Updated Quadplex with Gated
For Sale
$650,000
Pending
1213 Oakhill Ave SE, Salem, OR 97302
Four-unit residential income property with individual electric billing, onsite laundry, storage sheds, and tenant parking.
Property Size3,064 SF
Days on Market38
Property Features for 1213 Oakhill Ave SE
General Information
Standard status
Pending
Size
3,064 SF
Property subtype
Multi-Family
Units
Multifamily Units
4
Parking per Unit
2
Amenities
gated vinyl privacy fencing
onsite coin-op laundry
storage sheds
open play area
Building Details
Year Built
1963
Listing Agency:
Berkshire Hathaway HomeServices NW Real Estate
(503) 624-9660
Listed By:
L. J. Thomas
Source:
Rosecityrealtygroup
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 30 at 8:09PM
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 Berkshire Hathaway HomeServices NW Real Estate
Investment Insights
Based on property information with market context.
This four-unit residential income property includes updates to electric panels and water heaters, along with a roof completed in 2016. Each residence has a patio enclosed by gated vinyl privacy fencing. Two units have washer and dryer hookups, while the remaining two use the shared onsite coin-operated laundry room. Additional property features include storage sheds, open play space, and two tenant parking spots assigned to each unit.
The units are leased month to month and each household pays its own electric service. Two units were available as of May. The property is located at 1213 Oakhill Ave SE in Salem, Oregon, within the South Salem area.
The units are leased month to month and each household pays its own electric service. Two units were available as of May. The property is located at 1213 Oakhill Ave SE in Salem, Oregon, within the South Salem area.
Key Highlights
- Four‑unit property with electric panel and water heater updates
- Roof completed in 2016
- Gated vinyl privacy fencing at each patio area
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
$36,799
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
5.66%
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%
$735,980
$736.0K
Cap Rate 7%
$525,700
$525.7K
Cap Rate 9%
$408,878
$408.9K
Market Conditions
NOI Build-Up for 3,064 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
$56.3K $18.36/SF
− Vacancy
−$3.7K −$1.20/SF
EGI
$52.6K $17.16/SF
− OpEx
−$15.8K −$5.15/SF
NOI
$36.8K $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%
$735,980
Cap Rate 7%
$525,700
Cap Rate 9%
$408,878
Alternative Uses
Best Use
Multifamily LT 5
$525.7K
$460.0K – $613.3K
NOI $36,799 @ 7.0% cap · market cap 5.66%
Second Best
Apartment 5plus
$484.1K
$423.6K – $564.8K
NOI $33,889 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$813.5K
$711.8K – $949.1K
NOI $56,946 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
513
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
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?
Quadplex - Four-unit residential income property with individual electric billing, onsite laundry, storage sheds, and tenant parking.
Where is this quadplex located?
The property is located at 1213 Oakhill Ave SE Salem, OR.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit property with electric panel and water heater updates; Roof completed in 2016; Gated vinyl privacy fencing at each patio area
