Listing provided courtesy of Real Broker - MLS# 23348074MLS Provider

2499 (-2539) Wallace RDSalem, OR 97304

Multi-Family · 194,800 Sq. ft.

$20,000,000 Active

Overview

Time on Site:
277 days
Visits:
3

Oppurtunity to purchase and take over the development/completion of a 201-unit apartment complex project.Located in the expanding community of West Salem,this property will be delivered with all horizontal work complete including excavation,public & private pipe work, electrical & water. Plans and permits for 3-story multiplex complete with fitness center, resident pool & clubhouse, walking trail/green space and on-site management office. Horizontal phase to be completed prior to sale. 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 brokers.

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Facts & Features

  • Type Multi-Family
  • Sq. ft. 194,800
  • Price/Sq.ft. $102

General

School Information
  • Elementary School: Harritt
  • Middle Or Junior School: Walker
  • High School: West Salem
Income/Expenses
  • Gross Income: 4546756.0
  • Net Operating Income: 3260666.0
  • Operating Expense: 1058752.0
Building Information
  • Year Built: 2024
Location/Region
  • Country: US
  • County Or Parish: Polk
  • MLS Area Major: 168 - Polk Co: West Salem N
  • Subdivision Name: Riverbend Apartments
Community/Development
  • Community Features: Recreation Facilities
Rent/Lease Information
  • Rent Includes: Maintenance Grounds,Trash Collection
Tax Information
  • Tax Annual Amount: 1520.73
  • Tax Year: 2022
General Information
  • Buyers Agent Compensation: 1.5
  • Disclosures: Disclosure
  • Parcel Number: 241342,241300
  • Property Condition: New Construction
  • Property Type: Multi Family
  • Zoning: Multi

Interior

Building Interior
  • Building Area Total: 194800.0
General Information
  • Basement: None
  • Foundation Details: Slab
  • Stories: 3

Exterior

Parking Information
  • Parking Features: Assigned
Lot Information
  • Road Surface Type: Paved
  • Water Source: Public Water
Waterfront/View
  • View: No
Building Exterior/Construction
  • Attached Garage: No
  • Property Attached: No
  • Roof: Composition
General Information
  • Number Of Units Total: 202
  • Sewer: Public Sewer

Neighborhood

Community

97304 (Salem) Demographics
41
Median Age
570
Population Density (per sq. mile)
48%
College Educated
$74,583
Estimated Median Income
8,303
Estimated Total Home Owners
4,290
Estimated Total Renters
66% / 34%
Estimated Owner / Renter Divide
3
Estimated Average Household Size
Community data courtesy of LiveBy, Inc.

Schools

Elementary Schools
3
Public
Brush College Elementary School
  • Grades: KG - 5
  • Enrollment: 313
4
Public
Chapman Hill Elementary School
  • Grades: KG - 5
  • Enrollment: 380
2
Public
Harritt Elementary School
  • Grades: KG - 5
  • Enrollment: 479
5
Public
Kalapuya Elementary School
  • Grades: KG - 5
  • Enrollment: 570
2
Public
Myers Elementary School
  • Grades: KG - 5
  • Enrollment: 473
Middle Schools
4
Public
Straub Middle School
  • Grades: 6 - 8 /
  • Enrollment: 660
4
Public
Walker Middle School
  • Grades: 6 - 8 /
  • Enrollment: 720
High Schools
4
Public
West Salem High School
  • Grades: 9 - 12 /
  • Enrollment: 1,742
School data courtesy of LiveBy, Inc. School ratings are based on a scale of 1-5, with 5 being the highest rating and 1 being the lowest rating.

Monthly Cost

$
$ %
%
$
$
* Assumes 6.50% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.

Market Data

Based on the last 30 days in this zip code

$593,516
Median Sales Price
$248
Median Price per Square Foot
77
Properties Sold
78
New on Market
53
Average Days on Market
141
Properties for Sale
Calculations provided by Reliance Network