Duplex With Attached
New
For Sale
$450,000
4016 45TH Ave NE, Salem, OR 97305
MultiFamily, Salem, OR
Property Size1,584 SF
Lot Size0.21 Acres
Price / SF$284.09
Days on Market3
Property Features for 4016 45TH Ave NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RS
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 3
Elementary school
Yoshikai
Middle school
Stephens
High school
McKay
Directions
From Silverton Rd go N to corner of 45th Ave NE & Herrin Rd NE
Subdivision
_170
Standard status
Active
APN
558537
Size
1,584 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
RAINTREE SUBDIVISION, LOT 4, ACRES 0.207
Tax Annual Amount
3101
Legal Description
RAINTREE SUBDIVISION, LOT 4, ACRES 0.207
Utilities
Heating system
Forced Air
Building Details
Year built
1973
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
Real Broker
(855) 450-0442
Listed By:
Joey McNamara
(360) 773-0000
Added: Oct 8
Changed: Oct 9
Last Checked: Oct 10 at 4:06AM
MLS# 142002152
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.
Built in 1973, this single-level duplex contains 1,584 square feet across two units: one with 2 bedrooms and 1 bathroom, and another with 1 bedroom and 1 bathroom. Each residence has a full kitchen with a dishwasher, refrigerator, electric range, and garbage disposal, plus washer and dryer hookups. Sliding doors open to private patios and fenced backyards, and each unit has an attached single-car garage. Interior finishes include vinyl flooring in kitchen and eating areas and carpet in living rooms and bedrooms. The building has forced-air heating and a composition roof, with recent exterior paint.
The property occupies a 0.21-acre corner lot across from Chemeketa Community College. Schools, shopping, and access to I-5 are also noted in the surrounding area. Zoning is RS.
The property occupies a 0.21-acre corner lot across from Chemeketa Community College. Schools, shopping, and access to I-5 are also noted in the surrounding area. Zoning is RS.
Key Highlights
- Two units: one with 2 bedrooms and 1 bathroom, the other with 1 bedroom and 1 bathroom
- 1,584 square feet on a 0.21‑acre corner lot
- Each unit has an attached single‑car garage, private patio, and fenced backyard
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.
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
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two distinct floor plans pair private outdoor areas with attached garage parking.
Where is this duplex located?
The property is located at 4016 45TH Ave 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 units: one with 2 bedrooms and 1 bathroom, the other with 1 bedroom and 1 bathroom; 1,584 square feet on a 0.21‑acre corner lot; Each unit has an attached single‑car garage, private patio, and fenced backyard
