Renovated Duplex With
For Sale
$540,000
494 17th St, Salem, OR 97301
Two fully rented residences combine updated interiors with separate living spaces and a detached accessory dwelling unit.
Property Size2,167 SF
Price / SF$249.19
Days on Market103
Property Features for 494 17th St
General Information
Standard status
Active
Size
2,167 SF
Property subtype
Duplex
Occupancy
100%
Building Details
Building Size
2,167 SF
Year Built
1911
Buildings
2
Tenancy
Multi
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES R E PROF
(503) 510-9036
Listed By:
KIMBERLY LEIGHTY · License #201234091
(503) 510-9036
Source:
Harcourtselite
Added: Apr 22
Changed: Jul 31
Last Checked: Aug 2 at 11:52AM
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 BERKSHIRE HATHAWAY HOMESERVICES R E PROF
Investment Insights
Based on property information with market context.
This renovated duplex property includes a 1,432-square-foot main residence with 3 bedrooms and 2 bathrooms, plus a detached 735-square-foot ADU with open-concept living, 2 bedrooms, and 1 bathroom. The 1911 home and ADU were taken down to the studs and rebuilt with new interiors and finishes.
Both residences are fully rented with tenants, providing two separate living spaces on one property. The detached ADU expands the property’s residential configuration and includes its own open-concept layout.
Both residences are fully rented with tenants, providing two separate living spaces on one property. The detached ADU expands the property’s residential configuration and includes its own open-concept layout.
Key Highlights
- 1,432‑square‑foot main residence with 3 bedrooms and 2 bathrooms
- Detached 735‑square‑foot ADU with 2 bedrooms and 1 bathroom
- Both units are fully rented with tenants
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.8k | $18.36 |
| − Vacancy | −$2.6k | −$1.20 |
| EGI | $37.2k | $17.16 |
| − OpEx | −$11.2k | −$5.15 |
| NOI | $26.0k | $12.01 |
2,167 SF · lease $18.36/SF/yr · vacancy 6.55% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$371.8K
$325.3K – $433.8K
NOI $26,026 @ 7.0% cap · market cap 4.82%
Second Best
Apartment 5plus
$342.4K
$299.6K – $399.5K
NOI $23,968 @ 7.0% cap · market cap 4.44%
Theoretical Best
Office A
$575.4K
$503.4K – $671.3K
NOI $40,275 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,774
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
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 fully rented residences combine updated interiors with separate living spaces and a detached accessory dwelling unit.
Where is this duplex located?
The property is located at 494 17th St Salem, OR.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: 1,432‑square‑foot main residence with 3 bedrooms and 2 bathrooms; Detached 735‑square‑foot ADU with 2 bedrooms and 1 bathroom; Both units are fully rented with tenants
