MLS# 24492370 – 2505 Wallace Rd, Salem, OR 97304 – John Wesley McPherson, Jr., The Portland Team with Premiere Property Group, LLC

Listing courtesy of Real Broker.

Property Description

Description

217 Units

Status: Active

Year Built: 2024

Days on Website: 189

Oppurtunity to purchase and take over the development/completion of a 216-unit apartment complex project.Located in the expanding community of West Salem. Plans and permits for 3-story multiplex complete with fitness center, resident pool & clubhouse, walking trail/green space and on-site management office. Property will be delivered in current state with approx 65% horizontal completed. Development is located off Wallace Rd, adjacent to phase 1 (completed) and neighboring retail development which includes a small shopping center, food truck pod and pavilion. Developer is willing to complete project for negotiated developer fees after purchase. Inquire with co broker.

Property Details and Features

Income

CAP Rate:

20.38

Gross Income:

$4,546,756

Gross Rent Multiplier:

3.52

Net Operating Income:

$3,260,666

Property Access

Road Surface Type:

Paved

Basement

Basement:

None

Building

Building Area Total:

194800

Built in 2024

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3

Community

Community Features:

RecreationFacilities

Cooling

Cooling:

Other

Expenses

Operating Expense:

$1,058,752

Exterior Features

Exterior Description:

CementSiding

Foundation

Foundation Details:

Slab

Heating

Heating Available

Heating:

MiniSplit

Listing

Contract Status Change Date:

2024-05-15

Days On Market:

188

Last Transaction Date:

2024-07-25 12:06:48

List Price:

$16,000,000

Listing Contract Date:

2024-05-15

Listing Id:

24492370

Mls Status:

Active

Modification Timestamp:

2024-08-06 16:00:00

On Market Date:

2024-05-15

Rent Includes:

MaintenanceGrounds,TrashCollection

Standard Status:

Active

Location

MLS Area Major:

_168

County Or Parish:

Polk

Lot

Size Acres:

2.64

Size Range:

Acres7to10

Size Square Feet:

114,998

Size:

7 to 9.99 Acres

Parking

Features:

Assigned

Property

Number Of Units Total:

217

Property Condition:

NewConstruction

Zoning:

Multi

Roof

Roof:

Composition

Schools

High School:

West Salem

Middle Or Junior School:

Walker

Elementary School:

Harritt

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$9,029

Legal Description

Tax Year:

2024

Unit One

Actual Rent:

$1,450

Area:

800

Features:

Dishwasher,Microwave,Range,Refrigerator

Units Total:

1 total bathroom

1 total bedroom

Unit Two

Actual Rent:

$1,850

Area:

950

Features:

Dishwasher,Microwave,Range,Refrigerator

Units Total:

174

2 total bathrooms

2 total bedroom

Unit Three

Actual Rent:

$5,208

Area:

2500

Units Total:

Utilities

Fuel Description:

Electricity

Hot Water Description:

Electricity

Water Source:

PublicWater

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Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$16,000,000 -

2505 Wallace Rd Salem , OR 97304

MLS Area Major: _168

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on November 20, 2024 12:46PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.