Two-Home Multifamily
For Sale
$549,000
995-985 Garnet Street Northeast, Salem, OR 97301
Two remodeled residences share a fenced city lot with separate backyards, patios, parking, and storage.
Property Size1,839 SF
Price / SF$298.53
Days on Market280
Property Features for 995-985 Garnet Street Northeast
General Information
Standard status
Active
Size
1,839 SF
Property subtype
Multi Family
Zoning
RS
Taxes and HOA fees
Annual Taxes
$4,754
Amenities
1
Full Basement, Unfinished
Concrete Perimeter, Slab
Composition
Lap Siding, Shake Siding, Wood Siding
Building Details
Year Built
1949
Listing Agency:
HomeStar Brokers
(503) 931-2700
Listed By:
Kimberly Gray · License #201236991
(503) 931-2700
Source:
Compass
Added: Nov 25, 2025
Changed: Aug 31
Last Checked: Aug 31 at 1:29AM
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 HomeStar Brokers
Investment Insights
Based on property information with market context.
This multifamily property includes two residences on one city lot at 995-985 Garnet Street Northeast. One home offers 2 bedrooms and 2 bathrooms and is currently occupied; the second has 2 bedrooms and 1 bathroom and is available for an owner or tenant. The combined property size is 1,839 square feet. Both homes were remodeled in 2017/2018 with granite or quartz countertops, luxury vinyl plank flooring, appliances, cabinetry, fixtures, roofing, plumbing, and electrical improvements.
Each residence has a private fully fenced backyard with a patio. Additional features include ample parking, a storage shed, and a full unfinished basement. The property is zoned RS and provides access to nearby schools, a bus stop, I-5, and downtown Salem.
Each residence has a private fully fenced backyard with a patio. Additional features include ample parking, a storage shed, and a full unfinished basement. The property is zoned RS and provides access to nearby schools, a bus stop, I-5, and downtown Salem.
Key Highlights
- Two residences on one city lot at 995‑985 Garnet Street Northeast
- 2bd/2ba home currently occupied; separate 2bd/1ba home available for an owner or tenant
- Both homes remodeled in 2017/2018 with updated finishes, appliances, roofing, plumbing, and electrical
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
$20,340
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
3.70%
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%
$406,800
$406.8K
Cap Rate 7%
$290,571
$290.6K
Cap Rate 9%
$226,000
$226.0K
Market Conditions
NOI Build-Up for 1,839 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
$39.7K $21.60/SF
− Vacancy
−$2.7K −$1.49/SF
EGI
$37.0K $20.11/SF
− OpEx
−$16.6K −$9.05/SF
NOI
$20.3K $11.06/SF
Area
Salem, OR
Vacancy
6.90%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
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%
$406,800
Cap Rate 7%
$290,571
Cap Rate 9%
$226,000
Alternative Uses
Best Use
Apartment 5plus
$290.6K
$254.3K – $339.0K
NOI $20,340 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$488.3K
$427.2K – $569.7K
NOI $34,179 @ 7.0% cap · market cap 6.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,490
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?
Multifamily property - Two remodeled residences share a fenced city lot with separate backyards, patios, parking, and storage.
Where is this multifamily property located?
The property is located at 995-985 Garnet Street Northeast Salem, OR.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Two residences on one city lot at 995‑985 Garnet Street Northeast; 2bd/2ba home currently occupied; separate 2bd/1ba home available for an owner or tenant; Both homes remodeled in 2017/2018 with updated finishes, appliances, roofing, plumbing, and electrical
