Four-Unit Multifamily Redevelopment
For Sale
Contact for pricing
310 McNary Ave NW, Salem, OR 97304
Existing four-unit multifamily property plus adjacent paved parking on two tax lots across a corner site.
Property Size2,189 SF
Lot Size0.51 Acres
Price / SF$260.39
Days on Market78
Property Features for 310 McNary Ave NW
General Information
Standard status
Active
Size
2,189 SF
Lot size
0.51 Acres
Property subtype
Multifamily, Land
Zoning
RM2, ESMU
Occupancy
100%
Investment Type
Value Add
Additional Details
Multifamily Units
4
Building Details
Year Built
1936
Buildings
2
Tenancy
Multi
Listing Agency:
Colliers - Portland, Oregon
Listed By:
Jared Whipps · License #200806103
Source:
Crexi
Added: May 27
Changed: Aug 8
Last Checked: Jun 5 at 5:48AM
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 Colliers - Portland, Oregon
Investment Insights
Based on property information with market context.
310 McNary Ave NW is a multifamily redevelopment opportunity in Salem, Oregon, consisting of an existing four-unit property and an adjacent parking lot. The offering spans two tax lots and is positioned on a corner site, with an existing paved parking field that can support current operations.
The property is approximately 0.51 acres and includes both in-place housing and excess land. The site’s redevelopment upside is described as subject to buyer verification, including any potential to add additional multifamily density.
This is a covered “land play” format with the benefit of existing cash flow, paired with long-term redevelopment potential in an established residential submarket. Buyer due diligence will be necessary to confirm future development parameters.
The property is approximately 0.51 acres and includes both in-place housing and excess land. The site’s redevelopment upside is described as subject to buyer verification, including any potential to add additional multifamily density.
This is a covered “land play” format with the benefit of existing cash flow, paired with long-term redevelopment potential in an established residential submarket. Buyer due diligence will be necessary to confirm future development parameters.
Key Highlights
- Four‑unit multifamily property built in 1936
- Plus an adjacent paved parking lot across two tax lots
- Corner site on approximately 0.51 acres
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
$26,290
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
4.61%
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%
$525,800
$525.8K
Cap Rate 7%
$375,571
$375.6K
Cap Rate 9%
$292,111
$292.1K
Market Conditions
NOI Build-Up for 2,189 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
$40.2K $18.36/SF
− Vacancy
−$2.6K −$1.20/SF
EGI
$37.6K $17.16/SF
− OpEx
−$11.3K −$5.15/SF
NOI
$26.3K $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%
$525,800
Cap Rate 7%
$375,571
Cap Rate 9%
$292,111
Alternative Uses
Best Use
Multifamily LT 5
$375.6K
$328.6K – $438.2K
NOI $26,290 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$345.9K
$302.6K – $403.5K
NOI $24,211 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$581.2K
$508.6K – $678.1K
NOI $40,684 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
782
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?
Quadplex - Existing four-unit multifamily property plus adjacent paved parking on two tax lots across a corner site.
Where is this quadplex located?
The property is located at 310 McNary Ave NW Salem, OR.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1936; Plus an adjacent paved parking lot across two tax lots; Corner site on approximately 0.51 acres
