Two-Home Manufactured
For Sale
$625,000
4455 Blueberry Ln NE, Salem, OR 97305
Two manufactured residences provide open interiors, private garages, stainless steel appliances, and substantial yard area.
Property Size4,192 SF
Lot Size0.58 Acres
Price / SF$149.09
Days on Market42
Property Features for 4455 Blueberry Ln NE
General Information
Standard status
Active
Size
4,192 SF
Lot size
0.58 Acres
Property subtype
Multi-Family
Units
Multifamily Units
2
Parking per Unit
2
Amenities
stainless steel appliances
large yard
Building Details
Year Built
2004
Buildings
2
Construction
manufactured
Listing Agency:
EXP REALTY, LLC
(888) 814-9613
Listed By:
JULIA COATES
Source:
Wisser
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:17PM
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 EXP REALTY, LLC
Investment Insights
Based on property information with market context.
This duplex property includes two manufactured homes constructed in 2004, each offering 2,096 square feet with an open interior arrangement, a 2-car garage, stainless steel appliances, and a large yard. The homes are positioned on a 0.58-acre lot, with a combined property size of 4,192 square feet. Both roofs are 5 years old.
Located at 4455 Blueberry Ln NE in Salem, Oregon, the property offers two residential structures within a single duplex asset. Its configuration supports ownership of multiple homes on one parcel, while the garage, appliance package, and maintained condition provide practical features for residential occupancy or leasing.
Located at 4455 Blueberry Ln NE in Salem, Oregon, the property offers two residential structures within a single duplex asset. Its configuration supports ownership of multiple homes on one parcel, while the garage, appliance package, and maintained condition provide practical features for residential occupancy or leasing.
Key Highlights
- Two manufactured homes on a 0.58‑acre lot
- Each home measures 2,096 sq ft
- Each residence 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
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
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 - Two manufactured residences provide open interiors, private garages, stainless steel appliances, and substantial yard area.
Where is this duplex located?
The property is located at 4455 Blueberry 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 on a 0.58‑acre lot; Each home measures 2,096 sq ft; Each residence includes a 2‑car garage
