Eight-Unit Mixed-Use
For Sale
$799,900
1742 Center St, Salem, OR 97301
Downtown corner property combines retail suites with residential apartments, private courtyard, and shared laundry.
Property Size5,099 SF
Price / SF$156.87
Days on Market56
Property Features for 1742 Center St
General Information
Standard status
Active
Size
5,099 SF
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 room
Building Details
Year Built
1946
Tenancy
Multi
Listing Agency:
SMI Commercial Real Estate LLC
Listed By:
Jordan Sparks · License #200610098
(541) 646-0650
Source:
Viewportlandrealestate
Added: Aug 21
Changed: Oct 15
Last Checked: Oct 14 at 11:41PM
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
Investment Insights
Based on property information with market context.
Built in 1946, this 5,099-square-foot mixed-use property contains eight units: two retail spaces and six one-bedroom, one-bath apartments. The residential units are described as well kept and secluded, with access to a private courtyard and shared laundry room. Alley access serves the property, with one parking space allocated per unit.
The property occupies a highly trafficked corner in downtown Salem and is located on the busline, within walking distance of various downtown amenities. The primary retail tenant has operated at the property for 23 years, providing an established commercial component alongside the residential units.
The property occupies a highly trafficked corner in downtown Salem and is located on the busline, within walking distance of various downtown amenities. The primary retail tenant has operated at the property for 23 years, providing an established commercial component alongside the residential units.
Key Highlights
- Eight‑unit mixed‑use property with 2 retail spaces and 6 one‑bedroom, one‑bath apartments
- 5,099 SF property 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
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
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Mixed-use property - Downtown corner property combines retail suites with residential apartments, private courtyard, and shared laundry.
Where is this mixed-use property located?
The property is located at 1742 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‑unit mixed‑use property with 2 retail spaces and 6 one‑bedroom, one‑bath apartments; 5,099 SF property built in 1946; Primary retail tenant has been in place for 23 years
