Apartment Building with On-Site
For Sale
$850,000
1341 Saginaw St S, Salem, OR 97317
MULTI_FAMILY - Salem, OR
Property Size5,278 SF
Lot Size0.26 Acres
Price / SF$161.05
Days on Market133
Property Features for 1341 Saginaw St S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 9, Bathroom 4, Bedroom 2, Bathroom 1, Bedroom 3, Bedroom 7, Bathroom 5, Bathroom 3, Bedroom 1, Bedroom 12, Bedroom 4, Bathroom 2, Bathroom 6, Bedroom 8, Bedroom 11, Bedroom 10, Bedroom 5, Bedroom 6
Patio and Porch features
Deck
Fireplace
1
Subdivision
Southwest Add
Lot features
Irregular, Lot: 2
View
Territorial
Elementary school
McKinley
Middle school
Leslie
High school
South Salem
Standard status
Active
APN
592091
Size
5,278 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8107
Utilities
Heating system
Zoned, Electric (Heating)
Amenities
on-site laundry room
Building Details
Year built
1964
Number of units
6
Flooring type
Carpet, Wood, Laminate
Roof type
Tile
Listing Agency:
KELLER WILLIAMS REALTY MID-WILLAMETTE - GILLOTT TEAM
(541) 738-7770
Listed By:
LAURA GILLOTT · License #920300248
(541) 990-7785
Added: Mar 23
Changed: Aug 1
Last Checked: Aug 2 at 2:06PM
MLS# 837990
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Apartment building built in 1964 on a 0.26-acre lot. The property offers multiple two-bedroom, one-bath units, with off-street parking and an on-site laundry room. Heating is electric with zoned systems and separate meters, supporting resident-by-resident energy control. Interior finishes include carpet, wood, and laminate flooring, and the building includes a deck.
A fireplace is listed among the property features, and the roof is tile. New roof and gutters have been added. Electric heating is supported by separate meters, and the building has a unit mix of two-bedroom, one-bath apartments.
Two units are vacant and currently under renovation. Showings are available upon accepted offer, with instructions not to contact tenants.
A fireplace is listed among the property features, and the roof is tile. New roof and gutters have been added. Electric heating is supported by separate meters, and the building has a unit mix of two-bedroom, one-bath apartments.
Two units are vacant and currently under renovation. Showings are available upon accepted offer, with instructions not to contact tenants.
Key Highlights
- 0.26‑acre lot with 5,278 SF apartment building
- RM2 zoning
- Multiple two‑bedroom, one‑bath units
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 | $114.0k | $21.60 |
| − Vacancy | −$7.9k | −$1.49 |
| EGI | $106.1k | $20.11 |
| − OpEx | −$47.8k | −$9.05 |
| NOI | $58.4k | $11.06 |
5,278 SF · lease $21.60/SF/yr · vacancy 6.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$833.9K
$729.7K – $972.9K
NOI $58,376 @ 7.0% cap · market cap 6.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,095 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,864
Businesses Nearby
Explore this area
Business Placement
Demographics for 97317, OR
25,852
Population
9,024
Households
2.9
Avg Household Size
38
Median Age
22%
College-Educated
86%
High-School Grad
55.2 sq mi
ZIP Area
468
Density / Sq Mi
$81,208
Median Household Income
$39,794
Median Earnings
$1,370
Median Rent
$382,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom units include on-site laundry, off-street parking, electric heat with separate meters, and a deck.
Where is this apartment building located?
The property is located at 1341 Saginaw St S Salem, OR.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 0.26‑acre lot with 5,278 SF apartment building; RM2 zoning; Multiple two‑bedroom, one‑bath units
