Duplex with Updated
For Sale
$529,000
1941 Turnage St NW, Salem, OR 97304
Two residential units offer matching two-bedroom layouts, laundry rooms, and included appliances.
Property Size2,170 SF
Price / SF$243.78
Days on Market96
Property Features for 1941 Turnage St NW
General Information
Standard status
Active
Size
2,170 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
laundry room
Listing Agency:
COLDWELL BANKER MOUNTAIN WEST REAL ESTATE, INC.
Listed By:
ANDREA BEYER · License #900100236
(503) 364-9596
Source:
Oregonhomeshop
Added: Jul 15
Changed: Oct 5
Last Checked: Oct 7 at 5:39PM
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 COLDWELL BANKER MOUNTAIN WEST REAL ESTATE, INC.
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Investment Insights
Based on property information with market context.
This 2,170-square-foot duplex contains two residential units, each arranged with two bedrooms, one bathroom, and a laundry room. Recent improvements include new carpeting and other floor coverings, while stainless steel appliances and washer/dryer sets remain with the property. The roof was replaced in 2017, and the sale includes the appliances in place.
Located at 1941 Turnage St NW in Salem’s West Salem area, the property has an established rental history and is currently occupied by tenants.
Located at 1941 Turnage St NW in Salem’s West Salem area, the property has an established rental history and is currently occupied by tenants.
Key Highlights
- Two‑unit duplex totaling 2,170 square feet
- Each unit includes 2 bedrooms, 1 bathroom, and a laundry room
- New carpet and floor coverings in both units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,062
Cap Rate
4.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$521,240
$521.2K
Cap Rate 7%
$372,314
$372.3K
Cap Rate 9%
$289,578
$289.6K
Market Conditions
NOI Build-Up for 2,170 SF
Gross rent
$39.8K $18.36/SF
− Vacancy
−$2.6K −$1.20/SF
EGI
$37.2K $17.16/SF
− OpEx
−$11.2K −$5.15/SF
NOI
$26.1K $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%
$521,240
Cap Rate 7%
$372,314
Cap Rate 9%
$289,578
Alternative Uses
Best Use
Multifamily LT 5
$372.3K
$325.8K – $434.4K
NOI $26,062 @ 7.0% cap · market cap 4.93%
Second Best
Apartment 5plus
$342.9K
$300.0K – $400.0K
NOI $24,001 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$576.2K
$504.1K – $672.2K
NOI $40,331 @ 7.0% cap · market cap 7.62%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
109
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer matching two-bedroom layouts, laundry rooms, and included appliances.
Where is this duplex located?
The property is located at 1941 Turnage St NW Salem, OR.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2,170 square feet; Each unit includes 2 bedrooms, 1 bathroom, and a laundry room; New carpet and floor coverings in both units
