Six-Unit Apartment
For Sale
Under Contract
$799,900
1341 Saginaw St S, Salem, OR 97317
Multi Family, Salem, OR
Property Size5,278 SF
Lot Size0.26 Acres
Price / SF$151.55
Days on Market205
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
Bathroom 2, Bathroom 4, Bedroom 9, Bedroom 4, Bedroom 10, Bedroom 12, Bedroom 6, Bedroom 7, Bathroom 5, Bedroom 8, Bathroom 6, Bedroom 11, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 2
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 Under Contract
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
Electric (Heating), Zoned
Amenities
on-site laundry room
Building Details
Year built
1964
Number of units
6
Flooring type
Wood, Laminate, Carpet
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: Feb 24
Changed: Sep 17
Last Checked: Sep 17 at 9:06PM
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.
This 1964 apartment property contains six two-bedroom, one-bath units within 5,278 square feet on a 0.26-acre lot. Each residence has separate electric metering, and the building includes an on-site laundry room and off-street parking. Two units are vacant and undergoing renovation. Interior finishes include wood, laminate, and carpet flooring, with electric zoned heating and deck areas. The property also includes fireplaces.
Located at 1341 Saginaw St S in Salem, the property offers a South Central Salem setting with a connection to Commercial Street for commuting access. RM2 zoning supports its multifamily classification. A new roof and gutters are also reported among the property improvements.
Located at 1341 Saginaw St S in Salem, the property offers a South Central Salem setting with a connection to Commercial Street for commuting access. RM2 zoning supports its multifamily classification. A new roof and gutters are also reported among the property improvements.
Key Highlights
- Six 2‑bedroom, 1‑bath apartment units
- 5,278 square feet on a 0.26‑acre lot
- RM2 zoning in Salem, OR
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
$58,376
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
7.30%
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%
$1,167,520
$1.2M
Cap Rate 7%
$833,943
$833.9K
Cap Rate 9%
$648,622
$648.6K
Market Conditions
NOI Build-Up for 5,278 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
$114.0K $21.60/SF
− Vacancy
−$7.9K −$1.49/SF
EGI
$106.1K $20.11/SF
− OpEx
−$47.8K −$9.05/SF
NOI
$58.4K $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%
$1,167,520
Cap Rate 7%
$833,943
Cap Rate 9%
$648,622
Alternative Uses
Best Use
Apartment 5plus
$833.9K
$729.7K – $972.9K
NOI $58,376 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.40M
$1.23M – $1.63M
NOI $98,095 @ 7.0% cap · market cap 12.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Utilities to site
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - RM2-zoned multifamily property with off-street parking and on-site laundry serving six two-bedroom residences.
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 $799,900.
What are key features of this property?
This property features: Six 2‑bedroom, 1‑bath apartment units; 5,278 square feet on a 0.26‑acre lot; RM2 zoning in Salem, OR
