Two-Building
For Sale
$580,000
1385 HINES St, Salem, OR 97302
MULTI_FAMILY - Salem, OR
Property Size2,525 SF
Lot Size0.29 Acres
Price / SF$229.70
Days on Market24
Property Features for 1385 HINES St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
rm2
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 4
Elementary school
Bush
Middle school
Leslie
High school
South Salem
Directions
Mission to Hines SE
Subdivision
_173
Standard status
Active
APN
571138
Size
2,525 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Description
DEPOT ADDITION, BLOCK 27, LOT 1,2 & FR VAC ST, ACRES 0.29
Tax Annual Amount
3471
Legal Description
DEPOT ADDITION, BLOCK 27, LOT 1,2 & FR VAC ST, ACRES 0.29
Utilities
Heating system
Baseboard
Building Details
Year built
1920
Number of units
4
Roof type
Composition
Listing Agency:
John L. Scott Portland South
(503) 303-7103
Listed By:
Tom Ramsey · License #200208048
(503) 481-0501
Added: Jul 25
Changed: Aug 13
Last Checked: Aug 17 at 3:06AM
MLS# 787729274
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.
Two-building fourplex on a 0.29-acre lot totaling 2,525 square feet. The front building is a converted classic bungalow with three units: a main 2 bedroom, 1 bath unit, an upstairs studio, and a 1 bedroom unit at the rear of the home. The back building is a stand-alone 2 bedroom, 1 bath house, positioned for a quiet, private setting.
The property is fully rented. Interior updates were completed in 2021, and the front house has newer Hardi siding. Tenants benefit from lots of on-site parking, and the location is described as central to Salem, close to Willamette University and downtown Salem. Zoning is RM2. The home is heated with baseboard and has a composition roof. Built in 1920, the buildings offer a mix of unit types within one multifamily portfolio.
Presented as a rental with two separate structures, this layout can support a tenant mix across the bungalow and stand-alone house while keeping operations under one ownership.
The property is fully rented. Interior updates were completed in 2021, and the front house has newer Hardi siding. Tenants benefit from lots of on-site parking, and the location is described as central to Salem, close to Willamette University and downtown Salem. Zoning is RM2. The home is heated with baseboard and has a composition roof. Built in 1920, the buildings offer a mix of unit types within one multifamily portfolio.
Presented as a rental with two separate structures, this layout can support a tenant mix across the bungalow and stand-alone house while keeping operations under one ownership.
Key Highlights
- Two‑building fourplex on 0.29‑acre lot totaling 2,525 SF
- Fully rented with a 3‑unit bungalow plus a stand‑alone 2 bed, 1 bath house
- Interior updates completed in 2021
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
$27,927
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
4.81%
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%
$558,540
$558.5K
Cap Rate 7%
$398,957
$399.0K
Cap Rate 9%
$310,300
$310.3K
Market Conditions
NOI Build-Up for 2,525 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
$54.5K $21.60/SF
− Vacancy
−$3.8K −$1.49/SF
EGI
$50.8K $20.11/SF
− OpEx
−$22.8K −$9.05/SF
NOI
$27.9K $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%
$558,540
Cap Rate 7%
$398,957
Cap Rate 9%
$310,300
Alternative Uses
Best Use
Apartment 5plus
$399.0K
$349.1K – $465.5K
NOI $27,927 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$670.4K
$586.6K – $782.2K
NOI $46,929 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two buildings totaling four units, fully rented, zoned RM2 in Salem, OR with baseboard heat and composition roof.
Where is this multifamily property located?
The property is located at 1385 HINES St Salem, OR.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Two‑building fourplex on 0.29‑acre lot totaling 2,525 SF; Fully rented with a 3‑unit bungalow plus a stand‑alone 2 bed, 1 bath house; Interior updates completed in 2021
