Updated Triplex with Private
New
For Sale
$549,900
1848 Lansing Ave NE, Salem, OR 97301
MultiFamily, Salem, OR
Property Size2,250 SF
Lot Size0.18 Acres
Price / SF$244.40
Days on Market2
Property Features for 1848 Lansing Ave NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 2, Bedroom 6, Bathroom 3
View
Territorial
Elementary school
Englewood
Middle school
Parrish
High school
North Salem
Directions
Market st
Subdivision
_174
Standard status
Active
APN
Not Found
Size
2,250 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Description
ROSELAND ANNEX IN SALEM BLOCK 3 LOT 11 ACRES .18
Tax Annual Amount
4170
Legal Description
ROSELAND ANNEX IN SALEM BLOCK 3 LOT 11 ACRES .18
Utilities
Cooling system
Window Unit(s)
Building Details
Year built
1965
Floors in Building
1
Number of units
6
Roof type
Shingle
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Vitaly Ormanji · License #201239333
(503) 200-7786
Added: Aug 21
Changed: Aug 22
Last Checked: Aug 22 at 7:06AM
MLS# 118853398
Copyright © 2026 Regional Multiple Listing Services. 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 2,250-square-foot triplex, built in 1965, contains three one-story residential units. Each unit is arranged with two bedrooms and one bathroom, along with a private backyard. The property has been updated and includes window-unit cooling and a shingle roof.
Situated on a 0.18-acre parcel at 1848 Lansing Ave NE in Salem, Oregon, the property carries RM2 zoning. Its three-unit configuration and consistent unit layouts provide a straightforward multifamily format, while the individual outdoor areas add a private exterior component for each residence.
Situated on a 0.18-acre parcel at 1848 Lansing Ave NE in Salem, Oregon, the property carries RM2 zoning. Its three-unit configuration and consistent unit layouts provide a straightforward multifamily format, while the individual outdoor areas add a private exterior component for each residence.
Key Highlights
- Three‑unit triplex with 2,250 square feet
- Each unit includes 2 bedrooms and 1 bathroom
- Private backyard assigned to each 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
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Frequently Asked Questions
What type of property is this?
Triplex - Three one-story units each provide two bedrooms, one bathroom, and a private backyard.
Where is this triplex located?
The property is located at 1848 Lansing Ave 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 triplex with 2,250 square feet; Each unit includes 2 bedrooms and 1 bathroom; Private backyard assigned to each unit
