Triplex with Attached
For Sale
$1,030,000
3857-3861 Village Center Dr SE, Salem, OR 97302
Fully leased three-unit property with updated finishes, in-unit appliances, loft space, and attached garages.
Property Size3,840 SF
Price / SF$268.23
Days on Market59
Property Features for 3857-3861 Village Center Dr SE
General Information
Standard status
Active
Size
3,840 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BD/2.5BA, 1 x 2BD/2.5BA with loft
Multifamily Units
3
Amenities
walking trails
greenhouses
Building Details
Year Built
2023
Listing Agency:
LEGACY REAL ESTATE
Listed By:
JAMES HAUGE · License #200107093
(503) 390-1375
Source:
Oregonhomeshop
Added: Aug 17
Changed: Oct 3
Last Checked: Oct 12 at 10:19PM
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 LEGACY REAL ESTATE
Investment Insights
Based on property information with market context.
Built in 2023 by Stafford Homes, this 3,840 SF triplex contains two 3BD/2.5BA units and one 2BD/2.5 Bath unit with a loft. Each residence includes an attached 1-car garage, refrigerator, and washer/dryer. Interior details include quartz countertops, stainless steel appliances, laminate flooring, contemporary fixtures, and functional layouts. The property is fully leased.
Located in the Pringle Creek Community at 3857-3861 Village Center Dr SE, the property is near community walking trails and greenhouses. The community also includes Prismatic Coffee and Root Cellar Market, which were recently added.
Located in the Pringle Creek Community at 3857-3861 Village Center Dr SE, the property is near community walking trails and greenhouses. The community also includes Prismatic Coffee and Root Cellar Market, which were recently added.
Key Highlights
- 3,840 SF triplex built in 2023 by Stafford Homes
- Two 3BD/2.5BA units plus one 2BD/2.5 Bath unit with loft
- Fully leased property at 3857‑3861 Village Center Dr SE, Salem, OR 97302
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,119
Cap Rate
4.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$922,380
$922.4K
Cap Rate 7%
$658,843
$658.8K
Cap Rate 9%
$512,433
$512.4K
Market Conditions
NOI Build-Up for 3,840 SF
Gross rent
$70.5K $18.36/SF
− Vacancy
−$4.6K −$1.20/SF
EGI
$65.9K $17.16/SF
− OpEx
−$19.8K −$5.15/SF
NOI
$46.1K $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%
$922,380
Cap Rate 7%
$658,843
Cap Rate 9%
$512,433
Alternative Uses
Best Use
Multifamily LT 5
$658.8K
$576.5K – $768.7K
NOI $46,119 @ 7.0% cap · market cap 4.48%
Second Best
Apartment 5plus
$606.7K
$530.9K – $707.9K
NOI $42,471 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.02M
$892.1K – $1.19M
NOI $71,369 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
288
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?
Triplex - Fully leased three-unit property with updated finishes, in-unit appliances, loft space, and attached garages.
Where is this triplex located?
The property is located at 3857-3861 Village Center Dr SE Salem, OR.
What is the asking price?
The asking price for this property is $1,030,000.
What are key features of this property?
This property features: 3,840 SF triplex built in 2023 by Stafford Homes; Two 3BD/2.5BA units plus one 2BD/2.5 Bath unit with loft; Fully leased property at 3857‑3861 Village Center Dr SE, Salem, OR 97302
