Updated Duplex with
For Sale
$545,000
3624 Hermosa Ct NE, Salem, OR 97305
Two-unit property with substantial upgrades, individual garages, fireplaces, and additional attic storage.
Property Size2,336 SF
Price / SF$233.30
Days on Market52
Property Features for 3624 Hermosa Ct NE
General Information
Standard status
Active
Size
2,336 SF
Property subtype
Multi-Family
Building Details
Year Built
1973
Listing Agency:
EXP REALTY, LLC
Listed By:
JOHN ZOBRIST
(503) 931-5020
Source:
Wisser
Added: Aug 16
Changed: Sep 29
Last Checked: Oct 5 at 9:20PM
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 EXP REALTY, LLC
Investment Insights
Based on property information with market context.
This 1973 duplex includes two residential units with sunken living rooms and fireplaces designed to accept gas logs. Garage capacity differs by unit, with one two-car garage and one deep one-car garage. Both buildings received exterior and maintenance updates, including new paint, garage doors, annually cleaned and treated roofs, custom gutter covers, storm doors, and floored attic areas with lighting for storage.
The 3624 unit has a new gas furnace, gas water heater, and gas logs with key ignition. The 3634 unit features a new water heater, electric range, dishwasher, refrigerator, disposal, faucet, GFCI outlets, interior and garage paint, new utility-room fixtures, carpet with memory foam pad, custom window shades, organized bedroom closets, and bathroom improvements. The duplex sits in a cul-de-sac with limited traffic and is located close to Chemeketa Community College.
The 3624 unit has a new gas furnace, gas water heater, and gas logs with key ignition. The 3634 unit features a new water heater, electric range, dishwasher, refrigerator, disposal, faucet, GFCI outlets, interior and garage paint, new utility-room fixtures, carpet with memory foam pad, custom window shades, organized bedroom closets, and bathroom improvements. The duplex sits in a cul-de-sac with limited traffic and is located close to Chemeketa Community College.
Key Highlights
- Two‑unit duplex constructed in 1973
- One unit has a two‑car garage; the other has a deep one‑car garage
- Both units feature sunken living rooms and fireplaces prepared for gas logs
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,056
Cap Rate
5.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$561,120
$561.1K
Cap Rate 7%
$400,800
$400.8K
Cap Rate 9%
$311,733
$311.7K
Market Conditions
NOI Build-Up for 2,336 SF
Gross rent
$42.9K $18.36/SF
− Vacancy
−$2.8K −$1.20/SF
EGI
$40.1K $17.16/SF
− OpEx
−$12.0K −$5.15/SF
NOI
$28.1K $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 Rate 5%
$561,120
Cap Rate 7%
$400,800
Cap Rate 9%
$311,733
Alternative Uses
Best Use
Multifamily LT 5
$400.8K
$350.7K – $467.6K
NOI $28,056 @ 7.0% cap · market cap 5.15%
Second Best
Apartment 5plus
$369.1K
$323.0K – $430.6K
NOI $25,837 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$620.2K
$542.7K – $723.6K
NOI $43,416 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
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Business Placement
Demographics for 97305, OR
44,535
Population
15,219
Households
2.9
Avg Household Size
33
Median Age
16%
College-Educated
77%
High-School Grad
47.2 sq mi
ZIP Area
944
Density / Sq Mi
$64,581
Median Household Income
$32,554
Median Earnings
$1,386
Median Rent
$339,100
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 substantial upgrades, individual garages, fireplaces, and additional attic storage.
Where is this duplex located?
The property is located at 3624 Hermosa Ct NE Salem, OR.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Two‑unit duplex constructed in 1973; One unit has a two‑car garage; the other has a deep one‑car garage; Both units feature sunken living rooms and fireplaces prepared for gas logs
