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1022-1092 Savage Rd NE 16 Unit Apartment Building $2,250,000 ($140,625/Unit) 6.86% Cap Rate Salem, OR 97301
INVESTMENT HIGHLIGHTS
- Spacious Units Ranging 600-950 Square Feet
- Located Near Multiple Parks, Retail, Dining, with Easy Access to Main Highways
- Off-Street Parking and Well-Maintained Landscaping
EXECUTIVE SUMMARY
The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Savage Road Apartments. This garden style apartment complex presents an excellent opportunity to acquire a value-add investment in the growing capital of Oregon, Salem. This community offers sixteen total units with a healthy mix of studio, one, two, and three, bedroom layouts.
Savage Road Apartments was constructed in 1962 and has been well maintained with major capital improvements completed including updated roofs, siding, windows, electrical, plumbing, exterior paint, and upgraded interior finishes in select units. Residents enjoy the oversized floorplans, off-street parking, individual exterior entry, and easy access to major roadways while still being enjoying a quiet living environment. The property is poised to take advantage of the suburban retail market. Within walking distance of major retail centers, the asset provides for unique retail and dining options, and the property is well-positioned to continue serving the Salem community well into the future.
Savage Road Apartments was constructed in 1962 and has been well maintained with major capital improvements completed including updated roofs, siding, windows, electrical, plumbing, exterior paint, and upgraded interior finishes in select units. Residents enjoy the oversized floorplans, off-street parking, individual exterior entry, and easy access to major roadways while still being enjoying a quiet living environment. The property is poised to take advantage of the suburban retail market. Within walking distance of major retail centers, the asset provides for unique retail and dining options, and the property is well-positioned to continue serving the Salem community well into the future.
PROPERTY FACTS
| Price | $2,250,000 | Apartment Style | Low-Rise |
| Price Per Unit | $140,625 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.56 AC |
| Cap Rate | 6.86% | Building Size | 12,200 SF |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | ||
| Zoning | RM2 | ||
| Price | $2,250,000 |
| Price Per Unit | $140,625 |
| Sale Type | Investment |
| Cap Rate | 6.86% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.56 AC |
| Building Size | 12,200 SF |
| No. Stories | 1 |
| Year Built | 1962 |
| Zoning | RM2 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | 300 |
| 1+1 | 1 | - | 500 |
| 2+1 | 12 | - | 800 |
| 3+1 | 2 | - | 900 |
1 1
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 527224 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $362,130 |
PROPERTY TAXES
Parcel Number
527224
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$362,130
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1022-1092 Savage Rd NE
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