Well-Kept Duplex in SE
For Sale
Contact for pricing
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 Market168
Property Features for 4541-4551 Chippewa Ct SE
General Information
Standard status
Active
Size
2,130 SF
Property subtype
Multifamily
Zoning
RS
Building Details
Year Built
1975
Buildings
1
Stories
1
Units
2
Listing Agency:
SMI Real Estate
(541) 646-0650
Listed By:
JORDAN SPARKS · License #200610098
Source:
Crexi
Added: Mar 6
Changed: Aug 12
Last Checked: Aug 21 at 10:40AM
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 = 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
$25,582
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
5.27%
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%
$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
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
$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 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%
$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
Property Profile
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
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 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.
