Two-Home Manufactured
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 Market127
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
Bathroom 3, Bathroom 4, Bedroom 6, Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 4, Office
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
Laminate, Vinyl, Carpet
Roof type
Composition
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
JULIA COATES
(541) 993-1033
Added: May 11
Changed: Sep 13
Last Checked: Sep 14 at 8:06AM
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.
This duplex property consists of two manufactured homes on a 0.58-acre parcel, totaling 4,192 square feet. Each residence contains 2,096 square feet with an open layout, a two-car garage, patio, large yard, stainless steel appliances, and a composition roof identified as 5 years old. Interior finishes include carpet, vinyl, and laminate flooring, while heating is provided by forced air, central, and heat pump systems.
Built in 2004 and zoned RM, the property is located in Salem, Oregon. The two-home configuration offers separate residential spaces within one property, with room for the household or rental arrangements described in the listing. The homes include bedrooms, bathrooms, and office space across the combined layout.
Built in 2004 and zoned RM, the property is located in Salem, Oregon. The two-home configuration offers separate residential spaces within one property, with room for the household or rental arrangements described in the listing. The homes include bedrooms, bathrooms, and office space across the combined layout.
Key Highlights
- Two manufactured homes totaling 4,192 square feet
- 0.58‑acre lot in Salem, OR
- Each home offers 2,096 square feet and 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
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
492
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 manufactured residences provide separate living spaces with garages, patios, and open interior layouts.
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 manufactured homes totaling 4,192 square feet; 0.58‑acre lot in Salem, OR; Each home offers 2,096 square feet and a 2‑car garage
