47-Unit Garden-Style Apartment
For Sale
Under Contract
$10,000,000
4169 Campus Lp NE, Salem, OR 97305
Multi Family, Salem, OR
Property Size43,626 SF
Lot Size2.98 Acres
Price / SF$229.22
Days on Market361
Property Features for 4169 Campus Lp NE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Elementary school
Yoshikai
Middle school
Adam Stephens
High school
McKay
Standard status
Active Under Contract
APN
522311
Size
43,626 SF
Lot size
2.98 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
52368
Building Details
Year built
1981
Number of units
2
Listing Agency:
HOMESMART REALTY GROUP · HomeSmart International
(971) 599-5865
Listed By:
ZACHARY ZEEK
(503) 551-8836
Added: Oct 10, 2025
Changed: Sep 29
Last Checked: Oct 5 at 8:06AM
MLS# 834441
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 47-unit apartment property occupies 2.98 acres and includes 43,626 square feet of building area. Constructed in 1981, the community is arranged in a garden-style design with on-site parking. RM zoning supports its multifamily classification.
The property is located at 4169 Campus Lp NE in Salem, Oregon, within Marion County and the 97305 ZIP code. Its unit count, site area, and established construction date provide a clear profile for evaluation as an apartment asset.
The property is located at 4169 Campus Lp NE in Salem, Oregon, within Marion County and the 97305 ZIP code. Its unit count, site area, and established construction date provide a clear profile for evaluation as an apartment asset.
Key Highlights
- 47‑unit apartment property
- 2.98‑acre site with 43,626 square feet of building area
- Garden‑style multifamily design
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
$482,516
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
4.83%
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%
$9,650,320
$9.7M
Cap Rate 7%
$6,893,086
$6.9M
Cap Rate 9%
$5,361,289
$5.4M
Market Conditions
NOI Build-Up for 43,626 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
$942.3K $21.60/SF
− Vacancy
−$65.0K −$1.49/SF
EGI
$877.3K $20.11/SF
− OpEx
−$394.8K −$9.05/SF
NOI
$482.5K $11.06/SF
Area
Salem, OR
Vacancy
6.90%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$9,650,320
Cap Rate 7%
$6,893,086
Cap Rate 9%
$5,361,289
Alternative Uses
Best Use
Apartment 5plus
$6.89M
$6.03M – $8.04M
NOI $482,516 @ 7.0% cap · market cap 4.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.58M
$10.14M – $13.51M
NOI $810,815 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
47
Residential units
Location Intelligence
Trade Area within ½ mile
329
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Garden-style apartment community with on-site parking and RM zoning.
Where is this apartment building located?
The property is located at 4169 Campus Lp NE Salem, OR.
What is the asking price?
The asking price for this property is $10,000,000.
What are key features of this property?
This property features: 47‑unit apartment property; 2.98‑acre site with 43,626 square feet of building area; Garden‑style multifamily design
