4 ParcelsSalem, OR 97304

Property Details for 4 Parcels

Lot size

1.25 AC

Property type

Commercial real estate

Description

This exceptional 1.25-acre property in West Salem, Oregon presents a remarkable redevelopment opportunity. Located within the West Salem Central Business District, this site is zoned for commercial and mixed-use developments, offering unparalleled flexibility for a variety of projects. The property comprises five contiguous parcels, including an existing alley, providing ample space for ambitious plans. Current structures on the land consist of residential homes, a pole building, and a mini-storage business. These existing structures could be incorporated into a redevelopment strategy, potentially offering immediate income streams, or they could be removed to create a clean slate for new construction. The current rental income from these structures is below market value, indicating significant potential for increased revenue generation following redevelopment. This prime location offers excellent visibility and accessibility, making it an ideal site for multi-family housing, apartments, office spaces, retail shops, cafes, or restaurants. The property's size and zoning provide a unique chance to create a vibrant and profitable development in a thriving West Salem neighborhood. This is a rare opportunity to acquire a substantial parcel in a high-demand area, poised for significant growth and return on investment. The potential for value appreciation is substantial, given the current market conditions and the property's strategic location. Serious inquiries are encouraged to explore the possibilities of this exceptional redevelopment opportunity.

Location Insight

City

Salem

County

Polk

State

Oregon

Latitude

44.9491

Longitude

-123.048

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