Two-Building Triplex and
1385 HINES St Salem, OR 97302
New
For Sale
$580,000
MULTI_FAMILY - Salem, OR
Property Size2,525 SF
Lot Size0.29 Acres
Price / SF$229.70
Days on Market3
Property Features for 1385 HINES St
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- rm2
- Bedrooms
- 5
- Bathrooms
- 4
- Rooms
- Bedroom 3, Bedroom 5, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 4, Bedroom 2, Bathroom 4
- Standard status
- Active
- APN
- 571138
- Size
- 2,525 SF
- Lot size
- 0.29 Acres
Taxes and HOA fees
- Tax Description
- DEPOT ADDITION, BLOCK 27, LOT 1,2 & FR VAC ST, ACRES 0.29
- Tax Annual Amount
- 3471
Utilities
- Heating system
- Baseboard
Building Details
- Year built
- 1920
- Number of units
- 4
- Roof type
- Composition
Listing Agency:
John L. Scott Portland South
(503) 303-7103
Listed By:
Tom Ramsey · License #200208048
(503) 481-0501
Added: Jul 25
Changed: Jul 27
Last Checked: Jul 27 at 7:06AM
MLS# 787729274
Copyright © 2026 Regional Multiple Listing Services. 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 for-sale four-unit property is arranged as two separate buildings. The front building is a converted classic bungalow with three units, including a 2 bedroom/1 bath unit, an upstairs studio, and a 1 bedroom unit at the rear of the home. A stand-alone house in the back includes 2 bedrooms and 1 bath, and the property is described as having a quiet, private setting. The offering is noted as fully rented, with interior updates in 2021 and newer Hardi siding on the front building.
Located in Salem, Oregon, the property is described as having a central location with convenient proximity to Willamette University and downtown Salem. Parking is described as available for tenants.
Zoning is listed as rm2. The lot size is 0.29 acres, with the property size given as 2,525 square feet.
Located in Salem, Oregon, the property is described as having a central location with convenient proximity to Willamette University and downtown Salem. Parking is described as available for tenants.
Zoning is listed as rm2. The lot size is 0.29 acres, with the property size given as 2,525 square feet.
Key Highlights
- Salem 4‑plex with two separate buildings: 3‑unit front building plus a stand‑alone 2 bed/1 bath back house
- Front building includes a 2 bed/1 bath main unit, an upstairs studio, and a 1 bedroom unit at the rear of the home
- Back building features 2 bedrooms and 1 bathroom in a stand‑alone house
Financial Insights For Multifamily LT 5
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 | $46.4k | $18.36 |
| − Vacancy | −$3.0k | −$1.20 |
| EGI | $43.3k | $17.16 |
| − OpEx | −$13.0k | −$5.15 |
| NOI | $30.3k | $12.01 |
2,525 SF · lease $18.36/SF/yr · vacancy 6.55% · expense 30.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Triplexes
FAQs
What type of property is this?
Multifamily property - Two separate residential buildings totaling four units, fully rented and featuring updates including 2021 interior work and newer Hardi siding.
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: Salem 4‑plex with two separate buildings: 3‑unit front building plus a stand‑alone 2 bed/1 bath back house; Front building includes a 2 bed/1 bath main unit, an upstairs studio, and a 1 bedroom unit at the rear of the home; Back building features 2 bedrooms and 1 bathroom in a stand‑alone house
