12-Unit Townhome Apartment
For Sale
Contact for pricing
4955-4959 Elizabeth St N, Keizer, OR 97303
Two-story residences offer private entrances, attached garages, and washer and dryer hookups.
Property Size16,500 SF
Price / SF$169.70
Days on Market54
Property Features for 4955-4959 Elizabeth St N
General Information
Standard status
Active
Size
16,500 SF
Total Parking Spaces
36
Property subtype
Multifamily
Zoning
RM
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$167,938
Units
Unit Mix
8 x 3BR/2.5BA, 4 x 2BR/2.5BA
Multifamily Units
12
Amenities
washer and dryer hookups
Building Details
Year Built
2004
Units
12
Tenancy
Multi
Listing Agency:
SMI Real Estate
Listed By:
Matt Miller · License #201254590
Source:
Crexi
Added: Jul 9
Changed: Aug 31
Last Checked: Aug 30 at 3:11PM
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 12-unit apartment community consists of two-story townhome residences built in 2004. Each home provides 1,375 square feet of living space, a private entrance, an attached single-car garage, washer and dryer hookups, copper plumbing, and 2.5 bathrooms. The unit mix includes eight three-bedroom homes and four two-bedroom homes. Zoning is RM.
Exterior improvements completed in June 2026 include a full repaint, parking lot seal coating, and fresh striping. The property is located at 4955-4959 Elizabeth St N in Keizer, Oregon, within the Salem metro area.
Exterior improvements completed in June 2026 include a full repaint, parking lot seal coating, and fresh striping. The property is located at 4955-4959 Elizabeth St N in Keizer, Oregon, within the Salem metro area.
Key Highlights
- 12‑unit townhome apartment community built in 2004
- Unit mix includes eight 3‑bedroom and four 2‑bedroom residences
- Each residence contains 1,375 square feet of living space
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
$116,697
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
4.17%
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%
$2,333,940
$2.3M
Cap Rate 7%
$1,667,100
$1.7M
Cap Rate 9%
$1,296,633
$1.3M
Market Conditions
NOI Build-Up for 16,500 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
$225.7K $13.68/SF
− Vacancy
−$13.5K −$0.82/SF
EGI
$212.2K $12.86/SF
− OpEx
−$95.5K −$5.79/SF
NOI
$116.7K $7.07/SF
Area
Marion County, OR
Vacancy
6.00%
Lease Rate
$13.68 /SF/Yr
Expense Ratio
45.00%
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%
$2,333,940
Cap Rate 7%
$1,667,100
Cap Rate 9%
$1,296,633
Alternative Uses
Best Use
Apartment 5plus
$1.67M
$1.46M – $1.94M
NOI $116,697 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.88M
$3.40M – $4.53M
NOI $271,636 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 97303, OR
41,441
Population
15,740
Households
2.6
Avg Household Size
38
Median Age
27%
College-Educated
90%
High-School Grad
24.9 sq mi
ZIP Area
1,664
Density / Sq Mi
$81,057
Median Household Income
$45,034
Median Earnings
$1,361
Median Rent
$396,700
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?
Apartment building - Two-story residences offer private entrances, attached garages, and washer and dryer hookups.
Where is this apartment building located?
The property is located at 4955-4959 Elizabeth St N Keizer, OR.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 12‑unit townhome apartment community built in 2004; Unit mix includes eight 3‑bedroom and four 2‑bedroom residences; Each residence contains 1,375 square feet of living space
