875 GERTH Ave NW, Salem, OR 97304
- Added:
- Jun 29, 2026
- Days on Market:
- 4
- Last Refresh:
- Jul 2 at 12:06 am
Property Features for 875 GERTH Ave NW
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RM2
- Bedrooms
- 11
- Bathrooms
- 8
- Rooms
- Bathroom 3, Bathroom 4, Bedroom 9, Bathroom 5, Bedroom 1, Bedroom 7, Bathroom 8, Bedroom 6, Bathroom 7, Bedroom 4, Bedroom 10, Bathroom 2, Bathroom 6, Bedroom 5, Bedroom 3, Bedroom 8, Bathroom 1, Bedroom 11, Bedroom 2
- Standard status
- Active
- APN
- 251769
- Size
- 6,200 SF
- Lot size
- 0.43 Acres
Taxes and HOA fees
- Tax Description
- 251769
- Tax Annual Amount
- 8204
Utilities
- Heating system
- Baseboard
Building Details
- Year built
- 1978
- Floors in Building
- 2
- Number of units
- 8
- Roof type
- Shingle, Composition
Listing agent Joshua Glaspie License #201224520 (541) 359-9132
Listing office ICON Real Estate Group 2655 Willamette St, Springfield, OR (541) 915-2080
Listing date Jun 29, 2026
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.
HighLights
- Built in 1978, this well‑maintained 8‑unit apartment complex offers baseboard heating.
- Newer 5‑year‑old roof with shingle/composition roofing.
- Dedicated parking lot with 16 spaces for residents.
- On‑site laundry provides additional income.
- Approximately 0.43 acres.
- Possibility to split into two separate 4‑plexes (buyer to perform due diligence).
Overview
The complex is located at 875 Gerth Ave NW in Salem, Oregon (97304) on approximately 0.43 acres. The seller notes the location is close to schools, shopping, parks, and downtown Salem. The property is also described as having a configuration that may allow it to be split into two separate 4-plexes, subject to buyer due diligence.
For investors or owner-operators, the asset presents a straightforward turn-key multifamily with practical resident amenities, including on-site laundry and ample dedicated parking. The RM2 zoning and the possibility of splitting into two 4-plexes are key considerations for buyers evaluating how they may structure operations or future redevelopment plans, with all verification to be completed during due diligence.
Local Financial Insights For Apartment 5plus
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 | $133.9k | $21.60 |
| − Vacancy | −$9.2k | −$1.49 |
| EGI | $124.7k | $20.11 |
| − OpEx | −$56.1k | −$9.05 |
| NOI | $68.6k | $11.06 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Marion
- State
- Oregon
- Longitude
- -123.06231
- Latitude
- 44.946313
