365 16Th StSalem, OR 97301

Property Details for 365 16Th St

Year built

1901

Property size (Sq ft)

3,500 SF

Property type

Apartment buildings

Description

This exceptional 6-unit apartment building in Salem, Oregon, presents a compelling investment opportunity. Boasting a prime location near Aldrich Park, Willamette University, and the Capitol Building, this property offers convenient access to a desirable neighborhood. Recently renovated in 2022, the building features a new roof, sewer lines, and approximately 75% new exterior siding, along with fresh exterior paint and deck reconstruction. The 3-story building, constructed in 1901 and situated on an 8,276 sq ft lot, comprises 3,500-3,800 sq ft of space. Currently operating at 100% occupancy, the property includes five one-bedroom/one-bathroom units and one two-bedroom/one-bathroom unit, all featuring laminate flooring and central heating. Residents enjoy basement storage and ample unpaved parking. The property's strong financials include a current NOI of $42,152 and a pro-forma NOI of $51,253, translating to a current cap rate of 6.54% and a pro-forma cap rate of 7.95%. The asking price is $645,000, or $107,500 per unit. This stabilized investment, zoned RM2, offers significant upside potential through market rent increases. The property's recent capital improvements and high occupancy rate make it an attractive addition to any portfolio.

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9329

Longitude

-123.023

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