Two-Unit Duplex with Wood
For Sale
$315,000
1932 Chemeketa St NE, Salem, OR 97302
Two separate residences feature distinct access, updated plumbing, and heating and cooling systems.
Property Size1,310 SF
Price / SF$240.46
Days on Market92
Property Features for 1932 Chemeketa St NE
General Information
Standard status
Active
Size
1,310 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Northeast Neighbors (Nen)
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Building Details
Year Built
1901
Buildings
1
Listing Agency:
SUNDANCE REALTY LLC
Listed By:
KAREN PETERS · License #200905059
(503) 559-1880
Source:
Wisser
Added: Aug 3
Changed: Oct 25
Last Checked: Oct 5 at 10:25PM
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 SUNDANCE REALTY LLC
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Investment Insights
Based on property information with market context.
Built in 1901, this duplex contains two one-bedroom, one-bath residences with separate access points. Unit 1 includes a living room with a wood stove, hardwood flooring, some LVP flooring, an updated bathroom, and substantial storage. Unit 2 offers a kitchen, full-height windows, and access to the basement through the unit.
Property improvements include updated plumbing, a furnace, an instant hot water heater, and an AC heat pump. The home also includes a front yard, while Unit 2 is entered through a side door.
Property improvements include updated plumbing, a furnace, an instant hot water heater, and an AC heat pump. The home also includes a front yard, while Unit 2 is entered through a side door.
Key Highlights
- Two one‑bedroom, one‑bath units
- Built in 1901
- Unit 1 includes a wood stove, updated bathroom, hardwood floors, and extensive storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,733
Cap Rate
4.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$314,660
$314.7K
Cap Rate 7%
$224,757
$224.8K
Cap Rate 9%
$174,811
$174.8K
Market Conditions
NOI Build-Up for 1,310 SF
Gross rent
$24.1K $18.36/SF
− Vacancy
−$1.6K −$1.20/SF
EGI
$22.5K $17.16/SF
− OpEx
−$6.7K −$5.15/SF
NOI
$15.7K $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 Rate 5%
$314,660
Cap Rate 7%
$224,757
Cap Rate 9%
$174,811
Alternative Uses
Best Use
Multifamily LT 5
$224.8K
$196.7K – $262.2K
NOI $15,733 @ 7.0% cap · market cap 4.99%
Second Best
Apartment 5plus
$207.0K
$181.1K – $241.5K
NOI $14,489 @ 7.0% cap · market cap 4.60%
Theoretical Best
Office A
$347.8K
$304.3K – $405.8K
NOI $24,347 @ 7.0% cap · market cap 7.73%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
956
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences feature distinct access, updated plumbing, and heating and cooling systems.
Where is this duplex located?
The property is located at 1932 Chemeketa St NE Salem, OR.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two one‑bedroom, one‑bath units; Built in 1901; Unit 1 includes a wood stove, updated bathroom, hardwood floors, and extensive storage
