Two-Unit Duplex with
New
For Sale
$497,000
2486-2488 Wintergreen Av NW, Salem, OR 97304
Multi Family, Salem, OR
Property Size2,270 SF
Lot Size0.17 Acres
Price / SF$218.94
Days on Market4
Property Features for 2486-2488 Wintergreen Av NW
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM2
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 3
Patio and Porch features
Patio
Lot features
Dimension Above, Lot: 6
View
Territorial
High school
West Salem
Directions
Wallace Rd NW, West on Brush College Rd NW, South on Wintergreen Av NW
Standard status
Active
APN
360377
Size
2,270 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4443
Utilities
Heating system
Baseboard, Electric (Heating)
Amenities
in-unit laundry
private fenced backyard
Building Details
Year built
1981
Number of units
2
Flooring type
Vinyl, Carpet
Roof type
Composition
Listing Agency:
HOMESMART REALTY GROUP - MONMOUTH
Listed By:
LISA ANN SCHEIRMAN · License #200503017
(503) 949-2411
Added: Sep 23
Changed: Sep 25
Last Checked: Sep 26 at 10:06AM
MLS# 845914
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1981, this single-level duplex contains 2,270 square feet across two residences, each measuring 1,135 square feet. Both units have two bedrooms, two full bathrooms, an open living, dining, and kitchen area, in-unit laundry, and an attached single-car garage. Each residence also has a private fenced backyard and a patio. Flooring includes vinyl and carpet, with electric baseboard heat and a composition roof.
The property occupies 0.17 acres in Salem and is zoned RM2. Both sides have long-term tenants.
The property occupies 0.17 acres in Salem and is zoned RM2. Both sides have long-term tenants.
Key Highlights
- Two residences, each with 1,135 square feet
- Each unit has 2 bedrooms and 2 full bathrooms
- Attached single‑car garage for each 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
$27,263
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
5.49%
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%
$545,260
$545.3K
Cap Rate 7%
$389,471
$389.5K
Cap Rate 9%
$302,922
$302.9K
Market Conditions
NOI Build-Up for 2,270 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
$41.7K $18.36/SF
− Vacancy
−$2.7K −$1.20/SF
EGI
$38.9K $17.16/SF
− OpEx
−$11.7K −$5.15/SF
NOI
$27.3K $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%
$545,260
Cap Rate 7%
$389,471
Cap Rate 9%
$302,922
Alternative Uses
Best Use
Multifamily LT 5
$389.5K
$340.8K – $454.4K
NOI $27,263 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$358.7K
$313.8K – $418.5K
NOI $25,107 @ 7.0% cap · market cap 5.05%
Theoretical Best
Office A
$602.7K
$527.4K – $703.2K
NOI $42,189 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include two bedrooms, two full bathrooms, in-unit laundry, and a private fenced yard.
Where is this duplex located?
The property is located at 2486-2488 Wintergreen Av NW Salem, OR.
What is the asking price?
The asking price for this property is $497,000.
What are key features of this property?
This property features: Two residences, each with 1,135 square feet; Each unit has 2 bedrooms and 2 full bathrooms; Attached single‑car garage for each residence
