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 Market177
Property Features for 1735 Market St NE
General Information
Standard status
Active
Size
5,659 SF
Property subtype
Multi-Family
Building Details
Year Built
1949
Listing Agency:
REALTY FIRST LLC
Listed By:
CHET GRAHAM · License #910800166
(503) 343-5825
Source:
Amymcleod
Added: Mar 25
Changed: Sep 8
Last Checked: Sep 17 at 5:41AM
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
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 = 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
$62,590
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
5.22%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
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
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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
