Two-Unit Craftsman with
For Sale
$465,000
380 Owens & 1102 Fairmount St S, Salem, OR 97302
MULTI_FAMILY - Salem, OR
Property Size2,294 SF
Lot Size0.17 Acres
Price / SF$202.70
Days on Market28
Property Features for 380 Owens & 1102 Fairmount St S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Basement, Den, Bedroom 4, Bedroom 1, Bedroom 3
Patio and Porch features
Patio
Lot features
Irregular, Lot: F R8
Elementary school
McKinley
Middle school
Leslie
High school
South Salem
Directions
Commercial St. to W on Owens, Corner of Owens & Fairmount
Standard status
Active
APN
592013
Size
2,294 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4049
Utilities
Heating system
Baseboard, Natural Gas, Forced Air, Electric (Heating)
Building Details
Year built
1923
Number of units
2
Flooring type
Laminate, Carpet, Wood
Roof type
Composition
Listing Agency:
BLUM REAL ESTATE
(503) 485-1900
Listed By:
GLADYS BLUM
(503) 485-1900
Added: Jul 3
Changed: Jul 28
Last Checked: Jul 30 at 2:06PM
MLS# 843018
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 corner-lot multifamily property combines a 1923 Craftsman main house with a newer detached garage that includes a 728-square-foot, 1-bedroom, 1-bath ADU above. The main home features two bedrooms on the main level, along with a large bonus room and additional room space on the second level. A covered front porch adds curb appeal, and a newer roof is noted as part of the improvements. Outdoors, the property includes a spacious yard area.
The property is located at 380 Owens St S with an address also listed as 1102 Fairmount St S in Salem, OR 97302, and sits within RM2 zoning. The listing describes the area as convenient to shopping, dining, and other downtown amenities.
For tenants, buyers, or operators looking for flexibility, the layout supports multiple living arrangements through the main home plus the separate ADU above the detached garage. The property’s two distinct residential components can work for households seeking added privacy for guests or extended family, while still providing an alternate option for rental use within an RM2 framework. Current configuration includes clear 2-bedroom main-level living and separate 1-bedroom ADU living space.
The property is located at 380 Owens St S with an address also listed as 1102 Fairmount St S in Salem, OR 97302, and sits within RM2 zoning. The listing describes the area as convenient to shopping, dining, and other downtown amenities.
For tenants, buyers, or operators looking for flexibility, the layout supports multiple living arrangements through the main home plus the separate ADU above the detached garage. The property’s two distinct residential components can work for households seeking added privacy for guests or extended family, while still providing an alternate option for rental use within an RM2 framework. Current configuration includes clear 2-bedroom main-level living and separate 1-bedroom ADU living space.
Key Highlights
- Corner lot with a 1923 Craftsman home and a covered front porch
- Detached garage with a 728 SF ADU above, featuring 1 bedroom and 1 bathroom
- Main house includes 2 bedrooms on the main level plus a large bonus room and additional rooms on the 2nd level
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $42.1k | $18.36 |
| − Vacancy | −$2.8k | −$1.20 |
| EGI | $39.4k | $17.16 |
| − OpEx | −$11.8k | −$5.15 |
| NOI | $27.6k | $12.01 |
2,294 SF · lease $18.36/SF/yr · vacancy 6.55% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$393.6K
$344.4K – $459.2K
NOI $27,551 @ 7.0% cap · market cap 5.92%
Second Best
Apartment 5plus
$362.5K
$317.2K – $422.9K
NOI $25,372 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$609.1K
$532.9K – $710.6K
NOI $42,635 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
152
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot Craftsman with a detached garage ADU above, offering dual-living or flexible rental options in RM2 zoning.
Where is this duplex located?
The property is located at 380 Owens & 1102 Fairmount St S Salem, OR.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: Corner lot with a 1923 Craftsman home and a covered front porch; Detached garage with a 728 SF ADU above, featuring 1 bedroom and 1 bathroom; Main house includes 2 bedrooms on the main level plus a large bonus room and additional rooms on the 2nd level
