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Woodland Park Apartments 3942 Ward Dr NE 15 Unit Apartment Building $2,500,000 ($166,667/Unit) 5.64% Cap Rate Salem, OR 97305
Executive Summary
» Modern 2021 Construction Anchors the Rent Roll
Four of the property’s fifteen units are 2021-built two-bedroom
homes the largest floor plans on-site at 998 SF. This recent
vintage construction gives a buyer a modern, low-maintenance
income stream layered onto an established, income-producing
asset.
» Recent Exterior Capital Improvements
Ownership added a new perimeter fence and a new refuse/
garbage enclosure in 2021, improving site security, curb
appeal, and functionality. These investments reduce deferred
maintenance exposure for the next owner.
» Functional, Two-Bedroom-Weighted Unit Mix
The mix favors two-bedroom homes twelve of the fifteen units
appealing to the longer-tenured household renters that drive
stable occupancy. Units feature large walk-in closets, a practical
draw in this rent tier.
» Strong Everyday Connectivity
Positioned just off the Lancaster Drive NE retail corridor (Target,
Safeway, Ross, Walmart, and more), with quick I-5 and Highway
22 access. The property is roughly ten minutes from downtown
Salem home to Oregon’s state government, the region’s largest
employment base, and Salem Health.
Four of the property’s fifteen units are 2021-built two-bedroom
homes the largest floor plans on-site at 998 SF. This recent
vintage construction gives a buyer a modern, low-maintenance
income stream layered onto an established, income-producing
asset.
» Recent Exterior Capital Improvements
Ownership added a new perimeter fence and a new refuse/
garbage enclosure in 2021, improving site security, curb
appeal, and functionality. These investments reduce deferred
maintenance exposure for the next owner.
» Functional, Two-Bedroom-Weighted Unit Mix
The mix favors two-bedroom homes twelve of the fifteen units
appealing to the longer-tenured household renters that drive
stable occupancy. Units feature large walk-in closets, a practical
draw in this rent tier.
» Strong Everyday Connectivity
Positioned just off the Lancaster Drive NE retail corridor (Target,
Safeway, Ross, Walmart, and more), with quick I-5 and Highway
22 access. The property is roughly ten minutes from downtown
Salem home to Oregon’s state government, the region’s largest
employment base, and Salem Health.
Property Facts
| Price | $2,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $166,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.53 AC |
| Cap Rate | 5.64% | Building Size | 18,389 SF |
| No. Units | 15 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1978/2021 |
| Property Subtype | Apartment | ||
| Zoning | RM | ||
| Price | $2,500,000 |
| Price Per Unit | $166,667 |
| Sale Type | Investment |
| Cap Rate | 5.64% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.53 AC |
| Building Size | 18,389 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1978/2021 |
| Zoning | RM |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Walk-In Closets
- Carpet
- Pantry
Site Amenities
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | 553 |
| 2+1 | 8 | - | 828 |
| 2+1.5 | 4 | - | 998 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 522359 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $863,420 |
Property Taxes
Parcel Number
522359
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$863,420
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Woodland Park Apartments | 3942 Ward Dr NE