Building Details

Year Built 1936

Buildings 3

Listing Agency: HomeSmart Realty Group

Listed By: Brian McVay · License #980100002 Show Phone

Source: Thesanchezteamoregon

Added: Aug 22 Changed: Oct 10 Last Checked: Oct 7 at 2:12PM

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Investment Insights

Based on property information with market context.

This triplex property includes a primary three-bedroom home with 1.5 baths, more than 2000sf of space, and two fireplaces. A walk-out basement leads to a patio with a firepit beside Mill Creek. Two identical cottages each provide one bedroom, living area, kitchen, and bath. All three units use mini-split heat pumps for heating and cooling.

The property is located at 589 Knapp Pl in Salem, Oregon. The roofs were checked in 2024 and reported in good condition. Built in 1936, the configuration combines a larger creekside residence with two compact cottages on one property.

Key Highlights

• Three‑unit configuration with a 3‑bedroom home and two identical cottages
• Primary home offers over 2000sf, 3br/1.5ba, and 2 fireplaces
• Each 528sf cottage includes 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

Is this asking price fair?

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 (±1% cap)

NOI $36,811 @ 7.0% cap · market cap 7.42%

Second Best

Apartment 5plus

$484.3K

$423.8K – $565.0K (±1% cap)

NOI $33,900 @ 7.0% cap · market cap 6.84%

Theoretical Best

Office A

$813.8K

$712.1K – $949.4K (±1% cap)

NOI $56,965 @ 7.0% cap · market cap 11.49%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Triplexes

Suggested Use

Top Pick HVAC Service (Bike/Boat/Book/etc) Store Electrical Service Plumbing Service Veterinary Clinic Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

3

Residential units

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Three-unit property includes a creekside home and two matching 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: Three‑unit configuration with a 3‑bedroom home and two identical cottages; Primary home offers over 2000sf, 3br/1.5ba, and 2 fireplaces; Each 528sf cottage includes 1 bedroom, living area, kitchen, and bath