Cottage Cluster
For Sale
$1,200,000
1735 Market St NE, Salem, OR 97301
Residential income property configured as a cottage cluster at 1735 Market St NE in Salem, Oregon.
Property Size5,659 SF
Price / SF$212.05
Days on Market223
Property Features for 1735 Market St NE
General Information
Standard status
Active
Size
5,659 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Northeast Neighbors (Nen)
Building Details
Year Built
1949
Listing Agency:
REALTY FIRST LLC
Listed By:
CHET GRAHAM · License #910800166
(503) 932-4051
Source:
Amymcleod
Added: Mar 25
Changed: Oct 25
Last Checked: Oct 7 at 4:20PM
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 REALTY FIRST LLC
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Investment Insights
Based on property information with market context.
This cottage cluster is offered as a residential income multifamily property, classified as “other multifamily properties.” The offering size is 5,659 square feet.
The property is located at 1735 Market St NE in Salem, Oregon (97301).
As presented, the asset’s defining feature is its cottage cluster configuration, which may appeal to buyers seeking a multifamily setup organized around multiple smaller units rather than a single large structure. Additional details on unit mix, condition, and tenancy are not provided in the available information.
The property is located at 1735 Market St NE in Salem, Oregon (97301).
As presented, the asset’s defining feature is its cottage cluster configuration, which may appeal to buyers seeking a multifamily setup organized around multiple smaller units rather than a single large structure. Additional details on unit mix, condition, and tenancy are not provided in the available information.
Key Highlights
- Residential income property configured as a cottage cluster
- Located at 1735 Market St NE in Salem, Oregon
- Built in 1949
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,590
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,251,800
$1.3M
Cap Rate 7%
$894,143
$894.1K
Cap Rate 9%
$695,444
$695.4K
Market Conditions
NOI Build-Up for 5,659 SF
Gross rent
$122.2K $21.60/SF
− Vacancy
−$8.4K −$1.49/SF
EGI
$113.8K $20.11/SF
− OpEx
−$51.2K −$9.05/SF
NOI
$62.6K $11.06/SF
Area
Salem, OR
Vacancy
6.90%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,251,800
Cap Rate 7%
$894,143
Cap Rate 9%
$695,444
Alternative Uses
Best Use
Apartment 5plus
$894.1K
$782.4K – $1.04M
NOI $62,590 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,176 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
872
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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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Residential income property configured as a cottage cluster at 1735 Market St NE in Salem, Oregon.
Where is this multifamily property located?
The property is located at 1735 Market St NE Salem, OR.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Residential income property configured as a cottage cluster; Located at 1735 Market St NE in Salem, Oregon; Built in 1949
