MLS# 24198739 – 365 16th St, Salem, OR 97301 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of eXp Realty, LLC.

Property Description

Description

6 Units

Status: Active

Year Built: 1901

Neighborhood: Southeast Salem

Days on Website: 71

This charming 6-unit apartment building in Salem, Oregon, presents an excellent investment opportunity with modern amenities and a prime location. Currently at 100% occupancy, the property has recently been upgraded with new sewer lines, a roof replacement, exterior siding, deck reconstruction, and fresh paint. The units feature laminate flooring, central heating, and a variety of floor plans, including 5 one-bedroom/one-bath units and 1 two-bedroom/one-bath unit. Additional features include basement storage and ample parking in a spacious, unpaved area at the rear. Conveniently situated near Aldrich Park, Willamette University, and the Capitol Building, this property offers easy access to a lovely neighborhood.

Property Details and Features

Property Access

Road Surface Type:

Concrete

Basement

Basement:

FullBasement,PartiallyFinished

Building

Built in 1901

Storage:

Basement,IndividualStorageUnits

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4,UnitTypeType5,UnitTypeType6

Community

Community Features:

Laundry

Expenses

Operating Expense Scheduled:

30491

Operating Expense:

$37,111

Exterior Features

Exterior Description:

VinylSiding

Foundation

Foundation Details:

ConcretePerimeter

Heating

Heating Available

Heating:

ForcedAir

Income

CAP Rate:

5.64

Gross Income:

$73,836

Gross Rent Multiplier:

8.74

Gross Scheduled Income:

$78,816

Net Operating Income:

$36,354

Net Scheduled Income:

51253

Listing

Contract Status Change Date:

2024-09-10

Days On Market:

Last Transaction Date:

2024-10-17 09:38:24

List Price:

$645,000

Listing Contract Date:

2024-09-10

Listing Id:

24198739

Mls Status:

Active

Modification Timestamp:

2024-11-21 01:07:54

On Market Date:

2024-09-10

Previous List Price:

$685,000

Rent Includes:

Electricity,Gas,Heat,Sewer,TrashCollection,Water

Standard Status:

Active

Location

MLS Area Major:

_174

Subdivision Name:

Southeast Salem

County Or Parish:

Marion

Lot

Features:

Level

Size Acres:

0.19

Size Range:

SqFt7000to9999

Size Square Feet:

8,276

Size:

7,000 to 9,999 SqFt

Miscellaneous

Investor Information:

AccordingToOwner,ProfitLossStatement,RentRecords

Parking

Features:

Driveway,Open

Property

Number Of Units Total:

Zoning:

RM2

Roof

Roof:

Composition

Schools

High School:

South Salem

Middle Or Junior School:

Leslie

Elementary School:

Bush

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$4,185

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,368

Area:

700

Units Total:

1 total bathroom

2 total bedroom

Unit Two

Actual Rent:

$1,050

Area:

600

Units Total:

1 total bathroom

1 total bedroom

Unit Three

Actual Rent:

$885

Area:

595

Units Total:

1 total bathroom

1 total bedroom

Unit Four

Actual Rent:

$975

Area:

550

Units Total:

1 total bathroom

1 total bedroom

Unit Five

Actual Rent:

$875

Area:

500

Units Total:

1 total bathroom

1 total bedroom

Unit Six

Actual Rent:

$1,000

Area:

595

Units Total:

1 total bathroom

1 total bedroom

Utilities

Fuel Description:

Gas

Water Source:

PublicWater

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Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$645,000 -

365 16th St Salem , OR 97301

MLS Area Major: _174

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on November 21, 2024 12:08AM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.