4-Unit Multifamily
For Sale
$580,000
1385 Hines St, Salem, OR 97302
Two buildings provide a mix of apartment layouts and a separate two-bedroom home.
Property Size2,525 SF
Price / SF$229.70
Days on Market13
Property Features for 1385 Hines St
General Information
Standard status
Active
Size
2,525 SF
Property subtype
Multi Family Home
Zoning
rm2
Occupancy
100%
Site & Location
Neighborhood
Southeast Salem Neighborhood Association (Sesna)
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR, 1 x studio
Multifamily Units
4
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$3,471
Building Details
Building Size
2,525 SF
Year Built
1920
Buildings
2
Units
4
Listing Agency:
John L. Scott Portland South
Listed By:
Tom Ramsey · License #200208048
(503) 481-0501
Source:
Duanejohnson
Added: Oct 20
Changed: Oct 25
Last Checked: Oct 29 at 7:45PM
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
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Investment Insights
Based on property information with market context.
This 2,525-square-foot multifamily property comprises two buildings and four rental units. The front structure, built in 1920, contains a two-bedroom, one-bathroom apartment, an upstairs studio, and a rear one-bedroom unit. A separate house at the back offers two bedrooms and one bathroom. Interior updates were completed in 2021, and the front building has newer Hardi siding. All units are rented, and tenant parking is available on site.
The property is in Salem, near Willamette University and downtown. RM2 zoning is reported for the site.
The property is in Salem, near Willamette University and downtown. RM2 zoning is reported for the site.
Key Highlights
- Four rental units across two separate buildings
- 2,525 square feet; built in 1920
- Unit mix includes a two‑bedroom apartment, studio, one‑bedroom unit, and separate two‑bedroom house
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,326
Cap Rate
5.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$606,520
$606.5K
Cap Rate 7%
$433,229
$433.2K
Cap Rate 9%
$336,956
$337.0K
Market Conditions
NOI Build-Up for 2,525 SF
Gross rent
$46.4K $18.36/SF
− Vacancy
−$3.0K −$1.20/SF
EGI
$43.3K $17.16/SF
− OpEx
−$13.0K −$5.15/SF
NOI
$30.3K $12.01/SF
Area
Salem, OR
Vacancy
6.55%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$606,520
Cap Rate 7%
$433,229
Cap Rate 9%
$336,956
Alternative Uses
Best Use
Multifamily LT 5
$433.2K
$379.1K – $505.4K
NOI $30,326 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$399.0K
$349.1K – $465.5K
NOI $27,927 @ 7.0% cap · market cap 4.81%
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.
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Property Analytics
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,140
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Two buildings provide a mix of apartment layouts and a separate two-bedroom home.
Where is this quadplex 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 rental units across two separate buildings; 2,525 square feet; built in 1920; Unit mix includes a two‑bedroom apartment, studio, one‑bedroom unit, and separate two‑bedroom house
