Updated Duplex with
For Sale
$485,000
4541 Chippewa Ct, Salem, OR 97317
Two residential units offer matching layouts, private garage parking, and recent improvements to the property and one residence.
Property Size2,130 SF
Price / SF$227.70
Days on Market231
Property Features for 4541 Chippewa Ct
General Information
Standard status
Active
Size
2,130 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Site & Location
Neighborhood
Southeast Mill Creek Association (Semca)
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Parking per Unit
1
Amenities
washer/dryer hookups
fencing
Building Details
Year Built
1975
Buildings
1
Listing Agency:
SMI Commercial Real Estate LLC
Listed By:
Jordan Sparks · License #200610098
(541) 646-0650
Source:
Rosecityrealtygroup
Added: Mar 17
Changed: Oct 25
Last Checked: Oct 7 at 5:43PM
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 Commercial Real Estate LLC
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Investment Insights
Based on property information with market context.
This 1975 duplex contains two 1,065-square-foot residences, each arranged with three bedrooms, one bathroom, a one-car garage, and washer/dryer hookups. The building has wood siding, a composition shingle roof, exterior paint, and fencing. One unit received a 2025 renovation that included LVP flooring, carpet, countertops, appliances, and updated plumbing and electrical fixtures. The second unit is occupied by long-term tenants.
The property is located on Chippewa Court Southeast in Salem, Oregon, and is zoned RS. The owner currently pays water, sewer, and garbage expenses. The duplex is offered individually or as part of a package with the neighboring duplex at 4561-4571 Chippewa Ct SE.
The property is located on Chippewa Court Southeast in Salem, Oregon, and is zoned RS. The owner currently pays water, sewer, and garbage expenses. The duplex is offered individually or as part of a package with the neighboring duplex at 4561-4571 Chippewa Ct SE.
Key Highlights
- Two 1,065 SF units with a combined 2,130 SF
- Each residence includes 3 bedrooms, 1 bathroom, a 1‑car garage, and washer/dryer hookups
- One unit renovated in 2025 with flooring, countertops, appliances, plumbing, and electrical updates
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.
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Who owns this building?
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
176
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer matching layouts, private garage parking, and recent improvements to the property and one residence.
Where is this duplex located?
The property is located at 4541 Chippewa Ct 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: Two 1,065 SF units with a combined 2,130 SF; Each residence includes 3 bedrooms, 1 bathroom, a 1‑car garage, and washer/dryer hookups; One unit renovated in 2025 with flooring, countertops, appliances, plumbing, and electrical updates
