College Park Apartments 232 College Dr NW 46 Unit Apartment Building $8,000,000 ($173,913/Unit) 5.76% Cap Rate Salem, OR 97304

College Park Apartments is a 46-unit community of mainly 2 story structures over 10 parcels on 3.05 acres in a wooded hilltop neighborhood of NW Salem, developed in two phases. Phase I, built in 1979, consists of seven gable-roofed buildings with 28 units, 24 of which are townhomes. Phase II, built in 1999, adds three gable-roofed buildings with 18 townhomes, 14 of which include attached single-car garages, while 3 have attached two-car garages. All Phase II units, except for 1 three-bedroom/ 2-bath unit, include a bonus room with an accompanying hall closet. The property offers a diverse unit mix: 1 one-bedroom/ 1 bath, 16 one-bedroom + bonus room/ 1.5-bath (various layouts), 12 two-bedroom/ 2-bath, 2 two-bedroom/ 1-bath, 2 three-bedroom/ 1-bath, and 13 three-bedroom/ 2-bath units, ranging in size from 848 to 1,760 square feet, with an average size of 1,105 square feet. There are 89 parking spaces, providing almost a 2:1 parking ratio. Current monthly income is approximately $64,620, with a pro forma potential of $67,400 based on the highest achieved rents that still remain below Salem’s market averages as of September 2025. With its large site, townhouse-style layouts, and below-market rental rates, College Park Apartments provides both stable income and strong long-term growth potential.