Duplex With Attached
For Sale
Under Contract
$589,900
1825-1835 Turnage St NW, Salem, OR 97304
MULTI_FAMILY - Salem, OR
Property Size2,268 SF
Lot Size0.20 Acres
Price / SF$260.10
Days on Market58
Property Features for 1825-1835 Turnage St NW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 4, Bedroom 5, Bathroom 3
Patio and Porch features
Patio
Lot features
Dimension Above, Lot: M& B
View
Territorial
Elementary school
Kalapuya
Middle school
Walker
High school
West Salem
Directions
West on Eola, Left on Turnage
Standard status
Active Under Contract
APN
313881
Size
2,268 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Annual Amount
6143
Utilities
Heating system
Electric (Heating), Wall Furnace, Zoned, Ductless (Heating)
Amenities
washer/dryer hookups
private fenced backyard
Building Details
Year built
2002
Number of units
2
Flooring type
Carpet, Other (refer to remarks), Vinyl
Roof type
Composition
Listing Agency:
HOMESMART REALTY GROUP · HomeSmart International
(971) 599-5865
Listed By:
BRIAN SMITH
(503) 551-8510
Added: Jun 24
Changed: Aug 11
Last Checked: Aug 20 at 5:06AM
MLS# 841380
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,268-square-foot duplex, built in 2002, contains two three-bedroom, two-bath residences. Both units offer washer and dryer hookups, kitchens connected to great rooms, vaulted ceilings, and spacious layouts. Each residence also has an oversized attached garage with additional storage and a private fenced backyard. Flooring includes carpet, vinyl, and other materials noted in the property details, while heating is provided by electric, wall furnace, ductless, and zoned systems. The composition roof was replaced in 2024.
The property is located near schools, shopping, and services in Salem, Oregon. It sits on a 0.2-acre lot and carries RS zoning. The current configuration supports an owner-occupied duplex format, with two independent living areas and dedicated garage and yard features for each unit.
The property is located near schools, shopping, and services in Salem, Oregon. It sits on a 0.2-acre lot and carries RS zoning. The current configuration supports an owner-occupied duplex format, with two independent living areas and dedicated garage and yard features for each unit.
Key Highlights
- Two 3‑bedroom, 2‑bath units within a 2,268‑square‑foot duplex
- New roof installed in 2024
- Each unit has 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
4.62%
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 4.62%
Second Best
Apartment 5plus
$358.4K
$313.6K – $418.1K
NOI $25,085 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$602.2K
$526.9K – $702.5K
NOI $42,152 @ 7.0% cap · market cap 7.15%
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
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Frequently Asked Questions
What type of property is this?
Duplex - Owner-occupied residential property with private outdoor areas, updated roofing, and separate two-bedroom?
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 $589,900.
What are key features of this property?
This property features: Two 3‑bedroom, 2‑bath units within a 2,268‑square‑foot duplex; New roof installed in 2024; Each unit has an oversized attached garage with extra storage
