Newer Multifamily Building in
For Sale
$1,295,000
2195 Audubon Avenue Southeast, Salem, OR 97302
Six-unit multifamily property in master-planned sustainable community.
Property Size5,985 SF
Lot Size0.18 Acres
Price / SF$216.37
Days on Market141
Property Features for 2195 Audubon Avenue Southeast
General Information
Standard status
Active
Size
5,985 SF
Lot size
0.18 Acres
Property subtype
Residential Income / Multi Family
Zoning
FMU
Net Operating Income
$75,700
Taxes and HOA fees
Annual Taxes
$15,175
Amenities
No
Carpet, Vinyl
Dishwasher, Electric Range, Refrigerator, Microwave, Disposal, Electric Water Heater
Electric
12
In Unit
High Speed Internet
Yes
Building Details
Year Built
2024
Listing Agency:
LEGACY REAL ESTATE
(503) 390-1375
Listed By:
JAMES HAUGE · License #200107093
(503) 390-1375
Source:
Compass
Added: Apr 14
Changed: Aug 25
Last Checked: Aug 23 at 7:20AM
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.
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
$66,196
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
5.11%
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%
$1,323,920
$1.3M
Cap Rate 7%
$945,657
$945.7K
Cap Rate 9%
$735,511
$735.5K
Market Conditions
NOI Build-Up for 5,985 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
$129.3K $21.60/SF
− Vacancy
−$8.9K −$1.49/SF
EGI
$120.4K $20.11/SF
− OpEx
−$54.2K −$9.05/SF
NOI
$66.2K $11.06/SF
Area
Salem, OR
Vacancy
6.90%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$1,323,920
Cap Rate 7%
$945,657
Cap Rate 9%
$735,511
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
152
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?
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.
