Salem Fourplex with Rental
1385 Hines Street Southeast Salem, OR 97302
1385 Hines Street Southeast, Salem, OR, 97302
$600,000
For Sale
$600,000
Fourplex in Salem with strong rental income potential.
Property Size2,525 SF
Price / SF$237.62
Days on Market164
Property Features for 1385 Hines Street Southeast
General Information
- Standard status
- Active
- Size
- 2,525 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1920
Listing Agency
John L. Scott/Woodstock
(503) 775-4699
Listed by
Tom Ramsey · License #200208048
(503) 775-4699
Source
Compass
Added: Feb 3 Checked: Jul 10 at 12:20 pm
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/Woodstock
Investment Insights
Based on property information with market context.
This Salem fourplex features two separate buildings. The front building is a converted bungalow containing three units. The back building is a stand-alone house with 2 bedrooms and 1 bath, offering a quiet, private setting. The main building includes a 2-bedroom, 1-bath unit, an upstairs studio, and a 1-bedroom unit at the rear. The stand-alone house has 2 bedrooms and 1 bath. The property is fully rented and benefits from interior updates completed in 2021, along with newer Hardi siding on the front house. There is ample parking available for tenants. The property is centrally located, near Willamette University and downtown Salem, offering convenient access to local amenities. The property size is 2525 square feet.
Key Highlights
- Fully rented 4‑plex with positive cash flow.
- Central location near Willamette University and downtown Salem.
- Two separate buildings: a converted bungalow with 3 units and a stand‑alone 2 bed/1 bath house.
Local 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 5.05%
Second Best
Apartment 5plus
$399.0K
$349.1K – $465.5K
NOI $27,927 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$670.4K
$586.6K – $782.2K
NOI $46,929 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
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FAQs
What type of property is this?
Quadplex - Fourplex in Salem with strong rental income potential.
Where is this quadplex located?
The property is located at 1385 Hines Street Southeast 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: Fully rented 4‑plex with positive cash flow.; Central location near Willamette University and downtown Salem.; Two separate buildings: a converted bungalow with 3 units and a stand‑alone **2 bed/1 bath house.**
