Six-Unit Apartment
For Sale
Contact for pricing
1207-1217 D St NE, Salem, OR 97301
Uniform one-bedroom residences with individual metering, outdoor space, and off-street parking.
Property Size3,936 SF
Price / SF$200.69
Days on Market29
Property Features for 1207-1217 D St NE
General Information
Standard status
Active
Size
3,936 SF
Class
C
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
RM2 (Multi-Family Residential)
Occupancy
100%
Net Operating Income
$35,382
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Amenities
off-street parking
balcony/patio
individually metered units
Building Details
Year Built
1962
Buildings
1
Units
6
Tenancy
Multi
Listing Agency:
WCP Group brokered by EXP Realty
Listed By:
Ben Nelson · License #OR200212150
Source:
Crexi
Added: Aug 4
Changed: Aug 30
Last Checked: Sep 1 at 6:50AM
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 WCP Group brokered by EXP Realty
Investment Insights
Based on property information with market context.
This 3,936-square-foot apartment property contains one building with six units, each configured as a one-bedroom, one-bathroom flat averaging approximately 656 square feet. Built in 1962, the property includes off-street parking, a balcony or patio for each residence, and individual utility metering. Several apartments have been refreshed with new flooring, interior paint, and updated appliances.
The asset is positioned in Salem’s Northeast Neighbors neighborhood, directly across from North Salem High School and Parrish Middle School. Downtown Salem, the Oregon State Capitol, and Willamette University are a short distance away. The property is zoned RM2 (Multi-Family Residential).
The asset is positioned in Salem’s Northeast Neighbors neighborhood, directly across from North Salem High School and Parrish Middle School. Downtown Salem, the Oregon State Capitol, and Willamette University are a short distance away. The property is zoned RM2 (Multi-Family Residential).
Key Highlights
- Six units averaging approximately 656 square feet each
- 3,936 SF total building area
- Uniform one‑bedroom, one‑bathroom unit layout
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
$43,533
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
5.51%
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%
$870,660
$870.7K
Cap Rate 7%
$621,900
$621.9K
Cap Rate 9%
$483,700
$483.7K
Market Conditions
NOI Build-Up for 3,936 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
$85.0K $21.60/SF
− Vacancy
−$5.9K −$1.49/SF
EGI
$79.2K $20.11/SF
− OpEx
−$35.6K −$9.05/SF
NOI
$43.5K $11.06/SF
Area
Salem, OR
Vacancy
6.90%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$870,660
Cap Rate 7%
$621,900
Cap Rate 9%
$483,700
Alternative Uses
Best Use
Apartment 5plus
$621.9K
$544.2K – $725.6K
NOI $43,533 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$914.4K – $1.22M
NOI $73,153 @ 7.0% cap · market cap 9.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,490
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?
Apartment building - Uniform one-bedroom residences with individual metering, outdoor space, and off-street parking.
Where is this apartment building located?
The property is located at 1207-1217 D St NE Salem, OR.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: Six units averaging approximately 656 square feet each; 3,936 SF total building area; Uniform one‑bedroom, one‑bathroom unit layout
