West Salem Triplex with Fenced
For Sale
$550,000
174 Stoneway Drive Northwest, Salem, OR 97304
Three tenant-occupied units offer two-level layouts, private outdoor areas, and dedicated laundry rooms.
Property Size2,880 SF
Price / SF$190.97
Days on Market165
Property Features for 174 Stoneway Drive Northwest
General Information
Standard status
Active
Size
2,880 SF
Total Parking Spaces
6
Property subtype
Multi Family
Zoning
RM2
Units
Unit Mix
3 x 2BR/1.5BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,227
Amenities
private-fenced yard
dedicated laundry room
2
Crawl Space
Concrete Perimeter
Composition
Wood Siding
Building Details
Year Built
1977
Tenancy
Multi
Listing Agency:
Windermere Realty Trust
(503) 636-5000
Listed By:
Joe Kennedy · License #201222826
(503) 636-5000
Source:
Compass
Added: Mar 20
Changed: Aug 31
Last Checked: Aug 31 at 3:26AM
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 Windermere Realty Trust
Investment Insights
Based on property information with market context.
This triplex contains 2,880 square feet across three similar units. Each residence includes two oversized bedrooms and a full bathroom upstairs, with a half bathroom on the main level. Dedicated laundry rooms serve the individual units, which also feature private fenced yards with low-maintenance landscaping.
Built in 1977, the property has wood siding, composition exterior materials, and a crawl space with concrete perimeter construction. RM2 zoning supports the multifamily configuration. All three units are tenant-occupied; showings require respect for current occupants and advance coordination.
Built in 1977, the property has wood siding, composition exterior materials, and a crawl space with concrete perimeter construction. RM2 zoning supports the multifamily configuration. All three units are tenant-occupied; showings require respect for current occupants and advance coordination.
Key Highlights
- Three‑unit multifamily property with 2,880 square feet
- Each unit includes two oversized bedrooms and 1 full bathroom
- Main‑level half bathroom and dedicated laundry room in every unit
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
$34,589
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
6.29%
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%
$691,780
$691.8K
Cap Rate 7%
$494,129
$494.1K
Cap Rate 9%
$384,322
$384.3K
Market Conditions
NOI Build-Up for 2,880 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
$52.9K $18.36/SF
− Vacancy
−$3.5K −$1.20/SF
EGI
$49.4K $17.16/SF
− OpEx
−$14.8K −$5.15/SF
NOI
$34.6K $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%
$691,780
Cap Rate 7%
$494,129
Cap Rate 9%
$384,322
Alternative Uses
Best Use
Multifamily LT 5
$494.1K
$432.4K – $576.5K
NOI $34,589 @ 7.0% cap · market cap 6.29%
Second Best
Apartment 5plus
$455.1K
$398.2K – $530.9K
NOI $31,854 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$764.7K
$669.1K – $892.1K
NOI $53,527 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
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?
Triplex - Three tenant-occupied units offer two-level layouts, private outdoor areas, and dedicated laundry rooms.
Where is this triplex located?
The property is located at 174 Stoneway Drive Northwest Salem, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,880 square feet; Each unit includes two oversized bedrooms and 1 full bathroom; Main‑level half bathroom and dedicated laundry room in every unit
