11-Unit Apartment Complex with
2473 Trade St Se 2451, Salem, OR 97301
For Sale
$1,700,000
The property combines cottage-style residences with a two-level duplex and an attached laundry room.
Property Size4,444 SF
Price / SF$382.54
Days on Market282
Property Features for 2473 Trade St Se 2451
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Year Renovated
Construction
Listing Agency:
Smi Real Estate
Listed By:
BRANDON WHITEHEAD · License OR #200804138
(503) 551-8901
Source:
Searchsalemhomelistings
Added: Feb 6
Changed: Nov 10
Last Checked: Nov 10 at 2:17PM
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 Smi Real Estate
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 11-unit apartment property includes nine cottage-style units and a duplex arranged across two levels. An attached laundry room serves the duplex. The 4,444-square-foot complex underwent a comprehensive renovation in 2022, including replacement of the roof, windows, siding, electrical and plumbing systems, water heaters, cabinetry, countertops, flooring, and disposals. Built in 1949, the property’s unit mix pairs detached cottage-style housing with a two-level duplex configuration.
Key Highlights
- 11 units, including 9 cottages and a two‑level duplex
- 4,444‑square‑foot apartment property
- 2022 renovation included roof, windows, siding, electrical and plumbing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,152
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$983,040
$983.0K
Cap Rate 7%
$702,171
$702.2K
Cap Rate 9%
$546,133
$546.1K
Market Conditions
NOI Build-Up for 4,444 SF
Gross rent
$96.0K $21.60/SF
− Vacancy
−$6.6K −$1.49/SF
EGI
$89.4K $20.11/SF
− OpEx
−$40.2K −$9.05/SF
NOI
$49.2K $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 Rate 5%
$983,040
Cap Rate 7%
$702,171
Cap Rate 9%
$546,133
Alternative Uses
Best Use
Apartment 5plus
$702.2K
$614.4K – $819.2K
NOI $49,152 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,594 @ 7.0% cap · market cap 4.86%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
11
Residential units
Location Intelligence
Trade Area within ½ mile
975
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
Median Home Value
Market
Properties on Market for Apartment buildings in Marion County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The property combines cottage-style residences with a two-level duplex and an attached laundry room.
Where is this apartment building located?
The property is located at 2473 Trade St Se 2451 Salem, OR.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 11 units, including 9 cottages and a two‑level duplex; 4,444‑square‑foot apartment property; 2022 renovation included roof, windows, siding, electrical and plumbing
