581 HIGHLAND AVE, Salem, OR 97301
Marion County
Key Facts
Description
Calling all investors—don’t miss this exceptional three-unit multifamily opportunity. This property is ideal for investors looking to expand their portfolio or for an owner-occupant who wants to live in one unit while renting out the other two.All units have been renovated, and the building is fully occupied. The seller currently resides in one unit, with the remaining two secured by leases. Located on a quiet, tree-lined street, the property offers a peaceful and desirable setting.Whether you’re adding to an existing portfolio or purchasing your first investment property, this one delivers. The numbers are strong, with an actual cap rate exceeding 6%.Please submit offers contingent upon a walkthrough. Kindly do not disturb the tenants or walk the property.
Property Information
Property Type
Residential Income
Sub-Type
Multi Family
Year Built
1937
Stories
1
Lot Size
0.08 acres
Zoning
RS
Days on Market
64
MLS® Listing#
487660105
Property Features
Cooling
Heating
Parking
Lot Features
Foundation
Roof
Sewer
Water Source
Schools
- Elementary:
- Hammond
- Middle:
- Parrish
- High:
- North Salem
Financial Details
HOA
None
Annual Taxes
$4,050
Tax year 2025
Parcel Number
577112
Directions
Broadway to Highland
Affordability Calculator
$99,000
Estimated monthly payment
$2,635/mo
Principal $396,000 · Est. interest $552,455 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Salem, OR
- $482,540
- Median Listing Price
- 166
- Median Days on Market
- 1,811
- Median Sq Ft
- $267
- Median Price / Sq Ft
- 322
- Active Listings
- This home’s price is 3% above the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Salem, OR.
Location
Points of Interest in Salem, OR
Showing the Salem area map.
Nearby Schools
Highland Elementary School
Elementary · 0.1 mi away
St Vincent de Paul School
Secondary · 0.3 mi away
Eagle Charter School
Secondary · 0.4 mi away
Oregon School for the Deaf
School · 0.4 mi away
Grant Community School
Elementary · 0.7 mi away
Salem Montessori School
Elementary · 0.8 mi away
Parrish Middle School
Secondary · 1.0 mi away
The Early Learning Center
School · 1.1 mi away
North Salem High School
Secondary · 1.2 mi away
Capital Christian School
School · 1.2 mi away
Englewood Elementary School
Elementary · 1.3 mi away
Downtown Learning Center
School · 1.3 mi away
St Joseph School
Secondary · 1.3 mi away
Wallace Learning Tree
School · 1.4 mi away
Waldo Middle School
Secondary · 1.4 mi away
Washington Elementary School
Elementary · 1.5 mi away
St John Lutheran Church
Elementary · 1.6 mi away
Salem-Keizer Public Schools
School · 1.7 mi away
Walker Middle School
Secondary · 1.8 mi away
Harritt Elementary School
Elementary · 1.8 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 1760 NORWAY ST NE, Salem, OR | $349,000 | 4 | 2 | 1,540 |
| 1694 SUNRISE CIR NW, Salem, OR | $349,000 | 2 | 1 | 1,049 |
| 2270 CENTER ST, Salem, OR | $349,000 | 3 | 1 | 1,048 |
| 5373 FAITH AVE, Salem, OR | $349,900 | 2 | 1 | 670 |
| 2450 EDGEWOOD AVE NE, Salem, OR | $350,000 | 3 | 1 | 1,181 |
| 125 MIZE RD, Salem, OR | $354,900 | 2 | 1 | 1,461 |
Moving Cost Estimate
EXIT Agents in Salem
Listing Courtesy: Bridgetown Equity Prop LLC - 5034753333
Presented by: Michael Bivens
Last Updated: 2026-01-12