New Construction
New
For Sale
$1,450,000
1145 Lupin Ln NW, Salem, OR 97304
Multi Family, Salem, OR
Property Size5,522 SF
Lot Size0.20 Acres
Price / SF$262.59
Days on Market3
Property Features for 1145 Lupin Ln NW
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning
RS
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 9, Bathroom 10, Bathroom 11, Bathroom 8, Bedroom 7, Bedroom 4, Bedroom 8, Bathroom 1, Bedroom 10, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 11, Bedroom 5, Bathroom 7, Bathroom 2, Bathroom 12, Bedroom 3, Bedroom 2, Bedroom 9, Bathroom 5, Bathroom 6, Bedroom 1, Bedroom 12
Patio and Porch features
Patio
Subdivision
Watkins Addition
Lot features
Dimension Above, Lot: 9
Middle school
Straub
High school
West Salem
Directions
Orchard Heights to West Way to Lupin
Standard status
Active
Size
5,522 SF
Lot size
0.20 Acres
Utilities
Heating system
Forced Air, Zoned, Ductless (Heating), Electric (Heating)
Building Details
Year built
2026
Number of units
4
Flooring type
Vinyl
Roof type
Composition
Listing Agency:
HOMESMART REALTY GROUP · HomeSmart International
(971) 599-5865
Listed By:
MARK FARROW
(503) 559-9901
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 23 at 2:06AM
MLS# 844894
Copyright © 2026 Willamette Valley Multiple Listing Service. 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.
Under construction, this 5,522-square-foot quadplex is planned with four residences, each offering 3 bedrooms, 2.5 bathrooms, and an attached single-car garage. Interiors are specified with vinyl flooring, quartz countertops, forced-air and ductless electric heating, and air conditioning. Every unit also includes a refrigerator, washer, and dryer.
The property occupies 0.2 acres and carries RS zoning. Exterior improvements include landscaped, fully fenced yards with artificial turf and patios. Completion is anticipated in mid-Fall 2026. The address is near parks, schools, and everyday amenities in Salem, Oregon.
The property occupies 0.2 acres and carries RS zoning. Exterior improvements include landscaped, fully fenced yards with artificial turf and patios. Completion is anticipated in mid-Fall 2026. The address is near parks, schools, and everyday amenities in Salem, Oregon.
Key Highlights
- Four‑unit quadplex with 3bd, 2.5ba layouts
- 5,522 square feet on a 0.2‑acre lot
- Attached single‑car garage for each unit
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
$66,320
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
4.57%
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%
$1,326,400
$1.3M
Cap Rate 7%
$947,429
$947.4K
Cap Rate 9%
$736,889
$736.9K
Market Conditions
NOI Build-Up for 5,522 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
$101.4K $18.36/SF
− Vacancy
−$6.6K −$1.20/SF
EGI
$94.7K $17.16/SF
− OpEx
−$28.4K −$5.15/SF
NOI
$66.3K $12.01/SF
Area
Salem, OR
Vacancy
6.55%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
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%
$1,326,400
Cap Rate 7%
$947,429
Cap Rate 9%
$736,889
Alternative Uses
Best Use
Multifamily LT 5
$947.4K
$829.0K – $1.11M
NOI $66,320 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$872.5K
$763.4K – $1.02M
NOI $61,075 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,630 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer attached garages, fenced yards, and included kitchen and laundry appliances.
Where is this quadplex located?
The property is located at 1145 Lupin Ln NW Salem, OR.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3bd, 2.5ba layouts; 5,522 square feet on a 0.2‑acre lot; Attached single‑car garage for each unit
