Duplex With Attached
For Sale
Under Contract
$579,900
1825-1835 Turnage St NW, Salem, OR 97304
Multi Family, Salem, OR
Property Size2,268 SF
Lot Size0.20 Acres
Price / SF$255.69
Days on Market83
Property Features for 1825-1835 Turnage St NW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Patio and Porch features
Patio
Lot features
Dimension Above, Lot: M& B
View
Territorial
Elementary school
Kalapuya
Middle school
Walker
High school
West Salem
Directions
West on Eola, Left on Turnage
Standard status
Active Under Contract
APN
313881
Size
2,268 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
6143
Utilities
Heating system
Electric (Heating), Ductless (Heating), Zoned, Wall Furnace
Amenities
washer/dryer hookups
vaulted ceiling
private fenced backyard
extra storage
Building Details
Year built
2002
Number of units
2
Flooring type
Vinyl, Other (refer to remarks), Carpet
Roof type
Composition
Listing Agency:
HOMESMART REALTY GROUP · HomeSmart International
(971) 599-5865
Listed By:
BRIAN SMITH
(503) 551-8510
Added: Jun 24
Changed: Sep 13
Last Checked: Sep 14 at 6:06PM
MLS# 841380
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.
Built in 2002, this duplex contains two 3-bedroom, 2-bath units within 2,268 square feet. Each residence has a kitchen connected to the main living area, a vaulted ceiling, washer and dryer hookups, and an attached oversized garage with additional storage. Private fenced backyards and patio areas extend the usable space. Flooring includes vinyl and carpet, while heating is provided through electric, ductless, wall-furnace, and zoned systems.
The property occupies 0.2 acres at 1825-1835 Turnage St NW in Salem, Oregon, within RS zoning. A composition roof was installed in 2024. Schools, shopping, and services are located nearby.
The property occupies 0.2 acres at 1825-1835 Turnage St NW in Salem, Oregon, within RS zoning. A composition roof was installed in 2024. Schools, shopping, and services are located nearby.
Key Highlights
- Two 3‑bedroom, 2‑bath units totaling 2,268 square feet
- Each unit includes an oversized attached garage with extra storage
- Private fenced backyards and patio areas serve both residences
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
$27,239
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
4.70%
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%
$544,780
$544.8K
Cap Rate 7%
$389,129
$389.1K
Cap Rate 9%
$302,656
$302.7K
Market Conditions
NOI Build-Up for 2,268 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
$41.6K $18.36/SF
− Vacancy
−$2.7K −$1.20/SF
EGI
$38.9K $17.16/SF
− OpEx
−$11.7K −$5.15/SF
NOI
$27.2K $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%
$544,780
Cap Rate 7%
$389,129
Cap Rate 9%
$302,656
Alternative Uses
Best Use
Multifamily LT 5
$389.1K
$340.5K – $454.0K
NOI $27,239 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$358.4K
$313.6K – $418.1K
NOI $25,085 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$602.2K
$526.9K – $702.5K
NOI $42,152 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
109
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer private outdoor space, laundry hookups, and attached garage storage.
Where is this duplex located?
The property is located at 1825-1835 Turnage St NW Salem, OR.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units totaling 2,268 square feet; Each unit includes an oversized attached garage with extra storage; Private fenced backyards and patio areas serve both residences
