Updated Duplex on Corner
For Sale
$539,000
2586 Wintergreen Ave Nw, Salem, OR 97304
Two-unit property with refreshed interiors, private fenced yards, and washer and dryer hookups in each residence.
Property Size1,676 SF
Price / SF$321.60
Days on Market15
Property Features for 2586 Wintergreen Ave Nw
General Information
Standard status
Active
Size
1,676 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,759
Amenities
W/D hookups
fully fenced yards
EV car charger ready
Listing Agency:
TIM HILL REALTY GROUP LLC
Listed By:
TIMOTHY HILL · License #930600005
(503) 507-0986
Source:
Exprealty
Added: Sep 12
Changed: Sep 22
Last Checked: Sep 24 at 1:26PM
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 TIM HILL REALTY GROUP LLC
Investment Insights
Based on property information with market context.
This 1,676-square-foot duplex occupies a corner lot and offers updated living spaces in both units. The property includes two separate residences, each with washer and dryer hookups and a large, fully fenced yard. The yards are identified as pet friendly, providing private outdoor space for occupants.
Unit 2588 received 2022 improvements including interior paint, windows, a sliding glass door, baseboard trim, kitchen countertops, floating shelves, an EV charger-ready setup, and bathroom finishes with a new surround, tile, vanity, and lighting. Unit 2586 received new flooring, kitchen and bathroom counters, lighting fixtures, windows, a sliding door, and baseboard trim during 2022. Exterior painting was completed this month. The property is located at 2586 Wintergreen Ave Nw in Salem, Oregon.
Unit 2588 received 2022 improvements including interior paint, windows, a sliding glass door, baseboard trim, kitchen countertops, floating shelves, an EV charger-ready setup, and bathroom finishes with a new surround, tile, vanity, and lighting. Unit 2586 received new flooring, kitchen and bathroom counters, lighting fixtures, windows, a sliding door, and baseboard trim during 2022. Exterior painting was completed this month. The property is located at 2586 Wintergreen Ave Nw in Salem, Oregon.
Key Highlights
- 1,676‑square‑foot duplex on a corner lot
- Unit 2588 updated in 2022 with windows, kitchen finishes, bathroom improvements, and EV charger‑ready setup
- Unit 2586 received 2022 flooring, window, kitchen, bathroom, lighting, and trim updates
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
$20,129
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
3.73%
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%
$402,580
$402.6K
Cap Rate 7%
$287,557
$287.6K
Cap Rate 9%
$223,656
$223.7K
Market Conditions
NOI Build-Up for 1,676 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
$30.8K $18.36/SF
− Vacancy
−$2.0K −$1.20/SF
EGI
$28.8K $17.16/SF
− OpEx
−$8.6K −$5.15/SF
NOI
$20.1K $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%
$402,580
Cap Rate 7%
$287,557
Cap Rate 9%
$223,656
Alternative Uses
Best Use
Multifamily LT 5
$287.6K
$251.6K – $335.5K
NOI $20,129 @ 7.0% cap · market cap 3.73%
Second Best
Apartment 5plus
$264.8K
$231.7K – $309.0K
NOI $18,537 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$445.0K
$389.4K – $519.2K
NOI $31,149 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
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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
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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 - Two-unit property with refreshed interiors, private fenced yards, and washer and dryer hookups in each residence.
Where is this duplex located?
The property is located at 2586 Wintergreen Ave Nw Salem, OR.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: 1,676‑square‑foot duplex on a corner lot; Unit 2588 updated in 2022 with windows, kitchen finishes, bathroom improvements, and EV charger‑ready setup; Unit 2586 received 2022 flooring, window, kitchen, bathroom, lighting, and trim updates
