Modern Duplex with
For Sale
$694,900
1904-1906 Audubon Ave SE, Salem, OR 97302
Fully leased two-residence property with updated interiors, included appliances, and attached garage parking for each home.
Property Size2,520 SF
Price / SF$275.75
Days on Market9
Property Features for 1904-1906 Audubon Ave SE
General Information
Standard status
Active
Size
2,520 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BD/2.5BA
Multifamily Units
2
Parking per Unit
1
Amenities
trails
community greenhouses
Building Details
Year Built
2023
Buildings
1
Listing Agency:
LEGACY REAL ESTATE
(503) 390-1375
Listed By:
JAMES HAUGE · License #200107093
Source:
Thesanchezteamoregon
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 30 at 8:26PM
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 LEGACY REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 2023 by Stafford Homes, this 2520 SF duplex offers two matching residences, each arranged with 3BD/2.5BA floor plans and an attached 1-car garage. Interior features include quartz countertops, stainless steel appliances, laminate flooring, and contemporary fixtures. Refrigerators and washers and dryers are included with both units.
The property is fully leased and located within Salem’s Pringle Creek Community, which includes trails and community greenhouses. Its residential layout, recent construction, and separately configured homes support continued use as a leased duplex or an owner-occupied residence with rental income.
The property is fully leased and located within Salem’s Pringle Creek Community, which includes trails and community greenhouses. Its residential layout, recent construction, and separately configured homes support continued use as a leased duplex or an owner-occupied residence with rental income.
Key Highlights
- 2520 SF duplex built in 2023 by Stafford Homes
- Both units feature 3BD/2.5BA layouts and attached 1‑car garages
- Fully leased property in Salem’s Pringle Creek Community
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
$30,266
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
4.36%
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%
$605,320
$605.3K
Cap Rate 7%
$432,371
$432.4K
Cap Rate 9%
$336,289
$336.3K
Market Conditions
NOI Build-Up for 2,520 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
$46.3K $18.36/SF
− Vacancy
−$3.0K −$1.20/SF
EGI
$43.2K $17.16/SF
− OpEx
−$13.0K −$5.15/SF
NOI
$30.3K $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%
$605,320
Cap Rate 7%
$432,371
Cap Rate 9%
$336,289
Alternative Uses
Best Use
Multifamily LT 5
$432.4K
$378.3K – $504.4K
NOI $30,266 @ 7.0% cap · market cap 4.36%
Second Best
Apartment 5plus
$398.2K
$348.4K – $464.5K
NOI $27,872 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$669.1K
$585.5K – $780.6K
NOI $46,836 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
152
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
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 - Fully leased two-residence property with updated interiors, included appliances, and attached garage parking for each home.
Where is this duplex located?
The property is located at 1904-1906 Audubon Ave SE Salem, OR.
What is the asking price?
The asking price for this property is $694,900.
What are key features of this property?
This property features: 2520 SF duplex built in 2023 by Stafford Homes; Both units feature 3BD/2.5BA layouts and attached 1‑car garages; Fully leased property in Salem’s Pringle Creek Community
