Updated Two-Unit
For Sale
$355,000
733-735 Piedmont Av, Salem, OR 97304
Remodeled kitchens and baths complement on-site laundry, storage, and parking.
Property Size1,152 SF
Days on Market11
Property Features for 733-735 Piedmont Av
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Duplex
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,510
Amenities
on-site laundry
storage unit
Building Details
Building Size
1,152 SF
Year Built
1937
Buildings
1
Construction
cottage-style
Listing Agency:
REAL BROKER
(503) 949-3087
Listed By:
CHRISTINE FOLZ · License #201204657
(503) 949-3087
Source:
Harcourtselite
Added: Jul 28
Changed: Aug 4
Last Checked: Aug 6 at 4:33AM
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 REAL BROKER
Investment Insights
Based on property information with market context.
This 1937 duplex contains two 1-bedroom, 1-bathroom units with extensive interior improvements. Updates include remodeled kitchens and bathrooms, new flooring, and appliances; unit 735 also received plumbing and electrical work. Each residence has dedicated storage, and the property includes on-site laundry and ample parking.
Exterior work includes fresh paint, a new main water line, and underground gutter drains. The property is located on Piedmont Avenue with access to the bus line, shopping, and the Edgewater District.
Exterior work includes fresh paint, a new main water line, and underground gutter drains. The property is located on Piedmont Avenue with access to the bus line, shopping, and the Edgewater District.
Key Highlights
- Two 1‑bedroom, 1‑bathroom units
- Remodeled kitchens and bathrooms in both units
- Unit 735 includes updated plumbing and electrical systems
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
$13,836
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
3.90%
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%
$276,720
$276.7K
Cap Rate 7%
$197,657
$197.7K
Cap Rate 9%
$153,733
$153.7K
Market Conditions
NOI Build-Up for 1,152 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
$21.2K $18.36/SF
− Vacancy
−$1.4K −$1.20/SF
EGI
$19.8K $17.16/SF
− OpEx
−$5.9K −$5.15/SF
NOI
$13.8K $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%
$276,720
Cap Rate 7%
$197,657
Cap Rate 9%
$153,733
Alternative Uses
Best Use
Multifamily LT 5
$197.7K
$173.0K – $230.6K
NOI $13,836 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$182.0K
$159.3K – $212.4K
NOI $12,741 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$305.9K
$267.6K – $356.9K
NOI $21,411 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
380
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
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?
Duplex - Remodeled kitchens and baths complement on-site laundry, storage, and parking.
Where is this duplex located?
The property is located at 733-735 Piedmont Av Salem, OR.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Two 1‑bedroom, 1‑bathroom units; Remodeled kitchens and bathrooms in both units; Unit 735 includes updated plumbing and electrical systems
