Two-Unit Duplex with Attached
New
For Sale
$450,000
4016 45th Av NE, Salem, OR 97305
Corner-lot property across from Chemeketa Community College, with separate fenced yards and patios for both residences.
Property Size1,584 SF
Price / SF$284.09
Days on Market7
Property Features for 4016 45th Av NE
General Information
Standard status
Active
Size
1,584 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Parking per Unit
1
Additional Details
Highway Access
Yes
Building Details
Year Built
1973
Buildings
1
Stories
1
Listing Agency:
Homesmart Realty Group
(541) 401-9467
Listed By:
Matin Real Estate
(503) 208-8406
Source:
Portlandrealestate
Added: Oct 11
Changed: Oct 16
Last Checked: Oct 16 at 9:09AM
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 Homesmart Realty Group
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Investment Insights
Based on property information with market context.
This single-level duplex contains two homes totaling 1,584 square feet. One residence has two bedrooms and one bathroom; the other has one bedroom and one bathroom. Both include full kitchens with a dishwasher, refrigerator, electric range, and garbage disposal, plus washer and dryer hookups. Kitchen and dining areas have vinyl flooring, while carpet finishes the living rooms and bedrooms. Sliding doors open to private patios and fenced backyards, and each residence has an attached one-car garage. Exterior paint has been updated.
The property occupies a corner lot across from Chemeketa Community College. Schools and shopping are nearby, with access to I-5 also noted.
The property occupies a corner lot across from Chemeketa Community College. Schools and shopping are nearby, with access to I-5 also noted.
Key Highlights
- Two residences: one with 2 bedrooms and 1 bathroom; the other with 1 bedroom and 1 bathroom
- 1,584 square feet in a single‑level duplex built in 1973
- Each unit has a full kitchen with dishwasher, refrigerator, electric range, and garbage disposal
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,024
Cap Rate
4.23%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$380,480
$380.5K
Cap Rate 7%
$271,771
$271.8K
Cap Rate 9%
$211,378
$211.4K
Market Conditions
NOI Build-Up for 1,584 SF
Gross rent
$29.1K $18.36/SF
− Vacancy
−$1.9K −$1.20/SF
EGI
$27.2K $17.16/SF
− OpEx
−$8.2K −$5.15/SF
NOI
$19.0K $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%
$380,480
Cap Rate 7%
$271,771
Cap Rate 9%
$211,378
Alternative Uses
Best Use
Multifamily LT 5
$271.8K
$237.8K – $317.1K
NOI $19,024 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$250.3K
$219.0K – $292.0K
NOI $17,519 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$420.6K
$368.0K – $490.7K
NOI $29,440 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
356
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot property across from Chemeketa Community College, with separate fenced yards and patios for both residences.
Where is this duplex located?
The property is located at 4016 45th Av NE Salem, OR.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two residences: one with 2 bedrooms and 1 bathroom; the other with 1 bedroom and 1 bathroom; 1,584 square feet in a single‑level duplex built in 1973; Each unit has a full kitchen with dishwasher, refrigerator, electric range, and garbage disposal
