Duplex Along Mill
For Sale
$375,900
802 NE COTTAGE St, Salem, OR 97301
MultiFamily, Salem, OR
Property Size1,230 SF
Lot Size0.37 Acres
Price / SF$305.61
Days on Market48
Property Features for 802 NE COTTAGE St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM2
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Elementary school
Grant
Middle school
Parrish
High school
North Salem
Directions
Between D and Union
Subdivision
_174
Standard status
Active
APN
566857
Size
1,230 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Description
BOISES SECOND ADD SALEM FR LOTS 8 & 9 BLK 9
Tax Annual Amount
3697
Legal Description
BOISES SECOND ADD SALEM FR LOTS 8 & 9 BLK 9
Utilities
Heating system
Forced Air
Water front features
Creek
Water front
1
Building Details
Year built
1925
Floors in Building
1
Number of units
2
Roof type
Composition
Listing Agency:
BST Realty LLC
(971) 900-4050
Listed By:
Jackie Zurbrugg
(503) 932-5833
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 26 at 8:06AM
MLS# 255125545
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 duplex property comprises two cottage-style residences totaling 1,230 square feet. Each home includes a full basement, providing additional storage or flexible use space. The improvements date to 1925 and feature forced-air heating and composition roofing.
The 0.37-acre property is located along Mill Creek in Salem, Oregon, with creek waterfront characteristics. RM2 zoning applies to the site. The room configuration includes two bedrooms and two bathrooms overall.
The 0.37-acre property is located along Mill Creek in Salem, Oregon, with creek waterfront characteristics. RM2 zoning applies to the site. The room configuration includes two bedrooms and two bathrooms overall.
Key Highlights
- Two cottage‑style residences totaling 1,230 square feet
- Each residence includes a full basement
- 0.37‑acre site along Mill Creek
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
$14,773
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
3.93%
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%
$295,460
$295.5K
Cap Rate 7%
$211,043
$211.0K
Cap Rate 9%
$164,144
$164.1K
Market Conditions
NOI Build-Up for 1,230 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
$22.6K $18.36/SF
− Vacancy
−$1.5K −$1.20/SF
EGI
$21.1K $17.16/SF
− OpEx
−$6.3K −$5.15/SF
NOI
$14.8K $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%
$295,460
Cap Rate 7%
$211,043
Cap Rate 9%
$164,144
Alternative Uses
Best Use
Multifamily LT 5
$211.0K
$184.7K – $246.2K
NOI $14,773 @ 7.0% cap · market cap 3.93%
Second Best
Apartment 5plus
$194.3K
$170.1K – $226.7K
NOI $13,604 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$326.6K
$285.8K – $381.0K
NOI $22,860 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,087
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?
Duplex - Two cottage-style residences offer separate living spaces with basement storage and a creek setting.
Where is this duplex located?
The property is located at 802 NE COTTAGE St Salem, OR.
What is the asking price?
The asking price for this property is $375,900.
What are key features of this property?
This property features: Two cottage‑style residences totaling 1,230 square feet; Each residence includes a full basement; 0.37‑acre site along Mill Creek
