Mixed-Use Building with
New
For Sale
$799,900
1734 Center St, Salem, OR 97301
Two retail suites and six one-bedroom apartments share a private courtyard, laundry facilities, and alley access.
Property Size5,099 SF
Price / SF$156.87
Days on Market7
Property Features for 1734 Center St
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
Parking per Unit
1
Amenities
private courtyard
shared laundry
Building Details
Year Built
1946
Tenancy
Multi
Listing Agency:
SMI Commercial Real Estate LLC
Listed By:
Jordan Sparks · License #200610098
(541) 646-0650
Source:
Heartandhomesnw
Added: Oct 14
Changed: Oct 19
Last Checked: Oct 19 at 4:47AM
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 SMI Commercial Real Estate LLC
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Investment Insights
Based on property information with market context.
This 5,099-square-foot mixed-use property, built in 1946, contains two retail spaces and six one-bedroom, one-bathroom apartments. The residential units are described as well-kept and set apart from the retail areas. Residents have access to a private courtyard and shared laundry, with one parking space allocated per unit.
The building occupies a corner near downtown Salem and sits along a bus line. Downtown amenities are within walking distance, and alley access serves the property. One retail tenant has occupied its space for 23 years.
The building occupies a corner near downtown Salem and sits along a bus line. Downtown amenities are within walking distance, and alley access serves the property. One retail tenant has occupied its space for 23 years.
Key Highlights
- Eight total units: two retail spaces and six 1‑bedroom, 1‑bathroom apartments
- 5,099 square feet; built in 1946
- Primary retail tenant has been in place 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.
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Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,327
Businesses Nearby
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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
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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?
Mixed-use property - Two retail suites and six one-bedroom apartments share a private courtyard, laundry facilities, and alley access.
Where is this mixed-use property located?
The property is located at 1734 Center St 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 total units: two retail spaces and six 1‑bedroom, 1‑bathroom apartments; 5,099 square feet; built in 1946; Primary retail tenant has been in place for 23 years
