-bed plan, one unit of a fourth 2-bed plan)
Example current rents by unit type: $2,400; $2,450; $2,500; $2,600
Other
Tax/legal describes Units 1 through 11 as Twenty First Condominiums
Electricity and solar
View estimated energy costs and solar savings for this home
As the MLS and public records start to fill up, we'll list the details here.
Public record
Public record
Zoning
Beds
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Baths
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Stories
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Lot width
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Lot depth
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Lot size
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Year renovated
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Finished Sq. Ft.
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Unfinished Sq. Ft.
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Total Sq. Ft.
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Year built
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Style
Multi-Family (5+ Unit)
County
Multnomah County
APN
New Construction
Parking Spaces
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Basement
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Accessible
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HOA Dues
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Garage
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Features
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Last updated by owner on Jan 27, 2026.
RM1
Residential Multi-Dwelling 1 Zone
The RM1 zone is a low-scale multi-dwelling zone that is generally applied in locations intended to provide a transition in scale to single-dwelling residential areas, such as the edges of mixed-use centers and civic corridors, and along or near neighborhood corridors. Allowed housing is characterized by one to three story buildings that relate to the patterns of residential neighborhoods, but at a somewhat larger scale and building coverage than allowed in the single-dwelling zones. The major types of new development will be duplexes, triplexes, rowhouses, courtyard housing, small apartment buildings, and other relatively small-scale multi-dwelling and small-lot housing types that are compatible with the characteristics of Portland's residential neighborhoods.
Permitted uses
Include but are not limited to:
Housing
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
2/10 Heat Factor
7 days above 91° expected this year, 14 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
10/10 Air Factor
19 unhealthy days expected this year, 20 days in 30 years
Provided by First Street
Historical weather
Portland, OR • 97219
Average low and high temperatures (°F)
47
37
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38
56
43
64
45
70
50
77
54
83
58
84
62
76
58
61
49
52
44
50
42
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
81/ 100
Very good sunlight
Sunscore
This home receives average direct sun exposure in Portland. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.1 hrs
4.6 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 8632 SW 21st Ave
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