Four-Unit Quadplex with
For Sale
$799,000
2151 National Ct, Salem, OR 97306
Fully occupied multifamily property with two-bedroom residences, private outdoor space, and individual detached garages.
Property Size4,092 SF
Days on Market47
Property Features for 2151 National Ct
General Information
Standard status
Active
Size
4,092 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
RM2
Occupancy
100%
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$7,265
Amenities
washer/dryer hookups
private patios or balconies
attractive landscaping
Building Details
Building Size
4,092 SF
Year Built
1979
Stories
2
Units
4
Listing Agency:
Works Real Estate
(503) 856-6869
Listed By:
Eddie Zapien · License #200708089
(503) 856-6869
Source:
Allprofessionalsre
Added: Jun 24
Changed: Aug 6
Last Checked: Aug 8 at 12:31PM
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 Works Real Estate
Investment Insights
Based on property information with market context.
Built in 1979 and zoned RM2, this four-unit quadplex offers a consistent residential layout across all units. Each residence contains two bedrooms and one bathroom, along with forced-air heat, storage areas, washer and dryer hookups, and a private patio or balcony. Oversized bedrooms add functional living space, while a detached single-car garage serves each unit.
The property is fully occupied and professionally managed, with landscaping maintained on site. Located at 2151 National Ct in Salem, Oregon, the asset provides four similarly configured units within one multifamily property.
The property is fully occupied and professionally managed, with landscaping maintained on site. Located at 2151 National Ct in Salem, Oregon, the asset provides four similarly configured units within one multifamily property.
Key Highlights
- Four‑unit quadplex with 2 bedrooms and 1 bathroom per unit
- Detached single‑car garage assigned to each unit
- Private patio or balcony provided for every residence
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
$49,146
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
6.15%
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%
$982,920
$982.9K
Cap Rate 7%
$702,086
$702.1K
Cap Rate 9%
$546,067
$546.1K
Market Conditions
NOI Build-Up for 4,092 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
$75.1K $18.36/SF
− Vacancy
−$4.9K −$1.20/SF
EGI
$70.2K $17.16/SF
− OpEx
−$21.1K −$5.15/SF
NOI
$49.1K $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%
$982,920
Cap Rate 7%
$702,086
Cap Rate 9%
$546,067
Alternative Uses
Best Use
Multifamily LT 5
$702.1K
$614.3K – $819.1K
NOI $49,146 @ 7.0% cap · market cap 6.15%
Second Best
Apartment 5plus
$646.6K
$565.7K – $754.3K
NOI $45,259 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$1.09M
$950.7K – $1.27M
NOI $76,052 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Explore this area
Business Placement
Demographics for 97306, OR
34,715
Population
14,151
Households
2.5
Avg Household Size
38
Median Age
42%
College-Educated
95%
High-School Grad
32.4 sq mi
ZIP Area
1,071
Density / Sq Mi
$89,773
Median Household Income
$50,931
Median Earnings
$1,455
Median Rent
$438,900
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?
Quadplex - Fully occupied multifamily property with two-bedroom residences, private outdoor space, and individual detached garages.
Where is this quadplex located?
The property is located at 2151 National Ct Salem, OR.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2 bedrooms and 1 bathroom per unit; Detached single‑car garage assigned to each unit; Private patio or balcony provided for every residence
