New Construction 4-Unit
For Sale
$1,399,900
1390 Overlook Ave NW, Salem, OR 97304
Four two-bedroom residences feature private laundry, covered patios, and contemporary craftsman interiors.
Property Size4,793 SF
Price / SF$292.07
Days on Market57
Property Features for 1390 Overlook Ave NW
General Information
Standard status
Active
Size
4,793 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
West Salem Neighborhood Association
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Amenities
covered patio
on-site laundry
Building Details
Year Built
2025
Listing Agency:
TRADITION REAL ESTATE PARTNERS
Listed By:
JAKE LUCEY · License #201201072
(503) 999-6578
Source:
Thesanchezteamoregon
Added: Sep 6
Changed: Oct 26
Last Checked: Oct 7 at 1:57PM
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 TRADITION REAL ESTATE PARTNERS
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Investment Insights
Based on property information with market context.
Completed in 2025, this 4,793-square-foot quadplex contains four two-bedroom, two-bath residences. Each unit is arranged with an open kitchen and living area, quartz countertops, custom cabinetry, LVP flooring, black hardware, and contemporary craftsman detailing. Covered patios with synthetic grass extend the living space, while on-site laundry in every residence supports practical day-to-day operation.
The property is located at 1390 Overlook Ave NW in Salem’s established West Salem neighborhood. The units are currently being offered for rent, and the building’s newer construction and low-maintenance finishes provide a cohesive residential configuration.
The property is located at 1390 Overlook Ave NW in Salem’s established West Salem neighborhood. The units are currently being offered for rent, and the building’s newer construction and low-maintenance finishes provide a cohesive residential configuration.
Key Highlights
- Four‑unit quadplex completed in 2025
- 4,793 SF property at 1390 Overlook Ave NW, Salem, OR 97304
- Each unit includes 2 Bed/2 Ba and an open kitchen/living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$57,565
Cap Rate
4.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,151,300
$1.2M
Cap Rate 7%
$822,357
$822.4K
Cap Rate 9%
$639,611
$639.6K
Market Conditions
NOI Build-Up for 4,793 SF
Gross rent
$88.0K $18.36/SF
− Vacancy
−$5.8K −$1.20/SF
EGI
$82.2K $17.16/SF
− OpEx
−$24.7K −$5.15/SF
NOI
$57.6K $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%
$1,151,300
Cap Rate 7%
$822,357
Cap Rate 9%
$639,611
Alternative Uses
Best Use
Multifamily LT 5
$822.4K
$719.6K – $959.4K
NOI $57,565 @ 7.0% cap · market cap 4.11%
Second Best
Apartment 5plus
$757.3K
$662.7K – $883.5K
NOI $53,012 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $89,081 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
526
Businesses Nearby
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Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
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 - Four two-bedroom residences feature private laundry, covered patios, and contemporary craftsman interiors.
Where is this quadplex located?
The property is located at 1390 Overlook Ave NW Salem, OR.
What is the asking price?
The asking price for this property is $1,399,900.
What are key features of this property?
This property features: Four‑unit quadplex completed in 2025; 4,793 SF property at 1390 Overlook Ave NW, Salem, OR 97304; Each unit includes 2 Bed/2 Ba and an open kitchen/living area
