Triplex with Private
New
For Sale
$549,900
1848 Lansing Av NE, Salem, OR 97301
Multi Family, Salem, OR
Property Size2,250 SF
Lot Size0.18 Acres
Price / SF$244.40
Days on Market2
Property Features for 1848 Lansing Av NE
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RM2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bathroom 2, Bathroom 3, Bedroom 3, Bedroom 6, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 2
Patio and Porch features
Patio
Lot features
Common Area, Lot: 11
View
Territorial
Elementary school
Englewood
Middle school
Parrish
High school
North Salem
Standard status
Active
APN
588453
Size
2,250 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4170
Amenities
private backyard
Building Details
Year built
1965
Number of units
3
Flooring type
Laminate
Roof type
Shingle
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
VITALY ORMANJI · License #201239333
(503) 200-7786
Added: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 844817
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 triplex contains three residential units, each arranged with two bedrooms and one bathroom. The property provides 2,250 square feet of building area on a 0.18-acre parcel, with private backyard space associated with each unit. Laminate flooring, patios, and a shingle roof are among the identified property features.
Built in 1965, the property is located at 1848 Lansing Av NE in Salem, Oregon, 97301. RM2 zoning supports its multifamily classification. The unit layout, separate outdoor areas, and three-unit configuration define the property’s practical residential income profile.
Built in 1965, the property is located at 1848 Lansing Av NE in Salem, Oregon, 97301. RM2 zoning supports its multifamily classification. The unit layout, separate outdoor areas, and three-unit configuration define the property’s practical residential income profile.
Key Highlights
- Three‑unit multifamily property with 2,250 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Private backyard space provided for 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
$27,023
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
4.91%
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%
$540,460
$540.5K
Cap Rate 7%
$386,043
$386.0K
Cap Rate 9%
$300,256
$300.3K
Market Conditions
NOI Build-Up for 2,250 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
$41.3K $18.36/SF
− Vacancy
−$2.7K −$1.20/SF
EGI
$38.6K $17.16/SF
− OpEx
−$11.6K −$5.15/SF
NOI
$27.0K $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%
$540,460
Cap Rate 7%
$386,043
Cap Rate 9%
$300,256
Alternative Uses
Best Use
Multifamily LT 5
$386.0K
$337.8K – $450.4K
NOI $27,023 @ 7.0% cap · market cap 4.91%
Second Best
Apartment 5plus
$355.5K
$311.1K – $414.8K
NOI $24,886 @ 7.0% cap · market cap 4.53%
Theoretical Best
Office A
$597.4K
$522.7K – $697.0K
NOI $41,818 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
789
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
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?
Triplex - Three two-bedroom units provide individual outdoor space within an RM2-zoned property.
Where is this triplex located?
The property is located at 1848 Lansing Av NE Salem, OR.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,250 square feet; Each unit includes 2 bedrooms and 1 bathroom; Private backyard space provided for every unit
