Duplex with Attached
For Sale
$579,900
1825-1835 Turnage St NW, Salem, OR 97304
Two residential units feature vaulted living areas, private fenced yards, and washer/dryer hookups.
Property Size2,268 SF
Price / SF$255.69
Days on Market50
Property Features for 1825-1835 Turnage St NW
General Information
Standard status
Active
Size
2,268 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
washer/dryer hookups
vaulted ceilings
private fenced backyard
Building Details
Year Built
2002
Buildings
1
Listing Agency:
HOMESMART REALTY GROUP
(503) 364-9596
Listed By:
BRIAN SMITH
Source:
Thesanchezteamoregon
Added: Jul 14
Changed: Aug 27
Last Checked: Aug 30 at 8:25PM
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 HOMESMART REALTY GROUP
Investment Insights
Based on property information with market context.
This 2,268-square-foot duplex, built in 2002, contains two three-bedroom, two-bath units. Each residence has a kitchen connected to a great room with a vaulted ceiling, along with washer/dryer hookups and a spacious floor plan. Oversized attached garages provide additional storage, while private fenced backyards serve each unit.
A new roof was installed in 2024. The property is located at 1825-1835 Turnage St NW in Salem, near schools, shopping, and services.
A new roof was installed in 2024. The property is located at 1825-1835 Turnage St NW in Salem, near schools, shopping, and services.
Key Highlights
- Two 3‑bedroom, 2‑bath units within a 2,268‑square‑foot duplex
- Built in 2002 with a new roof installed in 2024
- Each unit includes an oversized attached garage with extra storage
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
$27,239
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
4.70%
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%
$544,780
$544.8K
Cap Rate 7%
$389,129
$389.1K
Cap Rate 9%
$302,656
$302.7K
Market Conditions
NOI Build-Up for 2,268 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
$41.6K $18.36/SF
− Vacancy
−$2.7K −$1.20/SF
EGI
$38.9K $17.16/SF
− OpEx
−$11.7K −$5.15/SF
NOI
$27.2K $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%
$544,780
Cap Rate 7%
$389,129
Cap Rate 9%
$302,656
Alternative Uses
Best Use
Multifamily LT 5
$389.1K
$340.5K – $454.0K
NOI $27,239 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$358.4K
$313.6K – $418.1K
NOI $25,085 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$602.2K
$526.9K – $702.5K
NOI $42,152 @ 7.0% cap · market cap 7.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
109
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature vaulted living areas, private fenced yards, and washer/dryer hookups.
Where is this duplex located?
The property is located at 1825-1835 Turnage St NW Salem, OR.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units within a 2,268‑square‑foot duplex; Built in 2002 with a new roof installed in 2024; Each unit includes an oversized attached garage with extra storage
