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    Property profile & analytics

    365 16Th St Salem, OR 97301

    • Commercial real estate
    • 3,500 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US71-0384104
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 365 16Th St

    Year built
    1901
    Property size
    3,500 SF
    Property type
    Commercial real estate

    Description

    This exceptional 6-unit apartment building in Salem, Oregon, presents a compelling investment opportunity. Boasting a prime location near Aldrich Park, Willamette University, and the Capitol Building, this property offers convenient access to a desirable neighborhood. Recently renovated in 2022, the building features a new roof, sewer lines, and approximately 75% new exterior siding, along with fresh exterior paint and deck reconstruction. The 3-story building, constructed in 1901 and situated on an 8,276 sq ft lot, comprises 3,500-3,800 sq ft of space. Currently operating at 100% occupancy, the property includes five one-bedroom/one-bathroom units and one two-bedroom/one-bathroom unit, all featuring laminate flooring and central heating. Residents enjoy basement storage and ample unpaved parking. The property's strong financials include a current NOI of $42,152 and a pro-forma NOI of $51,253, translating to a current cap rate of 6.54% and a pro-forma cap rate of 7.95%. The asking price is $645,000, or $107,500 per unit. This stabilized investment, zoned RM2, offers significant upside potential through market rent increases. The property's recent capital improvements and high occupancy rate make it an attractive addition to any portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0228055
    Latitude
    44.9329327

    Comparable in this City

    • $4,200,000
      24,300 SF

      Historic Mixed-Use Bishop Building

      Restored 1894 building with apartments and retail spaces.
      145 Liberty St NE, Salem, OR 97301
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    • $280,000

      Townhome Style Condo with Garage

      Two-bedroom condo with garage, updated features, and community amenities.
      3836 Auburn Rd NE, Salem, OR 97301
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    • $575,000
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      Salem 4-Plex Investor Opportunity

      Four 1-bedroom units with potential to assume FHA mortgage!
      771 21St St SE, Salem, OR 97301
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    • $508,000
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      Salem Duplex on Corner Lot

      Duplex on large corner lot with updated interior/exterior remodel.
      2808-2806 Livingston St NE, Salem, OR 97301
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    • New
      $650,000
      3,744 SF

      Well-Maintained Salem 4-Plex

      Well-maintained 4-plex with immediate income potential in Salem, Oregon.
      664 Thompson Ave NE, Salem, OR 97301
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    • New
      $575,000
      2,282 SF

      Salem Multifamily Property Near Downtown

      Charming 4-unit property near downtown Salem with recent updates.
      771 21St St SE, Salem, OR 97301
      View Details

    Similar Nearby for Sale

    • $4,200,000
      24,300 SF

      Historic Mixed-Use Bishop Building

      Restored 1894 building with apartments and retail spaces.
      145 Liberty St NE, Salem, OR 97301
      View Details
    • $280,000

      Townhome Style Condo with Garage

      Two-bedroom condo with garage, updated features, and community amenities.
      3836 Auburn Rd NE, Salem, OR 97301
      View Details
    • $575,000
      2,282 SF

      Salem 4-Plex Investor Opportunity

      Four 1-bedroom units with potential to assume FHA mortgage!
      771 21St St SE, Salem, OR 97301
      View Details
    • $508,000
      2,474 SF

      Salem Duplex on Corner Lot

      Duplex on large corner lot with updated interior/exterior remodel.
      2808-2806 Livingston St NE, Salem, OR 97301
      View Details
    • New
      $650,000
      3,744 SF

      Well-Maintained Salem 4-Plex

      Well-maintained 4-plex with immediate income potential in Salem, Oregon.
      664 Thompson Ave NE, Salem, OR 97301
      View Details
    • New
      $575,000
      2,282 SF

      Salem Multifamily Property Near Downtown

      Charming 4-unit property near downtown Salem with recent updates.
      771 21St St SE, Salem, OR 97301
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
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      Capitol City Office Space

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    • Contact for pricing
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    • $27 SF/Yr
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      Prime Salem Executive Office Space

      Class A Office Suites, Downtown Salem
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      99,313 SF

      Salem Retail Pad Site - Huge Potential

      99,313 SF Vacant Retail Space in Salem, OR
      1010 Hawthorne Ave, Salem, OR 97301
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    • $3,850,000
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      Historic Oregon Building Office Space

      Renovated historic office building in Salem, Oregon available for lease.
      494 State St, Salem, OR 97301
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    • $800 /Mo
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      Office Space with Shared Amenities

      Executive suites with shared amenities, natural light, and great location.
      Liberty St NE 1220, Salem, OR 97301
      View Details
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    365 16Th St
    Salem, OR 97301
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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