Newer Multifamily Building in
2195 Audubon Avenue Southeast Salem, OR 97302
2195 Audubon Avenue Southeast, Salem, OR, 97302
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For Sale
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Six-unit multifamily property in master-planned sustainable community.
Property Size5,985 SF
Lot Size0.18 Acres
Price / SF$216.37
Days on Market67
Property Features for 2195 Audubon Avenue Southeast
General Information
- Standard status
- Active
- Size
- 5,985 SF
- Lot size
- 0.18 Acres
- Property subtype
- Mixed Use
Building Details
- Year Built
- 2024
Listing Agency
Legacy Real Estate
(503) 390-1375
Listed by
James Hauge · License #OR 200107093
Source
Crexi
Added: May 12 Checked: Jul 17 at 6:08 am
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 Legacy Real Estate
Investment Insights
Based on property information with market context.
This is a 2024-built six-plex located within the Pringle Creek Community, a master-planned sustainable neighborhood in Salem. The community features LEED-certified architecture, 12 acres of preserved common area, community gardens, and walking trails throughout 32 acres in South Salem. The building has 5,985 square feet of leasable area and is situated on an 8,025 square foot lot. It comprises six units, all configured as two-bedroom, two-bathroom apartments. Four units offer 892 square feet of living space each, while the remaining two units provide 1,100 square feet each. Three units include assigned storage. The property is currently 100% leased to qualified tenants.
Key Highlights
- Newly constructed 6‑plex (2024) with modern living spaces.
- Located in Salem's sustainable Pringle Creek Community with LEED‑certified architecture.
- 100% leased to qualified tenants, providing immediate income.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.3k | $21.60 |
| − Vacancy | −$8.9k | −$1.49 |
| EGI | $120.4k | $20.11 |
| − OpEx | −$54.2k | −$9.05 |
| NOI | $66.2k | $11.06 |
5,985 SF · lease $21.60/SF/yr · vacancy 6.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$945.7K
$827.5K – $1.10M
NOI $66,196 @ 7.0% cap · market cap 5.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,235 @ 7.0% cap · market cap 8.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Six-unit multifamily property in master-planned sustainable community.
Where is this apartment building located?
The property is located at 2195 Audubon Avenue Southeast Salem, OR.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Newly constructed 6‑plex (2024) with modern living spaces.; Located in Salem's sustainable Pringle Creek Community with LEED‑certified architecture.; 100% leased to qualified tenants, providing immediate income.
