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1520-1530 7th St NW 6 Unit Apartment Building $850,000 ($141,667/Unit) 6.03% Cap Rate Salem, OR 97304
Investment Highlights
- Under-market rents: Current rents trail market averages, providing near term upside as units turn over
- Redevelopment flexibility: RM2 zoning supports additional density or future redevelopment strategies
- Desirable location: The property offers quick access to downtown Salem, schools, shopping, and public transit
- Unit renovation potential: Interior updates can further drive rental premiums and tenant retention
- Desirable location: The property offers quick access to downtown Salem, schools, shopping, and public transit
Executive Summary
This well-located West Salem 6-plex presents a compelling value-add investment opportunity with immediate income upside. The property consists of six 1 bed, 1 bath units across ˜4,000 SF on a single .24-acre parcel, zoned RM2 (Residential Multifamily 2). Built in 1972, the building has solid bones and is positioned for both cosmetic upgrades
and long-term repositioning.
With strong rental demand in this established West Salem neighborhood, investors can capture significant upside through renovations, rent adjustments, or a longterm hold with steady appreciation. This 6-plex provides a combination of in-place income with clear pathways to enhanced returns.
and long-term repositioning.
With strong rental demand in this established West Salem neighborhood, investors can capture significant upside through renovations, rent adjustments, or a longterm hold with steady appreciation. This 6-plex provides a combination of in-place income with clear pathways to enhanced returns.
Property Facts
| Price | $850,000 | Building Class | C |
| Price Per Unit | $141,667 | Lot Size | 0.25 AC |
| Sale Type | Investment | Building Size | 4,000 SF |
| Cap Rate | 6.03% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 2/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RM2 | ||
| Price | $850,000 |
| Price Per Unit | $141,667 |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.25 AC |
| Building Size | 4,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 2/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM2 |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Sprinkler System
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
1 1
Property Taxes
| Parcel Number | 254757 | Improvements Assessment | $258,280 |
| Land Assessment | $45,740 | Total Assessment | $304,020 |
Property Taxes
Parcel Number
254757
Land Assessment
$45,740
Improvements Assessment
$258,280
Total Assessment
$304,020
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1520-1530 7th St NW
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