925 14Th StSalem, OR 97301

Property Details for 925 14Th St

Year built

1930

Lot size

0.30 AC

Property size (Sq ft)

684 SF

Property type

Apartment buildings

Description

This exceptional value-add investment opportunity presents a six-unit apartment building located at 925 14th St NE, Salem, OR 97301. The property consists of a duplex and an adjacent four-plex situated on a 0.3-acre lot, zoned RM2. Built in 1930, the two-story buildings offer a combined 4,630 square feet of net rentable space, with individual unit sizes ranging from 684 to 864 square feet. Currently, the occupancy rate is 33.3%, with two units under month-to-month leases exceeding one year in length. Four units are vacant, undergoing renovations including painting, bathroom tiling, and LVP flooring installation. Significant improvements have already been made, including extensive landscaping, plumbing and sewer line upgrades, and the installation of a separate electrical service for the duplex. Abundant building materials, such as LVP flooring, PEX piping, and sheetrock, are on-site, ready for use in the duplex's unfinished downstairs unit. The property boasts five parking spaces and offers a pro-forma NOI of $64,291, resulting in a pro-forma cap rate of 9.74%. The asking price is $660,000, or $110,000 per unit. This property presents a compelling opportunity for investors seeking significant upside potential through lease-up and further renovations. Showings of the vacant units are readily available by appointment

Location Insight

City

Salem

County

Marion

State

Oregon

Latitude

44.9451

Longitude

-123.02

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].