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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 Market83
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
Changed: Jul 10
Last Checked: Aug 2 at 10:21AM
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 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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
326
Businesses Nearby
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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.
