Turnkey Two-Bedroom
For Sale
$529,000
1941 Turnage St NW, Salem, OR 97304
Multi Family, Salem, OR
Property Size2,170 SF
Lot Size0.24 Acres
Price / SF$243.78
Days on Market48
Property Features for 1941 Turnage St NW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RS
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bedroom 4, Basement, Bathroom 2, Bedroom 2
Subdivision
College
Lot features
Lot: 15
View
Territorial
Elementary school
Kalapuya
Middle school
Walker
High school
West Salem
Standard status
Active
APN
263531
Size
2,170 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
5308
Utilities
Heating system
Electric (Heating)
Building Details
Number of units
2
Flooring type
Carpet
Roof type
Composition
Listing Agency:
COLDWELL BANKER MOUNTAIN WEST REAL ESTATE, INC. · Coldwell Banker Real Estate
(503) 364-9596
Listed By:
ANDREA BEYER · License #900100236
(503) 551-5320
Added: Jul 13
Changed: Aug 19
Last Checked: Aug 29 at 1:06AM
MLS# 843376
Copyright © 2026 Willamette Valley Multiple Listing Service. 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 turnkey duplex at 1941 Turnage St NW offers two separate units with matching layouts. Each unit features two bedrooms, one bathroom, and a dedicated laundry room. Interior updates include new carpet and floor coverings, and the property includes stainless appliances and washer/dryers with the sale.
Exterior improvements include a new roof installed in 2017. The home is heated with electric heating, and the roof is described as composition.
Set on a 0.24-acre lot, the property is zoned RS. With 2 bedrooms and 1 bathroom per unit, this configuration may appeal to tenants seeking straightforward, low-maintenance living arrangements.
Exterior improvements include a new roof installed in 2017. The home is heated with electric heating, and the roof is described as composition.
Set on a 0.24-acre lot, the property is zoned RS. With 2 bedrooms and 1 bathroom per unit, this configuration may appeal to tenants seeking straightforward, low-maintenance living arrangements.
Key Highlights
- Two 2‑bedroom, 1‑bath units with laundry rooms
- New carpet and floor coverings plus stainless appliances
- Washer/dryers included with the sale
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
$26,062
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
4.93%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - Turnkey duplex on a 0.24-acre lot with two 2-bedroom, 1-bath units and electric heat in Salem’s RS zoning.
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 2‑bedroom, 1‑bath units with laundry rooms; New carpet and floor coverings plus stainless appliances; Washer/dryers included with the sale
