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 Market241
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
Listed By:
BENJAMIN OROZCO
(503) 364-7400
Source:
Kw
Added: Feb 21
Changed: Oct 19
Last Checked: Oct 19 at 5:59AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$51,895
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
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
