6-Unit Apartment Building with
For Sale
$600,000
1355 4th St NE, Salem, OR 97301
Renovated interiors, updated kitchens, on-site laundry, fenced grounds, and paved parking serve practical multifamily operations.
Property Size4,692 SF
Days on Market193
Property Features for 1355 4th St NE
General Information
Standard status
Active
Size
4,692 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Additional Details
Multifamily Units
6
Amenities
on-site laundry room
fenced perimeter
raised garden beds
Electric
Electric Water Heater
Refrigerator
Electric Range
Range Included
Building Details
Building Size
4,692 SF
Year Built
1968
Year Renovated
2020
Listing Agency:
FCRE HOME
(503) 364-7400
Listed By:
BENJAMIN OROZCO
(503) 364-7400
Source:
Kw
Added: Feb 20
Changed: Aug 31
Last Checked: Aug 31 at 12:34AM
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 FCRE HOME
Investment Insights
Based on property information with market context.
The Grant Apartments is a six-unit multifamily property built in 1968, with substantial renovations completed during 2019–2020. Interior work includes luxury vinyl plank flooring and refreshed kitchens equipped with new cabinets, countertops, fixtures, refrigerators, and electric ranges. The property also includes a detached laundry room and eight paved parking spaces.
Exterior improvements include Hardie Plank siding, fresh paint, and enhanced stormwater drainage. A perimeter fence with privacy slats encloses the grounds, which feature mature trees, shrubs, and raised garden beds designated for tenant use. The property is situated in a predominantly residential area of Salem near essential services.
Exterior improvements include Hardie Plank siding, fresh paint, and enhanced stormwater drainage. A perimeter fence with privacy slats encloses the grounds, which feature mature trees, shrubs, and raised garden beds designated for tenant use. The property is situated in a predominantly residential area of Salem near essential services.
Key Highlights
- Six‑unit apartment property built in 1968
- Major renovations completed in 2019–2020
- Updated kitchens with cabinets, countertops, fixtures, refrigerators, and electric ranges
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
$51,895
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
8.65%
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%
$1,037,900
$1.0M
Cap Rate 7%
$741,357
$741.4K
Cap Rate 9%
$576,611
$576.6K
Market Conditions
NOI Build-Up for 4,692 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
$101.3K $21.60/SF
− Vacancy
−$7.0K −$1.49/SF
EGI
$94.4K $20.11/SF
− OpEx
−$42.5K −$9.05/SF
NOI
$51.9K $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%
$1,037,900
Cap Rate 7%
$741,357
Cap Rate 9%
$576,611
Alternative Uses
Best Use
Apartment 5plus
$741.4K
$648.7K – $864.9K
NOI $51,895 @ 7.0% cap · market cap 8.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.25M
$1.09M – $1.45M
NOI $87,204 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,188
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 - Renovated interiors, updated kitchens, on-site laundry, fenced grounds, and paved parking serve practical multifamily operations.
Where is this apartment building located?
The property is located at 1355 4th St NE Salem, OR.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Six‑unit apartment property built in 1968; Major renovations completed in 2019–2020; Updated kitchens with cabinets, countertops, fixtures, refrigerators, and electric ranges
