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    Developed Lot Ready to Build Title is generated by Realmo AI

    2446 Morrow Ct NW, Salem, OR 97304

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    Claim this Listing
    For Sale
    $149,900

    Lot - Salem, OR

    Lot size:
    0.19 Acres
    Added:
    Nov 25, 2025
    Days on Market:
    182
    Last Refresh:
    May 26 at 6:06 pm

    Property Features for 2446 Morrow Ct NW

    General Information

    Property type
    Land
    Property subtype
    Other
    Exterior features
    Cul-De-Sac
    Standard status
    Active
    APN
    544045
    Lot size
    0.19 Acres

    Taxes and HOA fees

    Tax Annual Amount
    22

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    ZACHARY ZEEK

    Listing agent ZACHARY ZEEK

    Listing office HOMESMART REALTY GROUP 3240 COMMERCIAL ST SE, Salem, OR

    Listing date Nov 25, 2025

    MLS# 835506 Listing URL

    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.

    HighLights

    • Approved 4‑Plex plans and ready‑to‑pick‑up permits make this lot shovel‑ready for immediate construction.
    • All utilities are present at the lot, simplifying the building process.
    • Geotech engineering has been completed, reducing potential pre‑construction hurdles.
    • Possible Seller carry terms are available, offering flexible financing options.
    • Located on a cul‑de‑sac.
    • Can be purchased individually or with two other lots on the same street, offering flexibility.

    Overview

    This fully developed lot in West Salem is ready for construction. The property has approved plans from the City of Salem for a new 4-Plex, and permits are ready to be picked up, making it a turn-key and shovel-ready opportunity. All utilities are present at the lot. Geotechnical engineering has been completed. The lot has a size of 0.19 acres. The property can be sold individually or together with two other lots on the same dead-end street. It can also be sold as a build job for a 4-Plex.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Hair Salon Gym & Fitness Center Department Store Skin Care Clinic Food Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0829272
    Latitude
    44.9707956

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    FAQs

    What type of property is this?
    Residential land & home lot - West Salem lot with approved 4-Plex plans and utilities.
    Where is this residential land & home lot located?
    The property is located at 2446 Morrow Ct NW Salem, OR.
    What is the asking price?
    The asking price for this property is $149,900.
    What are key features of this property?
    This property features: Approved 4‑Plex plans and ready‑to‑pick‑up permits make this lot shovel‑ready for immediate construction.; All utilities are present at the lot, simplifying the building process.; Geotech engineering has been completed, reducing potential pre‑construction hurdles.
    (503) 551-8836
    We can help!
    Listing Contact
    ZACHARY ZEEK
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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