Triplex With Two
589 Knapp Pl NE, Salem, OR 97301
For Sale
$495,950
Multi Family, Salem, OR
Property Size3,065 SF
Lot Size0.11 Acres
Price / SF$161.81
Days on Market103
Property Features for 589 Knapp Pl NE
General Information
Property type
Property subtype
Zoning
Bedrooms
Bathrooms
Full bathrooms
Half bathrooms
Rooms
Patio and Porch features
Fireplace
Subdivision
Lot features
View
Elementary school
Middle school
High school
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Heating system
Water front
Amenities
2 fireplaces
patio with firepit
walk-out basement
Building Details
Year built
Number of units
Flooring type
Roof type
Listing Agency:
HOMESMART REALTY GROUP - KEIZER
Listed By:
BRIAN MCVAY · License OR #980100002
(503) 510-6827
Added: Aug 3
Changed: Oct 27
Last Checked: Nov 13 at 11:06PM
MLS# 844159
Copyright © 2026 Willamette Valley Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This triplex comprises a primary residence and two detached cottages, offering 3,065 square feet across the property. The main home exceeds 2,000 square feet and includes three bedrooms, 1.5 bathrooms, two fireplaces, a basement, and a creekside patio with a firepit. Each cottage measures 528 square feet and provides one bedroom, a living area, kitchen, and bathroom. All three residences use ductless mini-split heat pumps for heating and cooling.
The property sits on 0.11 acres at 589 Knapp Pl NE in Salem, Oregon, along Mill Creek. Built in 1936, the improvements have composition roofs that were checked in 2024. RS zoning applies to the site.
The property sits on 0.11 acres at 589 Knapp Pl NE in Salem, Oregon, along Mill Creek. Built in 1936, the improvements have composition roofs that were checked in 2024. RS zoning applies to the site.
Key Highlights
- 3,065 SF triplex property with three separate residences
- Primary home exceeds 2,000 SF with 3 bedrooms and 1.5 bathrooms
- Two matching 528 SF cottages, each with 1 bedroom, living area, kitchen, and bath
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,811
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$736,220
$736.2K
Cap Rate 7%
$525,871
$525.9K
Cap Rate 9%
$409,011
$409.0K
Market Conditions
NOI Build-Up for 3,065 SF
Gross rent
$56.3K $18.36/SF
− Vacancy
−$3.7K −$1.20/SF
EGI
$52.6K $17.16/SF
− OpEx
−$15.8K −$5.15/SF
NOI
$36.8K $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%
$736,220
Cap Rate 7%
$525,871
Cap Rate 9%
$409,011
Alternative Uses
Best Use
Multifamily LT 5
$525.9K
$460.1K – $613.5K
NOI $36,811 @ 7.0% cap · market cap 7.42%
Second Best
Apartment 5plus
$484.3K
$423.8K – $565.0K
NOI $33,900 @ 7.0% cap · market cap 6.84%
Theoretical Best
Office A
$813.8K
$712.1K – $949.4K
NOI $56,965 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,449
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences include a larger primary home and two matching one-bedroom cottages.
Where is this triplex located?
The property is located at 589 Knapp Pl NE Salem, OR.
What is the asking price?
The asking price for this property is $495,950.
What are key features of this property?
This property features: 3,065 SF triplex property with three separate residences; Primary home exceeds 2,000 SF with 3 bedrooms and 1.5 bathrooms; Two matching 528 SF cottages, each with 1 bedroom, living area, kitchen, and bath
