Townhouse-Style
For Sale
$745,000
905 Charter -915 Pl NE, Salem, OR 97301
Multi Family, Salem, OR
Property Size3,744 SF
Lot Size0.22 Acres
Price / SF$198.99
Days on Market22
Property Features for 905 Charter -915 Pl NE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RM2
Bedrooms
9
Bathrooms
8
Full bathrooms
7
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 5, Bathroom 1, Bedroom 3, Bedroom 8, Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 9, Bathroom 4, Bedroom 1, Bathroom 6, Bathroom 7, Bathroom 8, Bedroom 7, Bedroom 2, Bedroom 6
Patio and Porch features
Patio
Subdivision
Charter Homes
Lot features
Lot: 9& F R 8
Elementary school
Hoover
Middle school
Parrish
High school
North Salem
Standard status
Active
APN
569260
Size
3,744 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6954
Utilities
Heating system
Forced Air, Natural Gas
Building Details
Year built
2001
Number of units
3
Flooring type
Laminate, Vinyl, Carpet
Roof type
Composition
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
DANIEL RAMIREZ · License #201245241
(503) 508-0181
Added: Aug 19
Changed: Sep 6
Last Checked: Sep 9 at 4:06AM
MLS# 844761
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 townhouse-style triplex at 905, 911, and 915 Charter Pl NE comprises 3,744 square feet across three residences. Built in 2001, each unit includes three bedrooms, 2.5 bathrooms, approximately 1,248 square feet, an attached single-car garage, and a patio. Interior finishes include laminate, vinyl, and carpet flooring, with forced-air natural gas heating and composition roofing.
All three units are occupied, and professional property management is already in place. Tenants pay utilities, supporting an established rental operation. The property sits on a 0.22-acre lot and is zoned RM2. Its Salem location provides access to shopping, amenities, and freeway connections.
All three units are occupied, and professional property management is already in place. Tenants pay utilities, supporting an established rental operation. The property sits on a 0.22-acre lot and is zoned RM2. Its Salem location provides access to shopping, amenities, and freeway connections.
Key Highlights
- Three‑unit townhouse‑style property totaling 3,744 square feet
- Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,248 sq ft
- Attached single‑car garage and patio for every unit
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
$44,966
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
6.04%
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%
$899,320
$899.3K
Cap Rate 7%
$642,371
$642.4K
Cap Rate 9%
$499,622
$499.6K
Market Conditions
NOI Build-Up for 3,744 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
$68.7K $18.36/SF
− Vacancy
−$4.5K −$1.20/SF
EGI
$64.2K $17.16/SF
− OpEx
−$19.3K −$5.15/SF
NOI
$45.0K $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%
$899,320
Cap Rate 7%
$642,371
Cap Rate 9%
$499,622
Alternative Uses
Best Use
Multifamily LT 5
$642.4K
$562.1K – $749.4K
NOI $44,966 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$591.6K
$517.6K – $690.2K
NOI $41,410 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$994.1K
$869.8K – $1.16M
NOI $69,584 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,416
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
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?
Triplex - Three occupied residences offer attached garages, patios, professional management, and tenant-paid utilities.
Where is this triplex located?
The property is located at 905 Charter -915 Pl NE Salem, OR.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Three‑unit townhouse‑style property totaling 3,744 square feet; Each unit offers 3 bedrooms, 2.5 bathrooms, and approximately 1,248 sq ft; Attached single‑car garage and patio for every unit
