Two-Unit Duplex with Wood
For Sale
$315,000
1932 NE Chemeketa St, Salem, OR 97302
Two separate residences feature distinct access, updated plumbing, and heating and cooling systems.
Property Size1,310 SF
Days on Market19
Property Features for 1932 NE Chemeketa St
General Information
Standard status
Active
Size
1,310 SF
Property subtype
Duplex
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,944
Building Details
Building Size
1,310 SF
Year Built
1901
Buildings
1
Listing Agency:
SUNDANCE REALTY LLC
(503) 559-1880
Listed By:
KAREN PETERS · License #200905059
(503) 559-1880
Source:
Harcourtselite
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 11 at 12:44PM
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
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 = 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
$15,733
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
4.99%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
956
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 - Two separate residences feature distinct access, updated plumbing, and heating and cooling systems.
Where is this duplex located?
The property is located at 1932 NE Chemeketa St 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
