Four-Unit Multifamily
For Sale
$580,000
1385 HINES ST, Salem, OR 97302
Two-building rental property with updated interiors, tenant parking, and full occupancy.
Days on Market10
Property Features for 1385 HINES ST
General Information
Standard status
Active
Property subtype
MULTI_FAMILY
Building Details
Building Size
2,525 SF
Year Built
1920
Listing Agency:
John L. Scott Portland South
(503) 481-0501
Listed By:
Tom Ramsey · License #200208048
(503) 481-0501
Source:
Harcourtselite
Added: Jul 25
Changed: Jul 31
Last Checked: Aug 2 at 11:46AM
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 John L. Scott Portland South
Investment Insights
Based on property information with market context.
This four-unit multifamily property includes two separate buildings. The front building is a converted classic bungalow with three units: a 2-bedroom/1-bath unit, an upstairs studio, and a 1-bedroom unit at the rear. The detached back building is a 2-bedroom/1-bath house with a quiet, private setting.
The property was built in 1920 and has fully rented units, interior updates completed in 2021, and newer Hardi siding on the front house. Tenant parking is available on site. The property is close to Willamette University and downtown Salem, providing convenient access to the surrounding area.
The property was built in 1920 and has fully rented units, interior updates completed in 2021, and newer Hardi siding on the front house. Tenant parking is available on site. The property is close to Willamette University and downtown Salem, providing convenient access to the surrounding area.
Key Highlights
- Four units across two separate buildings
- Front bungalow includes a 2‑bedroom/1‑bath unit, upstairs studio, and rear 1‑bedroom unit
- Detached back house includes 2 bedrooms and 1 bath
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 | $54.5k | $21.60 |
| − Vacancy | −$3.8k | −$1.49 |
| EGI | $50.8k | $20.11 |
| − OpEx | −$22.8k | −$9.05 |
| NOI | $27.9k | $11.06 |
2,525 SF · lease $21.60/SF/yr · vacancy 6.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$399.0K
$349.1K – $465.5K
NOI $27,927 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$670.4K
$586.6K – $782.2K
NOI $46,929 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,140
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?
Multifamily property - Two-building rental property with updated interiors, tenant parking, and full occupancy.
Where is this multifamily property located?
The property is located at 1385 HINES ST Salem, OR.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Four units across two separate buildings; Front bungalow includes a 2‑bedroom/1‑bath unit, upstairs studio, and rear 1‑bedroom unit; Detached back house includes 2 bedrooms and 1 bath
