Six-Unit Apartment Community with Private
For Sale
Contact for pricing
133-143 Friendship Ave SE, Salem, OR 97302
Well-maintained 6-unit building with single-level 2-bedroom apartments, private backyards, and washer/dryer hookups.
Property Size4,896 SF
Price / SF$194.04
Days on Market13
Property Features for 133-143 Friendship Ave SE
General Information
Standard status
Active
Size
4,896 SF
Property subtype
Multifamily
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Amenities
washer/dryer hookups
private backyards
on-site storage
Building Details
Year Built
1991
Listing Agency:
SMI Real Estate
Listed By:
Matt Miller · License #201254590
Source:
Crexi
Added: Jul 21
Changed: Jul 31
Last Checked: Aug 2 at 5:33AM
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 SMI Real Estate
Investment Insights
Based on property information with market context.
Friendship Six is a well-maintained six-unit apartment community built in 1991. The property features spacious, single-level two-bedroom, one-bath apartments, each with 816 square feet and a private backyard.
Each unit includes washer and dryer hookups and functional floor plans. Ownership has maintained the building with mature landscaping, copper plumbing, modern electrical systems, ample on-site storage, and roof replacements in 2014.
The property is configured for long-term residential tenancy, and its upkeep supports a low-maintenance operating profile. The existing unit interiors provide a straightforward path for light interior improvements such as updated finishes.
Each unit includes washer and dryer hookups and functional floor plans. Ownership has maintained the building with mature landscaping, copper plumbing, modern electrical systems, ample on-site storage, and roof replacements in 2014.
The property is configured for long-term residential tenancy, and its upkeep supports a low-maintenance operating profile. The existing unit interiors provide a straightforward path for light interior improvements such as updated finishes.
Key Highlights
- Six‑unit apartment community built in 1991
- Single‑level 2‑bedroom, 1‑bath units with private backyards
- 816 SF apartments with functional floor plans
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $105.8k | $21.60 |
| − Vacancy | −$7.3k | −$1.49 |
| EGI | $98.5k | $20.11 |
| − OpEx | −$44.3k | −$9.05 |
| NOI | $54.2k | $11.06 |
4,896 SF · lease $21.60/SF/yr · vacancy 6.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$773.6K
$676.9K – $902.5K
NOI $54,151 @ 7.0% cap · market cap 5.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $90,995 @ 7.0% cap · market cap 9.58%
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
452
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?
Apartment building - Well-maintained 6-unit building with single-level 2-bedroom apartments, private backyards, and washer/dryer hookups.
Where is this apartment building located?
The property is located at 133-143 Friendship Ave SE Salem, OR.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Six‑unit apartment community built in 1991; Single‑level 2‑bedroom, 1‑bath units with private backyards; 816 SF apartments with functional floor plans
