Triplex With Creekside
For Sale
$495,950
589 Knapp Pl, Salem, OR 97301
Three residences include a primary home and two one-bedroom cottages.
Property Size3,065 SF
Days on Market19
Property Features for 589 Knapp Pl
General Information
Standard status
Active
Size
3,065 SF
Total Parking Spaces
4
Property subtype
Multi Family Home
Zoning
RM
Taxes and HOA fees
Annual Taxes
$3,898
Building Details
Building Size
3,065 SF
Year Built
1936
Units
3
Listing Agency:
HomeSmart Realty Group
(503) 510-6827
Listed By:
Brian McVay · License #980100002
(503) 510-6827
Source:
Metanars
Added: Aug 3
Changed: Aug 21
Last Checked: Aug 21 at 5:58AM
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 HomeSmart Realty Group
Investment Insights
Based on property information with market context.
This triplex property includes a primary residence of more than 2,000 SF with three bedrooms, one and a half baths, two fireplaces, and a walk-out basement. The basement opens to a patio with a firepit beside Mill Creek. Two matching cottages add 528 SF each, with one bedroom and separate living, kitchen, and bathroom areas.
All three residences use mini-split heat pumps for heating and cooling. The roofs were inspected in 2024 and were reported in good condition. Built in 1936, the property is zoned RM and includes a three-bedroom main home alongside two compact cottage dwellings.
All three residences use mini-split heat pumps for heating and cooling. The roofs were inspected in 2024 and were reported in good condition. Built in 1936, the property is zoned RM and includes a three-bedroom main home alongside two compact cottage dwellings.
Key Highlights
- Triplex configuration with one primary residence and two cottages
- Primary home measures over 2000sf with 3br/1.5ba and 2 fireplaces
- Two identical cottages, each measuring 528sf with 1 bedroom
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
$36,811
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
7.42%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,449
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?
Triplex - Three residences include a primary home and two one-bedroom cottages.
Where is this triplex located?
The property is located at 589 Knapp Pl 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: Triplex configuration with one primary residence and two cottages; Primary home measures over 2000sf with 3br/1.5ba and 2 fireplaces; Two identical cottages, each measuring 528sf with 1 bedroom
