Triplex with Two
For Sale
$495,950
589 Knapp Pl, Salem, OR 97301
Three-unit property includes a creekside home and two matching cottages.
Property Size3,065 SF
Price / SF$161.81
Days on Market10
Property Features for 589 Knapp Pl
General Information
Standard status
Active
Size
3,065 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1.5BA, 2 x 1BR/1BA
Multifamily Units
3
Amenities
fireplaces
walk-out basement
patio with firepit
creekside
mini split heat pumps
Building Details
Year Built
1936
Buildings
3
Listing Agency:
HomeSmart Realty Group
(971) 599-5865
Listed By:
Brian McVay · License #980100002
Source:
Evokepropertypartners
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 8:16PM
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 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.
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 = 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
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
Questions? Ask Rey
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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
