Southeast Salem Duplex
For Sale
Contact for pricing
4133 & 4135 Campbell Dr SE, Salem, OR 97317
Two well-maintained duplexes totaling four units in Southeast Salem.
Property Size3,744 SF
Price / SF$213.41
Days on Market181
Property Features for 4133 & 4135 Campbell Dr SE
General Information
Standard status
Active
Size
3,744 SF
Property subtype
Multifamily
Zoning
RM2
Net Operating Income
$20,358
Building Details
Year Built
1972
Year Renovated
2021
Buildings
2
Units
4
Listing Agency:
First Commercial Real Estate Services
Listed By:
Benje Orozco · License #200107024
Source:
Crexi
Added: Feb 21
Changed: Aug 8
Last Checked: Aug 21 at 6:38AM
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 First Commercial Real Estate Services
Investment Insights
Based on property information with market context.
This is a well-maintained portfolio consisting of two adjacent duplex properties built in 1972, totaling four residential units in Southeast Salem. Offered together as a portfolio investment, the properties feature a unit mix of two 2BR/1BA units and two 3BR/1BA units. The property size is 3744 square feet. Both properties underwent comprehensive improvements in 2021, including exterior painting, plumbing upgrades (PEX re-piping), new flooring, HVAC replacements, and crawl space vapor barrier installation. The unit mix offers rent diversification and broad appeal across multiple tenant demographics.
Key Highlights
- Portfolio investment: Two adjacent duplexes totaling four units.
- Recent comprehensive renovations in 2021: exterior painting, plumbing (PEX), flooring, HVAC, vapor barrier.
- Favorable unit mix: Two 2BR/1BA and two 3BR/1BA units.
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
$44,966
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
5.63%
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%
$899,320
$899.3K
Cap Rate 7%
$642,371
$642.4K
Cap Rate 9%
$499,622
$499.6K
Market Conditions
NOI Build-Up for 3,744 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
$68.7K $18.36/SF
− Vacancy
−$4.5K −$1.20/SF
EGI
$64.2K $17.16/SF
− OpEx
−$19.3K −$5.15/SF
NOI
$45.0K $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 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%
$899,320
Cap Rate 7%
$642,371
Cap Rate 9%
$499,622
Alternative Uses
Best Use
Multifamily LT 5
$642.4K
$562.1K – $749.4K
NOI $44,966 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$591.6K
$517.6K – $690.2K
NOI $41,410 @ 7.0% cap · market cap 5.18%
Theoretical Best
Office A
$994.1K
$869.8K – $1.16M
NOI $69,584 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Explore this area
Business Placement
Demographics for 97317, OR
25,852
Population
9,024
Households
2.9
Avg Household Size
38
Median Age
22%
College-Educated
86%
High-School Grad
55.2 sq mi
ZIP Area
468
Density / Sq Mi
$81,208
Median Household Income
$39,794
Median Earnings
$1,370
Median Rent
$382,500
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?
Quadplex - Two well-maintained duplexes totaling four units in Southeast Salem.
Where is this quadplex located?
The property is located at 4133 & 4135 Campbell Dr SE Salem, OR.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Portfolio investment: Two adjacent duplexes totaling four units.; Recent comprehensive renovations in 2021: exterior painting, plumbing (PEX), flooring, HVAC, vapor barrier.; Favorable unit mix: Two 2BR/1BA and two 3BR/1BA units.
