Single-Level
For Sale
Contact for pricing
2486-2488 Wintergreen Ave NW, Salem, OR 97304
Two residential units feature open living areas, private fenced yards, and in-unit laundry.
Property Size2,270 SF
Price / SF$242.29
Days on Market190
Property Features for 2486-2488 Wintergreen Ave NW
General Information
Standard status
Active
Size
2,270 SF
Property subtype
Multifamily
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
private, fenced backyard
Building Details
Year Built
1990
Buildings
1
Stories
1
Listing Agency:
Tradition Real Estate Partners
(503) 939-7099
Listed By:
Dave Smith · License #201215251
Source:
Crexi
Added: Feb 23
Changed: Aug 29
Last Checked: Aug 31 at 9:20AM
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 Tradition Real Estate Partners
Investment Insights
Based on property information with market context.
Built in 1990, this single-level duplex contains two residential units totaling 2,270 square feet. Each unit measures 1,135 square feet and includes two bedrooms, one full bathroom, an open arrangement connecting the living, dining, and kitchen areas, and private laundry. Fenced backyards provide each residence with dedicated outdoor space.
The property is located at 2486-2488 Wintergreen Ave NW in Salem, Oregon, within a neighborhood containing both single-family and multifamily residences. Schools, local amenities, and commuter routes are located nearby. Long-term tenants are currently in place, supporting continued occupancy for the existing units.
The property is located at 2486-2488 Wintergreen Ave NW in Salem, Oregon, within a neighborhood containing both single-family and multifamily residences. Schools, local amenities, and commuter routes are located nearby. Long-term tenants are currently in place, supporting continued occupancy for the existing units.
Key Highlights
- Two‑unit duplex with 2,270 square feet of total building area
- Each unit offers 1,135 square feet with two bedrooms and one full bathroom
- Single‑level layout built in 1990
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
4.96%
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 4.96%
Second Best
Apartment 5plus
$358.7K
$313.8K – $418.5K
NOI $25,107 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$602.7K
$527.4K – $703.2K
NOI $42,189 @ 7.0% cap · market cap 7.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units feature open living areas, private fenced yards, and in-unit laundry.
Where is this duplex located?
The property is located at 2486-2488 Wintergreen Ave NW Salem, OR.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,270 square feet of total building area; Each unit offers 1,135 square feet with two bedrooms and one full bathroom; Single‑level layout built in 1990
