Triplex with Creekside
For Sale
$495,950
589 KNAPP Pl, Salem, OR 97301
MultiFamily, Salem, OR
Property Size3,065 SF
Lot Size0.11 Acres
Price / SF$161.81
Days on Market64
Property Features for 589 KNAPP Pl
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM
Bedrooms
5
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 3, Bathroom 5, Bedroom 4, Bathroom 2, Bathroom 7, Bedroom 5, Bathroom 8, Bedroom 1, Bedroom 2, Bathroom 4, Bathroom 6, Bedroom 3, Bathroom 1
Subdivision
Knapps Add
View
Territorial
Elementary school
Grant
Middle school
Parrish
High school
North Salem
Directions
High St.
Standard status
Active
APN
580120
Size
3,065 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Description
KNAPPS SUB-DIV SALEM LOT 14 ALSO FR ADJ
Tax Annual Amount
3899
Legal Description
KNAPPS SUB-DIV SALEM LOT 14 ALSO FR ADJ
Utilities
Heating system
Ductless (Heating), Zoned
Cooling system
Heat Pump
Water front features
Creek
Water front
1
Amenities
2 fireplaces
walk out basement
patio with firepit
mini split heat pumps
Building Details
Year built
1936
Number of units
3
Roof type
Composition, Shingle
Listing Agency:
HomeSmart Realty Group · HomeSmart International
(971) 599-5865
Listed By:
Brian McVay · License #980100002
(503) 510-6827
Added: Aug 3
Changed: Sep 28
Last Checked: Oct 5 at 3:06AM
MLS# 138316591
Copyright © 2026 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex comprises a primary residence and two detached cottages on a 0.11-acre property. The main home offers more than 2,000 square feet, three bedrooms, one-and-a-half bathrooms, two fireplaces, and a walk-out basement leading to a creekside patio with a firepit. Each cottage measures 528 square feet and includes one bedroom, living space, a kitchen, and a bathroom.
The property is located at 589 KNAPP Pl in Salem, Oregon, with Mill Creek along the site. All three residences are equipped with ductless mini-split heat pumps for heating and cooling. Composition and shingle roofing were checked in 2024. The property was built in 1936 and is zoned RM.
The property is located at 589 KNAPP Pl in Salem, Oregon, with Mill Creek along the site. All three residences are equipped with ductless mini-split heat pumps for heating and cooling. Composition and shingle roofing were checked in 2024. The property was built in 1936 and is zoned RM.
Key Highlights
- Triplex configuration with one larger home and two detached cottages
- Main residence offers more than 2,000 square feet, 3 bedrooms, and 1.5 bathrooms
- Two matching 528‑square‑foot cottages, each with 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
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,211
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences combine a larger primary home with two matching cottage units and shared creek frontage.
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 larger home and two detached cottages; Main residence offers more than 2,000 square feet, 3 bedrooms, and 1.5 bathrooms; Two matching 528‑square‑foot cottages, each with 1 bedroom, living area, kitchen, and bath
