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 Market104
Property Features for 1145 Lupin Ln NW
General Information
Standard status
Active
Size
5,522 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Site & Location
Neighborhood
West Salem Neighborhood Association
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) 559-9901
Source:
Searchsalemhomelistings
Added: Jul 21
Changed: Oct 31
Last Checked: Nov 1 at 5:55AM
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
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Investment Insights
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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 / Yr
$66,320
Cap Rate
4.57%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
390
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in West region
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
