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Leased Duplex near State Capitol Complex 441 Norway St NE 2 Unit Apartment Building $725,000 ($362,500/Unit) Salem, OR 97301
Investment Highlights
- High Occupancy Investment
- Potential for Owner Occupancy
- Easy Access to I-5, downtown Salem, State Capitol and Willamette University
Executive Summary
Still Available! Built in 2009, the two-story duplex is located in NE Salem near NE Broadway with convenient access to I-5, downtown Salem, the State Capitol, and Willamette University. Each unit offers 4 bedrooms, 2 bathrooms, and an attached garage, and has historically been leased to college students at $625 per bedroom ($2,500 per unit). Current one-year leases expire in June. The property includes a small fenced backyard and offers potential for owner occupancy. Projected 2026 gross income is $60,000, with real estate taxes of $6,783. Landlord pays water, sewer, trash, and landscaping.
Property Facts
| Price | $725,000 | Building Class | C |
| Price Per Unit | $362,500 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 4,428 SF |
| No. Units | 2 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 2009 |
| Apartment Style | Townhome | Opportunity Zone |
Yes
|
| Zoning | RM2 - RM2 - Multiple Family Residential | ||
| Price | $725,000 |
| Price Per Unit | $362,500 |
| Sale Type | Investment |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 4,428 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 2009 |
| Opportunity Zone |
Yes |
| Zoning | RM2 - RM2 - Multiple Family Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+2 | 2 | $2,500 | - |
Moderately walkable
70/100
Moderately drivable
70/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 584530 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $330,200 |
Property Taxes
Parcel Number
584530
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$330,200
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Leased Duplex near State Capitol Complex | 441 Norway St NE