8-Unit Mixed-Use
New
For Sale
$799,900
1734-1748 Center St NE, Salem, OR 97301
Two storefronts are paired with private apartments, shared laundry, and a resident courtyard.
Property Size5,099 SF
Price / SF$156.87
Days on Market2
Property Features for 1734-1748 Center St NE
General Information
Standard status
Active
Size
5,099 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Site & Location
Corner Location
Yes
Public Transit
Yes
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Amenities
private courtyard
shared laundry
Building Details
Year Built
1946
Tenancy
Multi
Listing Agency:
RE/MAX Integrity Albany Branch
(541) 619-3640
Listed By:
Matin Real Estate
(503) 208-8406
Source:
Portlandrealestate
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 15 at 2:27AM
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 RE/MAX Integrity Albany Branch
Investment Insights
Based on property information with market context.
At 1734-1748 Center St NE in Salem, this 5,099-square-foot property combines two retail spaces with six one-bedroom, one-bath apartments. Built in 1946, the building includes a private courtyard, shared laundry, alley access, and one parking space for each unit. The apartments are set apart from the retail component, and the primary retail tenant has occupied its space for 23 years.
The property occupies a corner near downtown Salem, with bus service along the route and downtown amenities within walking distance. Its mix of storefront and residential space is served by on-site parking and shared tenant facilities.
The property occupies a corner near downtown Salem, with bus service along the route and downtown amenities within walking distance. Its mix of storefront and residential space is served by on-site parking and shared tenant facilities.
Key Highlights
- Eight units: two retail spaces and six 1‑bedroom/1‑bath apartments
- 5,099‑square‑foot building constructed in 1946
- Primary retail tenant has occupied the property for 23 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,356
Cap Rate
7.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,227,120
$1.2M
Cap Rate 7%
$876,514
$876.5K
Cap Rate 9%
$681,733
$681.7K
Market Conditions
NOI Build-Up for 5,099 SF
Gross rent
$91.8K $18.00/SF
− Vacancy
−$4.1K −$0.81/SF
EGI
$87.7K $17.19/SF
− OpEx
−$26.3K −$5.16/SF
NOI
$61.4K $12.03/SF
Area
Salem, OR
Vacancy
4.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,227,120
Cap Rate 7%
$876,514
Cap Rate 9%
$681,733
Alternative Uses
Best Use
Retail
$876.5K
$767.0K – $1.02M
NOI $61,356 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$805.7K
$705.0K – $939.9K
NOI $56,396 @ 7.0% cap · market cap 7.05%
Theoretical Best
Office A
$1.35M
$1.18M – $1.58M
NOI $94,768 @ 7.0% cap · market cap 11.85%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,327
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
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?
Mixed-use property - Two storefronts are paired with private apartments, shared laundry, and a resident courtyard.
Where is this mixed-use property located?
The property is located at 1734-1748 Center St NE Salem, OR.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Eight units: two retail spaces and six 1‑bedroom/1‑bath apartments; 5,099‑square‑foot building constructed in 1946; Primary retail tenant has occupied the property for 23 years
