Four-Plex Income
664 Thompson Avenue Northeast Salem, OR 97301
For Sale
$600,000
Well-maintained four-plex with four 2-bedroom, 1-bath units, off-street parking, fenced front yard area, and shared coin laundry.
Property Size3,744 SF
Price / SF$160.26
Days on Market273
Property Features for 664 Thompson Avenue Northeast
General Information
- Standard status
- Active
- Size
- 3,744 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1966
Listing Agency:
eXp Realty, LLC
(503) 389-0821
Listed By:
Nick Shivers · License #200209063
(503) 389-0821
Source:
Compass
Added: Oct 24, 2025
Changed: Jul 22
Last Checked: Jul 23 at 9:20AM
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 eXp Realty, LLC
Investment Insights
Based on property information with market context.
This well-maintained four-plex offers four separate 2-bedroom, 1-bath units. Each unit includes a living room, dining area, and a well-equipped kitchen with appliances and ample cupboard space, along with tub/shower combinations in the bathrooms. Off-street parking is available, and the property includes a fenced front yard area and a shared coin-operated community laundry room.
Three units are currently tenant-occupied, and the fourth is owner-occupied, providing immediate rental income in place.
The layout is designed for straightforward, repeatable unit living within a compact multi-family building, with shared laundry amenities and outdoor common space defined by the fenced front yard area.
Three units are currently tenant-occupied, and the fourth is owner-occupied, providing immediate rental income in place.
The layout is designed for straightforward, repeatable unit living within a compact multi-family building, with shared laundry amenities and outdoor common space defined by the fenced front yard area.
Key Highlights
- Well‑maintained 4‑plex built in 1966 with 4 units total across 2 stories
- All units are 2‑bedroom, 1‑bath layouts
- Three units are currently tenant‑occupied and one unit is owner‑occupied for immediate income potential
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $68.7k | $18.36 |
| − Vacancy | −$4.5k | −$1.20 |
| EGI | $64.2k | $17.16 |
| − OpEx | −$19.3k | −$5.15 |
| NOI | $45.0k | $12.01 |
3,744 SF · lease $18.36/SF/yr · vacancy 6.55% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$642.4K
$562.1K – $749.4K
NOI $44,966 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$591.6K
$517.6K – $690.2K
NOI $41,410 @ 7.0% cap · market cap 6.90%
Theoretical Best
Office A
$994.1K
$869.8K – $1.16M
NOI $69,584 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
FAQs
What type of property is this?
Quadplex - Well-maintained four-plex with four 2-bedroom, 1-bath units, off-street parking, fenced front yard area, and shared coin laundry.
Where is this quadplex located?
The property is located at 664 Thompson Avenue Northeast Salem, OR.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Well‑maintained 4‑plex built in 1966 with 4 units total across 2 stories; All units are 2‑bedroom, 1‑bath layouts; Three units are currently tenant‑occupied and one unit is owner‑occupied for immediate income potential
