Updated Duplex With
For Sale
$545,000
3624 HERMOSA Ct NE, Salem, OR 97305
MultiFamily, Salem, OR
Property Size2,336 SF
Lot Size0.24 Acres
Price / SF$233.30
Days on Market51
Property Features for 3624 HERMOSA Ct NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RL
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 4, Bedroom 2, Bathroom 3, Bathroom 1, Bedroom 3
Subdivision
Neighborly Addition
View
Territorial
Elementary school
Lamb
Middle school
Stephens
High school
McKay
Directions
Silverton Road Then North on Hermosa Ct NE
Standard status
Active
APN
556138
Size
2,336 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Description
NEIGHBORLY ADDITION, BLOCK 1, LOT 14, ACRES 0.24
Tax Annual Amount
3716
Legal Description
NEIGHBORLY ADDITION, BLOCK 1, LOT 14, ACRES 0.24
Utilities
Heating system
Forced Air
Amenities
fireplaces
sunken living rooms
attic storage
Building Details
Year built
1973
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
eXp Realty, LLC
(888) 814-9613
Listed By:
John Zobrist
(503) 931-5020
Added: Jul 7
Changed: Aug 26
Last Checked: Aug 26 at 8:06AM
MLS# 716570755
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex contains 2,336 square feet on a 0.24-acre lot and was built in 1973. Each residence includes a sunken living room with a fireplace piped for gas logs, while the garages provide different configurations: one is a two-car garage and the other is a deep one-car garage. Floored attics with lighting add storage capacity, and forced-air heating serves the property.
Recent work includes new exterior paint and garage doors, along with annual composition-roof cleaning and treatment, custom gutter covers, storm doors, and re-keyed doors. Improvements to one unit include a gas furnace, gas water heater, and gas-log setup. The other has received new appliances, carpet, bathroom finishes, fixtures, outlets, paint, window shades, and a utility-room upgrade.
The property is situated on a cul-de-sac with limited traffic and is close to Chemeketa Community College. RL zoning applies.
Recent work includes new exterior paint and garage doors, along with annual composition-roof cleaning and treatment, custom gutter covers, storm doors, and re-keyed doors. Improvements to one unit include a gas furnace, gas water heater, and gas-log setup. The other has received new appliances, carpet, bathroom finishes, fixtures, outlets, paint, window shades, and a utility-room upgrade.
The property is situated on a cul-de-sac with limited traffic and is close to Chemeketa Community College. RL zoning applies.
Key Highlights
- 2,336‑square‑foot duplex on a 0.24‑acre lot
- One two‑car garage plus one deep one‑car garage
- Both living areas feature fireplaces piped to accept 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
Lease Details
2
Residential units
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property on a low-traffic cul-de-sac with fireplaces, storage areas, and substantial improvements to both residences.
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: 2,336‑square‑foot duplex on a 0.24‑acre lot; One two‑car garage plus one deep one‑car garage; Both living areas feature fireplaces piped to accept gas logs
