Duplex with Craftsman and
For Sale
$445,000
380 Owens & 1102 Fairmount St S, Salem, OR 97302
Multi Family, Salem, OR
Property Size2,294 SF
Lot Size0.17 Acres
Price / SF$193.98
Days on Market51
Property Features for 380 Owens & 1102 Fairmount St S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM2
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 1, Bathroom 2, Basement, Bedroom 3, Bedroom 4, Den, Bedroom 2
Patio and Porch features
Patio
Lot features
Irregular, Lot: F R8
Elementary school
McKinley
Middle school
Leslie
High school
South Salem
Directions
Commercial St. to W on Owens, Corner of Owens & Fairmount
Standard status
Active
APN
592013
Size
2,294 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4049
Utilities
Heating system
Electric (Heating), Natural Gas, Forced Air, Baseboard
Amenities
covered front porch
Building Details
Year built
1923
Number of units
2
Flooring type
Laminate, Wood, Carpet
Roof type
Composition
Listing Agency:
BLUM REAL ESTATE
(503) 485-1900
Listed By:
GLADYS BLUM
(503) 485-1900
Added: Jul 3
Changed: Aug 19
Last Checked: Aug 22 at 12:06AM
MLS# 843018
Copyright © 2026 Willamette Valley Multiple Listing Service. 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 offering includes a 1923 Craftsman main house and a detached garage with an ADU above. The ADU is a 728 SF, 1-bedroom, 1-bath unit, providing flexibility for dual living, guest use, or rental income. The main house includes two bedrooms on the main level, plus a large bonus room and additional room on the second level, along with multiple bathrooms and basement space. Interior finishes include wood, carpet, and laminate flooring. The property also features an inviting covered front porch and a patio.
Set on a corner lot, the home is located at 380 Owens (& 1102 Fairmount) St S in Salem, Oregon. The roof is composition, and heating includes forced air, electric heating, baseboard, and natural gas.
With its combined main home and detached garage ADU, the layout is designed to support multiple living arrangements within a single property footprint.
Set on a corner lot, the home is located at 380 Owens (& 1102 Fairmount) St S in Salem, Oregon. The roof is composition, and heating includes forced air, electric heating, baseboard, and natural gas.
With its combined main home and detached garage ADU, the layout is designed to support multiple living arrangements within a single property footprint.
Key Highlights
- Corner lot duplex with 1923 Craftsman main house
- Detached garage with a 728 SF, 1‑bedroom, 1‑bath ADU above
- Two bedrooms on the main level plus bonus and additional rooms on the second level
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
$27,551
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
6.19%
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%
$551,020
$551.0K
Cap Rate 7%
$393,586
$393.6K
Cap Rate 9%
$306,122
$306.1K
Market Conditions
NOI Build-Up for 2,294 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
$42.1K $18.36/SF
− Vacancy
−$2.8K −$1.20/SF
EGI
$39.4K $17.16/SF
− OpEx
−$11.8K −$5.15/SF
NOI
$27.6K $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%
$551,020
Cap Rate 7%
$393,586
Cap Rate 9%
$306,122
Alternative Uses
Best Use
Multifamily LT 5
$393.6K
$344.4K – $459.2K
NOI $27,551 @ 7.0% cap · market cap 6.19%
Second Best
Apartment 5plus
$362.5K
$317.2K – $422.9K
NOI $25,372 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$609.1K
$532.9K – $710.6K
NOI $42,635 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
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 - Duplex on a corner lot with a 1923 Craftsman home and detached garage ADU above.
Where is this duplex located?
The property is located at 380 Owens & 1102 Fairmount St S Salem, OR.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Corner lot duplex with 1923 Craftsman main house; Detached garage with a 728 SF, 1‑bedroom, 1‑bath ADU above; Two bedrooms on the main level plus bonus and additional rooms on the second level
