New Four-Unit Quadplex with
For Sale
$1,450,000
1145 Lupin Ln NW, Salem, OR 97304
Four residences offer three bedrooms, two-and-a-half baths, appliances, private yards, and attached parking.
Property Size5,522 SF
Price / SF$262.59
Days on Market45
Property Features for 1145 Lupin Ln NW
General Information
Standard status
Active
Size
5,522 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
4 x 3BR/2.5BA
Multifamily Units
4
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Homesmart Realty Group
Listed By:
MARK FARROW 503-559-9901
(503) 364-9596
Source:
Searchsalemhomelistings
Added: Aug 4
Changed: Sep 12
Last Checked: Sep 16 at 9:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Homesmart Realty Group
Investment Insights
Based on property information with market context.
Scheduled for completion in mid-Fall 2026, this 5,522-square-foot quadplex includes four residences, each with three bedrooms and two-and-a-half bathrooms. Interior finishes include luxury vinyl plank flooring and quartz countertops, while air conditioning supports year-round comfort. Each home also includes an attached single-car garage and a fenced, landscaped yard with artificial turf.
The property is located at 1145 Lupin Ln NW in Salem, near parks, schools, and everyday amenities. Appliances are included in every unit, including refrigerators, washers, and dryers. The 2026 construction offers a newly built multifamily configuration with consistent finishes and dedicated outdoor space across all four residences.
The property is located at 1145 Lupin Ln NW in Salem, near parks, schools, and everyday amenities. Appliances are included in every unit, including refrigerators, washers, and dryers. The 2026 construction offers a newly built multifamily configuration with consistent finishes and dedicated outdoor space across all four residences.
Key Highlights
- Four‑unit multifamily property totaling 5,522 square feet
- Each residence includes 3 bedrooms and 2.5 bathrooms
- Attached single‑car garage provided 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
$66,320
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
4.57%
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%
$1,326,400
$1.3M
Cap Rate 7%
$947,429
$947.4K
Cap Rate 9%
$736,889
$736.9K
Market Conditions
NOI Build-Up for 5,522 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
$101.4K $18.36/SF
− Vacancy
−$6.6K −$1.20/SF
EGI
$94.7K $17.16/SF
− OpEx
−$28.4K −$5.15/SF
NOI
$66.3K $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%
$1,326,400
Cap Rate 7%
$947,429
Cap Rate 9%
$736,889
Alternative Uses
Best Use
Multifamily LT 5
$947.4K
$829.0K – $1.11M
NOI $66,320 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$872.5K
$763.4K – $1.02M
NOI $61,075 @ 7.0% cap · market cap 4.21%
Theoretical Best
Office A
$1.47M
$1.28M – $1.71M
NOI $102,630 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residences offer three bedrooms, two-and-a-half baths, appliances, private yards, and attached parking.
Where is this quadplex located?
The property is located at 1145 Lupin Ln NW Salem, OR.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Four‑unit multifamily property totaling 5,522 square feet; Each residence includes 3 bedrooms and 2.5 bathrooms; Attached single‑car garage provided for every unit
