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JFJ Apartments 3925-3967 Lancaster Dr 17 Unit Apartment Building $3,150,000 ($185,294/Unit) 6.51% Cap Rate Salem, OR 97305
Investment Highlights
- Value-add
- Low density with vacant land for future development
- Below market rents
Executive Summary
**6.5% Current In-Place Cap Rate**
**7.0% Cap Rate at Market Rents**
**Nearly $1 million in capex during current ownership.**
JFJ is a 17-unit apartment complex located in Salem, OR. JFJ includes eight 2bd/1.5ba Townhomes, six 3bd/1.5ba Townhomes, two 2bd/1ba units in a duplex, and a 3bd/2ba single-family home across six different parcels. Additionally, a vacant 10,000-SF residentially-zoned lot with development potential is included in the offering. The townhomes were built in 1968 through 1971, the duplex was built in 1976, and the single-family home was built in 1958. There are five improved parcels, including standalone parcels for the duplex and single-family home, and the vacant development lot. The property has been well maintained, including roofs, electrical, plumbing, and interior upgrades. 100% market-rate; no affordable units.
Please contact Matt Dodd or Sean Milligan for more information.
**7.0% Cap Rate at Market Rents**
**Nearly $1 million in capex during current ownership.**
JFJ is a 17-unit apartment complex located in Salem, OR. JFJ includes eight 2bd/1.5ba Townhomes, six 3bd/1.5ba Townhomes, two 2bd/1ba units in a duplex, and a 3bd/2ba single-family home across six different parcels. Additionally, a vacant 10,000-SF residentially-zoned lot with development potential is included in the offering. The townhomes were built in 1968 through 1971, the duplex was built in 1976, and the single-family home was built in 1958. There are five improved parcels, including standalone parcels for the duplex and single-family home, and the vacant development lot. The property has been well maintained, including roofs, electrical, plumbing, and interior upgrades. 100% market-rate; no affordable units.
Please contact Matt Dodd or Sean Milligan for more information.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,150,000 | Apartment Style | Townhome |
| Price Per Unit | $185,294 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.30 AC |
| Cap Rate | 6.51% | Building Size | 20,672 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 95% |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 1.69/1,000 SF |
| Zoning | RM | ||
| Price | $3,150,000 |
| Price Per Unit | $185,294 |
| Sale Type | Investment |
| Cap Rate | 6.51% |
| Sale Condition | 1031 Exchange |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.30 AC |
| Building Size | 20,672 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 1.69/1,000 SF |
| Zoning | RM |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Yard
- Dining Room
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $1,300 | 920 |
| 2+1.5 | 8 | $1,500 | 1,150 |
| 3+1.5 | 6 | $1,725 | 1,325 |
| 3+2 | 1 | $2,075 | 1,682 |
1 1
Bike Score®
Very Bikeable (71)
Property Taxes
| Parcel Number | 522293 | Total Assessment | $483,210 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
522293
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$483,210 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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JFJ Apartments | 3925-3967 Lancaster Dr
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