Three-Building Duplex
For Sale
$1,500,000
4212 47TH Ave NE, Salem, OR 97305
MultiFamily, Salem, OR
Property Size6,900 SF
Lot Size0.17 Acres
Price / SF$217.39
Days on Market222
Property Features for 4212 47TH Ave NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RSFR
Bedrooms
12
Bathrooms
12
Full bathrooms
12
Rooms
Bathroom 7, Bathroom 6, Bedroom 9, Bathroom 10, Bedroom 12, Bedroom 3, Bedroom 10, Bathroom 12, Bathroom 9, Bathroom 3, Bedroom 4, Bathroom 5, Bathroom 11, Bedroom 1, Bedroom 7, Bedroom 8, Bathroom 8, Bathroom 4, Bedroom 5, Bedroom 11, Bathroom 2, Bedroom 2, Bedroom 6, Bathroom 1
Elementary school
Yoshikai
Middle school
Stephens
High school
McKay
Directions
From 22 & I-5, N on I-5, Exit 99 East, R-Ward Dr, R-47th
Subdivision
_176
Standard status
Active
APN
546025
Size
6,900 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Description
COLLEGE PARK ESTATES, BLOCK 1, LOT 1, ACRES 0.17
Tax Annual Amount
10437
Legal Description
COLLEGE PARK ESTATES, BLOCK 1, LOT 1, ACRES 0.17
Utilities
Heating system
Zoned
Building Details
Year built
1972
Floors in Building
2
Number of units
6
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Dawn Cordiner
(503) 309-0093
Added: Jan 29
Changed: Sep 3
Last Checked: Sep 8 at 7:06AM
MLS# 585195910
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 Salem portfolio comprises three separately addressed duplex buildings offered together, with each property structured for potential individual financing. The buildings share a consistent two-story design, pitched composition roofs, and similar floor plans. Across the portfolio, units feature living areas, practical kitchens with cabinetry and counter space, and bedroom layouts supported by natural light. Zoned heating is reported, and the properties were built in 1972.
Each duplex includes its own driveway and off-street parking, with simple landscaping designed for straightforward upkeep. The properties are professionally managed and fully occupied, with established rents in place. Located in an established residential area of Salem, the portfolio provides operational consistency across the buildings while preserving the ability to hold, finance, or sell each property separately.
Each duplex includes its own driveway and off-street parking, with simple landscaping designed for straightforward upkeep. The properties are professionally managed and fully occupied, with established rents in place. Located in an established residential area of Salem, the portfolio provides operational consistency across the buildings while preserving the ability to hold, finance, or sell each property separately.
Key Highlights
- Three separately addressed duplex buildings offered as one portfolio
- Each duplex has two units with similar floor plans
- Professionally managed and fully occupied
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
$82,870
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
5.52%
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%
$1,657,400
$1.7M
Cap Rate 7%
$1,183,857
$1.2M
Cap Rate 9%
$920,778
$920.8K
Market Conditions
NOI Build-Up for 6,900 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
$126.7K $18.36/SF
− Vacancy
−$8.3K −$1.20/SF
EGI
$118.4K $17.16/SF
− OpEx
−$35.5K −$5.15/SF
NOI
$82.9K $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%
$1,657,400
Cap Rate 7%
$1,183,857
Cap Rate 9%
$920,778
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.04M – $1.38M
NOI $82,870 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$1.09M
$954.0K – $1.27M
NOI $76,316 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,241 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
165
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 - Three separately addressed buildings offer individual driveways, off-street parking, and flexible financing options.
Where is this duplex located?
The property is located at 4212 47TH Ave NE Salem, OR.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three separately addressed duplex buildings offered as one portfolio; Each duplex has two units with similar floor plans; Professionally managed and fully occupied
