Apartment Building with On-Site
For Sale
$799,900
1341 Saginaw St S, Salem, OR 97317
Multi Family, Salem, OR
Property Size5,278 SF
Lot Size0.26 Acres
Price / SF$151.55
Days on Market157
Property Features for 1341 Saginaw St S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 12, Bedroom 5, Bedroom 9, Bathroom 6, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 3, Bedroom 10, Bedroom 11, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 8, Bedroom 6, Bathroom 4, Bedroom 2
Patio and Porch features
Deck
Fireplace
1
Subdivision
Southwest Add
Lot features
Irregular, Lot: 2
View
Territorial
Elementary school
McKinley
Middle school
Leslie
High school
South Salem
Standard status
Active
APN
592091
Size
5,278 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8107
Utilities
Heating system
Electric (Heating), Zoned
Amenities
on-site laundry room
Building Details
Year built
1964
Number of units
6
Flooring type
Laminate, Wood, Carpet
Roof type
Tile
Listing Agency:
KELLER WILLIAMS REALTY MID-WILLAMETTE - GILLOTT TEAM
(541) 738-7770
Listed By:
LAURA GILLOTT · License #920300248
(541) 990-7785
Added: Mar 23
Changed: Aug 19
Last Checked: Aug 26 at 5:06AM
MLS# 837990
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.
This apartment property contains 5,278 square feet on a 0.26-acre parcel and was built in 1964. The units are configured with two bedrooms and one bathroom each, with 12 bedrooms and 6 bathrooms represented in the room schedule. Two units are vacant and undergoing renovation. Improvements include a new roof and gutters, electric heat with separate meters, off-street parking, and an on-site laundry room. Interior finishes include laminate, wood, and carpet flooring, while a deck and fireplace are also present.
Located at 1341 Saginaw St S in Salem, the property offers a connection to Commercial Street for commuting access. RM2 zoning applies to the site. The address is in Marion County, within the 97317 ZIP code.
Located at 1341 Saginaw St S in Salem, the property offers a connection to Commercial Street for commuting access. RM2 zoning applies to the site. The address is in Marion County, within the 97317 ZIP code.
Key Highlights
- 5,278‑square‑foot apartment property on 0.26 acres
- Each unit includes 2 bedrooms and 1 bathroom
- Two vacant units are undergoing renovation
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
$58,376
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
7.30%
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%
$1,167,520
$1.2M
Cap Rate 7%
$833,943
$833.9K
Cap Rate 9%
$648,622
$648.6K
Market Conditions
NOI Build-Up for 5,278 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
$114.0K $21.60/SF
− Vacancy
−$7.9K −$1.49/SF
EGI
$106.1K $20.11/SF
− OpEx
−$47.8K −$9.05/SF
NOI
$58.4K $11.06/SF
Area
Salem, OR
Vacancy
6.90%
Lease Rate
$21.60 /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%
$1,167,520
Cap Rate 7%
$833,943
Cap Rate 9%
$648,622
Alternative Uses
Best Use
Apartment 5plus
$833.9K
$729.7K – $972.9K
NOI $58,376 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,095 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,864
Businesses Nearby
Explore this area
Business Placement
Demographics for 97317, OR
25,852
Population
9,024
Households
2.9
Avg Household Size
38
Median Age
22%
College-Educated
86%
High-School Grad
55.2 sq mi
ZIP Area
468
Density / Sq Mi
$81,208
Median Household Income
$39,794
Median Earnings
$1,370
Median Rent
$382,500
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?
Apartment building - RM2-zoned property offers separately metered electric heat, off-street parking, and laundry facilities.
Where is this apartment building located?
The property is located at 1341 Saginaw St S Salem, OR.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 5,278‑square‑foot apartment property on 0.26 acres; Each unit includes 2 bedrooms and 1 bathroom; Two vacant units are undergoing renovation
