4-Unit Multifamily
For Sale
$580,000
1385 HINES St, Salem, OR 97302
MultiFamily, Salem, OR
Property Size2,525 SF
Lot Size0.29 Acres
Price / SF$229.70
Days on Market88
Property Features for 1385 HINES St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
rm2
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 3, Bedroom 5
Elementary school
Bush
Middle school
Leslie
High school
South Salem
Directions
Mission to Hines SE
Subdivision
_173
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
Legal Description
DEPOT ADDITION, BLOCK 27, LOT 1,2 & FR VAC ST, ACRES 0.29
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
(503) 481-0501
Added: Jul 25
Changed: Oct 17
Last Checked: Oct 20 at 10:06PM
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.
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Investment Insights
Based on property information with market context.
The 2,525-square-foot property contains four residences in two buildings on a 0.29-acre lot. A bungalow holds three units: a two-bedroom, one-bathroom apartment, an upstairs studio, and a one-bedroom unit. The separate rear house has two bedrooms and one bathroom. The property is fully rented, with interior updates completed in 2021 and newer Hardi siding on the front building.
Built in 1920, the property has baseboard heating and composition roofing. It is near Willamette University and downtown Salem, and zoning is RM2.
Built in 1920, the property has baseboard heating and composition roofing. It is near Willamette University and downtown Salem, and zoning is RM2.
Key Highlights
- Four units across two separate buildings
- 2,525 square feet on a 0.29‑acre lot
- Front bungalow contains a two‑bedroom unit, an upstairs studio, and a one‑bedroom unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,927
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$558,540
$558.5K
Cap Rate 7%
$398,957
$399.0K
Cap Rate 9%
$310,300
$310.3K
Market Conditions
NOI Build-Up for 2,525 SF
Gross rent
$54.5K $21.60/SF
− Vacancy
−$3.8K −$1.49/SF
EGI
$50.8K $20.11/SF
− OpEx
−$22.8K −$9.05/SF
NOI
$27.9K $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%
$558,540
Cap Rate 7%
$398,957
Cap Rate 9%
$310,300
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.
How Realmo checks its estimates
Property Analytics
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Lease Details
4
Residential units
100%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Four occupied residences are arranged across two separate buildings, including a bungalow and a detached house.
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; 2,525 square feet on a 0.29‑acre lot; Front bungalow contains a two‑bedroom unit, an upstairs studio, and a one‑bedroom unit
