Well-Kept Duplex in SE
For Sale
$485,000
4541-4551 Chippewa Ct SE, Salem, OR 97317
Duplex in SE Salem ideal for owner-occupants or investors.
Property Size2,130 SF
Price / SF$227.70
Days on Market194
Property Features for 4541-4551 Chippewa Ct SE
General Information
Standard status
Active
Size
2,130 SF
Property subtype
Multi-Family
Building Details
Year Built
1975
Listing Agency:
Smi Real Estate
Listed By:
JORDAN SPARKS 541-646-0650 · License #200610098
(541) 646-0650
Source:
Searchsalemhomelistings
Added: Mar 27
Changed: Oct 1
Last Checked: Oct 5 at 7:09PM
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 Smi Real Estate
Investment Insights
Based on property information with market context.
This well-kept duplex in SE Salem is suitable for both owner-occupants and investors. Each of the two units features a 3-bed, 1-bath layout with 1,065 square feet of living space, as well as a one-car garage and washer/dryer hookups. Recent updates include a newer roof, exterior paint, and fencing. One of the units was renovated in 2025 with LVP flooring, carpet, countertops, appliances, and updated plumbing and electrical fixtures. The second unit has long-term tenants. The owner currently covers water, sewer, and garbage expenses. The property can be purchased individually or as a package with the neighboring duplex. The seller is a Licensed Real Estate Broker in the State of Oregon. Showings are available with an accepted offer to purchase. The total property size is 2,130 square feet.
Key Highlights
- Rare 3 bed, 1 bath floor plan in each unit (1,065 SF).
- One unit renovated in 2025 with LVP flooring, carpet, countertops, appliances, plus updated plumbing and electrical fixtures.
- Newer roof, exterior paint, and fencing.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,582
Cap Rate
5.27%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$511,640
$511.6K
Cap Rate 7%
$365,457
$365.5K
Cap Rate 9%
$284,244
$284.2K
Market Conditions
NOI Build-Up for 2,130 SF
Gross rent
$39.1K $18.36/SF
− Vacancy
−$2.6K −$1.20/SF
EGI
$36.5K $17.16/SF
− OpEx
−$11.0K −$5.15/SF
NOI
$25.6K $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 Rate 5%
$511,640
Cap Rate 7%
$365,457
Cap Rate 9%
$284,244
Alternative Uses
Best Use
Multifamily LT 5
$365.5K
$319.8K – $426.4K
NOI $25,582 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$336.5K
$294.5K – $392.6K
NOI $23,558 @ 7.0% cap · market cap 4.86%
Theoretical Best
Office A
$565.5K
$494.8K – $659.8K
NOI $39,587 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
176
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
Check the figures for this property
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 - Duplex in SE Salem ideal for owner-occupants or investors.
Where is this duplex located?
The property is located at 4541-4551 Chippewa Ct SE Salem, OR.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Rare 3 bed, 1 bath floor plan in each unit (1,065 SF).; One unit renovated in 2025 with LVP flooring, carpet, countertops, appliances, plus updated plumbing and electrical fixtures.; Newer roof, exterior paint, and fencing.
