Duplex Manufactured Homes with
For Sale
$625,000
4455 Blueberry -4445 Ln NE, Salem, OR 97305
MULTI_FAMILY - Salem, OR
Property Size4,192 SF
Lot Size0.58 Acres
Price / SF$149.09
Days on Market94
Property Features for 4455 Blueberry -4445 Ln NE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RM
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 4, Bedroom 2, Office, Bedroom 6, Bathroom 4, Bedroom 1, Bedroom 3, Bathroom 3
Patio and Porch features
Patio
Subdivision
PP 1999-099
Lot features
Dimension Above, Lot: 3
View
Territorial
Elementary school
Lamb
Middle school
Adam Stephens
High school
McKay
Directions
East on Silverton Rd NE , Left onto 45th Ave NE, Left onto Blueberry LN
Standard status
Active
APN
072W07DC00402
Size
4,192 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5772
Utilities
Heating system
Heat Pump (Heating), Forced Air, Central
Amenities
stainless steel appliances
large yard
Building Details
Year built
2004
Number of units
2
Flooring type
Carpet, Laminate, Vinyl
Roof type
Composition
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
JULIA COATES
(541) 993-1033
Added: May 11
Changed: Aug 3
Last Checked: Aug 12 at 2:06PM
MLS# 840902
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.
Duplexes opportunity featuring two well-maintained manufactured homes on a 0.58-acre lot at 4455 Blueberry Ln NE in Salem, OR 97305. Each home offers an open layout, approximately 2,096 square feet, a 2-car garage, and a large yard with room to expand. The roofs are described as about 5 years old, with a composition roof on each home.
Interiors include stainless steel appliances and a mix of vinyl, carpet, and laminate flooring. Heating is listed as forced air with central heat pump (heating). Outdoor living includes a patio. Flooring and heating specifics are consistent across the residences, supporting an owner-occupant setup (live in one and rent the other) or extended-family use.
Rooms include multiple bedrooms, bathrooms, and an office. Zoning is listed as RM.
Interiors include stainless steel appliances and a mix of vinyl, carpet, and laminate flooring. Heating is listed as forced air with central heat pump (heating). Outdoor living includes a patio. Flooring and heating specifics are consistent across the residences, supporting an owner-occupant setup (live in one and rent the other) or extended-family use.
Rooms include multiple bedrooms, bathrooms, and an office. Zoning is listed as RM.
Key Highlights
- Two well‑maintained manufactured homes on a 0.58‑acre lot
- Open layouts in each home with approximately 2,096 SF per side
- Each home includes a 2‑car garage
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
$50,347
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
8.06%
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%
$1,006,940
$1.0M
Cap Rate 7%
$719,243
$719.2K
Cap Rate 9%
$559,411
$559.4K
Market Conditions
NOI Build-Up for 4,192 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
$77.0K $18.36/SF
− Vacancy
−$5.0K −$1.20/SF
EGI
$71.9K $17.16/SF
− OpEx
−$21.6K −$5.15/SF
NOI
$50.3K $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%
$1,006,940
Cap Rate 7%
$719,243
Cap Rate 9%
$559,411
Alternative Uses
Best Use
Multifamily LT 5
$719.2K
$629.3K – $839.1K
NOI $50,347 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$662.4K
$579.6K – $772.8K
NOI $46,365 @ 7.0% cap · market cap 7.42%
Theoretical Best
Office A
$1.11M
$973.9K – $1.30M
NOI $77,911 @ 7.0% cap · market cap 12.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
29
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Duplex-style property on RM-zoned land with patios, central heat pumps, and two well-maintained manufactured homes.
Where is this duplex located?
The property is located at 4455 Blueberry -4445 Ln NE Salem, OR.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two well‑maintained manufactured homes on a 0.58‑acre lot; Open layouts in each home with approximately 2,096 SF per side; Each home includes a 2‑car garage
