2017 Duplex with Detached
For Sale
$599,900
Pending
1544 Tripp St SE, Salem, OR 97302
Two matching residential units offer open-concept living, private outdoor areas, and in-unit laundry near downtown Salem.
Property Size3,170 SF
Days on Market43
Property Features for 1544 Tripp St SE
General Information
Standard status
Pending
Size
3,170 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
custom cabinets
W/D in unit
private back patio
fenced area
solid surface flooring
open concept living area
Building Details
Year Built
2017
Listing Agency:
TRADITION REAL ESTATE PARTNERS
(503) 364-9596
Listed By:
JAKE LUCEY · License #201201072
Source:
Amymcleod
Added: Jul 21
Changed: Aug 31
Last Checked: Aug 31 at 7:09PM
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
Investment Insights
Based on property information with market context.
Constructed in 2017, this duplex contains two residential units with a combined 3,170 square feet. Each unit offers 3 bedrooms, 2.5 bathrooms, custom cabinetry, and an included washer and dryer. Main-level solid-surface flooring complements the open-concept living area, while a private rear patio and fenced outdoor space provide dedicated exterior areas for each residence.
The property includes one detached garage for each unit and is positioned near downtown Salem and Willamette University. The duplex has an established rental history and does not require flood insurance.
The property includes one detached garage for each unit and is positioned near downtown Salem and Willamette University. The duplex has an established rental history and does not require flood insurance.
Key Highlights
- Two‑unit duplex built in 2017 with 3,170 square feet
- Each unit includes 3 bedrooms and 2.5 bathrooms
- Custom cabinets, washer and dryer provided in both units
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,072
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.35%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$761,440
$761.4K
Cap Rate 7%
$543,886
$543.9K
Cap Rate 9%
$423,022
$423.0K
Market Conditions
NOI Build-Up for 3,170 SF
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.
Gross rent
$58.2K $18.36/SF
− Vacancy
−$3.8K −$1.20/SF
EGI
$54.4K $17.16/SF
− OpEx
−$16.3K −$5.15/SF
NOI
$38.1K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$761,440
Cap Rate 7%
$543,886
Cap Rate 9%
$423,022
Alternative Uses
Best Use
Multifamily LT 5
$543.9K
$475.9K – $634.5K
NOI $38,072 @ 7.0% cap · market cap 6.35%
Second Best
Apartment 5plus
$500.9K
$438.3K – $584.4K
NOI $35,061 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$841.7K
$736.5K – $981.9K
NOI $58,916 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,284
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residential units offer open-concept living, private outdoor areas, and in-unit laundry near downtown Salem.
Where is this duplex located?
The property is located at 1544 Tripp St SE Salem, OR.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Two‑unit duplex built in 2017 with 3,170 square feet; Each unit includes 3 bedrooms and 2.5 bathrooms; Custom cabinets, washer and dryer provided in both units
