Duplex with Gas-Log Fireplace
For Sale
$545,000
3624 Hermosa Ct NE, Salem, OR 97305
MULTI_FAMILY - Salem, OR
Property Size2,336 SF
Lot Size0.24 Acres
Price / SF$233.30
Days on Market52
Property Features for 3624 Hermosa Ct NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 3
Patio and Porch features
Patio
Fireplace
1
Subdivision
Neighborly Addition
Lot features
Cul-de-sac, Lot: 1
View
Territorial
Elementary school
Lamb
Middle school
Adam Stephens
High school
McKay
Directions
Silverton road then north on Hermosa to end of street cul-de-sac
Standard status
Active
APN
556138
Size
2,336 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
3717
Utilities
Heating system
Forced Air, Natural Gas
Amenities
fireplaces
sunken living rooms
attic storage
custom gutter covers
entry storm doors
Building Details
Year built
1973
Number of units
2
Flooring type
Carpet, Vinyl
Roof type
Composition
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
JOHN ZOBRIST
(503) 931-5020
Added: Jul 6
Changed: Aug 3
Last Checked: Aug 26 at 10:06AM
MLS# 843267
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 well-maintained duplex sits on a cul-de-sac on a quiet street and has a history of long-term tenants. The living areas include fireplaces that are piped to accept gas logs, along with spacious sunken living rooms. One unit features a two-car garage, while the other has a very deep one-car garage. Both units include attic spaces with flooring and lighting for additional storage.
The property is very close to Chemeketa Community College. Recent updates include newly painted interiors at 3624 and 3634, new garage doors, annually cleaned and treated roofs, custom gutter covers, and entry storm doors. All doors have been re-keyed.
Building improvements include a 3624 unit with a new gas furnace, a new gas water heater, and gas logs with a key to light. The 3634 unit has a new water heater plus new electric range, dishwasher, refrigerator, disposal, and faucet, along with GFCI outlets installed in the kitchen and bathrooms. Flooring includes vinyl and carpet, with additional interior updates such as new carpet with memory foam pad and upgrades in the main bathroom.
The property is zoned RL and built in 1973, with forced-air natural gas heating and a composition roof.
The property is very close to Chemeketa Community College. Recent updates include newly painted interiors at 3624 and 3634, new garage doors, annually cleaned and treated roofs, custom gutter covers, and entry storm doors. All doors have been re-keyed.
Building improvements include a 3624 unit with a new gas furnace, a new gas water heater, and gas logs with a key to light. The 3634 unit has a new water heater plus new electric range, dishwasher, refrigerator, disposal, and faucet, along with GFCI outlets installed in the kitchen and bathrooms. Flooring includes vinyl and carpet, with additional interior updates such as new carpet with memory foam pad and upgrades in the main bathroom.
The property is zoned RL and built in 1973, with forced-air natural gas heating and a composition roof.
Key Highlights
- Duplex on a cul‑de‑sac on a quiet street with a history of long‑term tenants
- Fireplaces are piped to accept gas logs, plus spacious sunken living rooms
- 3624: new gas furnace, new gas water heater, gas logs with key to light
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
$28,056
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
5.15%
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%
$561,120
$561.1K
Cap Rate 7%
$400,800
$400.8K
Cap Rate 9%
$311,733
$311.7K
Market Conditions
NOI Build-Up for 2,336 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
$42.9K $18.36/SF
− Vacancy
−$2.8K −$1.20/SF
EGI
$40.1K $17.16/SF
− OpEx
−$12.0K −$5.15/SF
NOI
$28.1K $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%
$561,120
Cap Rate 7%
$400,800
Cap Rate 9%
$311,733
Alternative Uses
Best Use
Multifamily LT 5
$400.8K
$350.7K – $467.6K
NOI $28,056 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$369.1K
$323.0K – $430.6K
NOI $25,837 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$620.2K
$542.7K – $723.6K
NOI $43,416 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
Business Placement
Demographics for 97305, OR
44,535
Population
15,219
Households
2.9
Avg Household Size
33
Median Age
16%
College-Educated
77%
High-School Grad
47.2 sq mi
ZIP Area
944
Density / Sq Mi
$64,581
Median Household Income
$32,554
Median Earnings
$1,386
Median Rent
$339,100
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?
Duplex - Well-maintained duplex on a cul-de-sac with fireplace piping for gas logs and updated interiors across both units.
Where is this duplex located?
The property is located at 3624 Hermosa Ct NE Salem, OR.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Duplex on a cul‑de‑sac on a quiet street with a history of long‑term tenants; Fireplaces are piped to accept gas logs, plus spacious sunken living rooms; 3624: new gas furnace, new gas water heater, gas logs with key to light
