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
Days on Market46
Property Features for 3624 HERMOSA CT NE
General Information
Standard status
Active
Size
2,336 SF
Property subtype
MULTI_FAMILY
Taxes and HOA fees
Annual Taxes
$3,716
Building Details
Building Size
2,336 SF
Year Built
1973
Listing Agency:
eXp Realty, LLC
(503) 931-5020
Listed By:
John Zobrist
(503) 931-5020
Source:
Harcourtselite
Added: Jul 7
Changed: Aug 21
Last Checked: Aug 21 at 11:10AM
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 = 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
$28,056
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
5.15%
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%
$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
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
$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 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%
$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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
Explore this area
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
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-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
