Three-Unit Triplex with Private
For Sale
$549,900
1848 Lansing Ave NE, Salem, OR 97301
MultiFamily, Salem, OR
Property Size2,250 SF
Lot Size0.18 Acres
Price / SF$244.40
Days on Market47
Property Features for 1848 Lansing Ave NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 2
View
Territorial
Elementary school
Englewood
Middle school
Parrish
High school
North Salem
Directions
Market st
Subdivision
_174
Standard status
Active
APN
Not Found
Size
2,250 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
ROSELAND ANNEX IN SALEM BLOCK 3 LOT 11 ACRES .18
Tax Annual Amount
4170
Legal Description
ROSELAND ANNEX IN SALEM BLOCK 3 LOT 11 ACRES .18
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1965
Floors in Building
1
Number of units
3
Roof type
Shingle
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Vitaly Ormanji · License #201239333
(503) 200-7786
Added: Aug 21
Changed: Oct 6
Last Checked: Oct 6 at 5:06PM
MLS# 118853398
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.
This RM2-zoned triplex contains 2,250 square feet across three units, each with two bedrooms, one bathroom, and a private backyard. The 0.18-acre property was built in 1965 and has window-unit cooling and a shingle roof.
Located in Salem, Oregon, the property is at 1848 Lansing Ave NE. Its three similarly configured residences provide a consistent layout across the building.
Located in Salem, Oregon, the property is at 1848 Lansing Ave NE. Its three similarly configured residences provide a consistent layout across the building.
Key Highlights
- Three units, each with 2 bedrooms and 1 bathroom
- 2,250‑square‑foot building on a 0.18‑acre lot
- RM2 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,023
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$540,460
$540.5K
Cap Rate 7%
$386,043
$386.0K
Cap Rate 9%
$300,256
$300.3K
Market Conditions
NOI Build-Up for 2,250 SF
Gross rent
$41.3K $18.36/SF
− Vacancy
−$2.7K −$1.20/SF
EGI
$38.6K $17.16/SF
− OpEx
−$11.6K −$5.15/SF
NOI
$27.0K $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 Rate 5%
$540,460
Cap Rate 7%
$386,043
Cap Rate 9%
$300,256
Alternative Uses
Best Use
Multifamily LT 5
$386.0K
$337.8K – $450.4K
NOI $27,023 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$355.5K
$311.1K – $414.8K
NOI $24,886 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
789
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
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?
Triplex - Three two-bedroom residences each include a bathroom and a separate outdoor yard.
Where is this triplex located?
The property is located at 1848 Lansing Ave NE Salem, OR.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Three units, each with 2 bedrooms and 1 bathroom; 2,250‑square‑foot building on a 0.18‑acre lot; RM2 zoning
