Triplex with Private
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 Market37
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
Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 1
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)
Amenities
private backyard
Building Details
Year built
1965
Floors in Building
1
Number of units
3
Roof type
Shingle
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
Vitaly Ormanji · License #201239333
(503) 200-7786
Added: Aug 21
Changed: Sep 26
Last Checked: Sep 26 at 12:06PM
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 Salem property is a triplex with 2,250 square feet of building area on a 0.18-acre parcel. Built in 1965, it has been updated and includes three residences, each configured with two bedrooms and one bathroom. A private backyard accompanies each unit. Window air-conditioning units and a shingle roof are also reported for the property.
The site is zoned RM2 and is located in Salem, Oregon. The property combines three matching two-bedroom units with individual outdoor areas on one parcel.
The site is zoned RM2 and is located in Salem, Oregon. The property combines three matching two-bedroom units with individual outdoor areas on one parcel.
Key Highlights
- Three units, each with 2 bedrooms and 1 bathroom
- 2,250 square feet of building area on 0.18 acres
- Private backyard for each residence
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - RM2 zoning and a three-unit configuration support residential use in Salem.
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 units, each with 2 bedrooms and 1 bathroom; 2,250 square feet of building area on 0.18 acres; Private backyard for each residence
