570 Bassett St NW - NWC of Wallace and 2nd St NW 5.29 Acres of Commercial Land Offered at $5,850,000 in Salem, OR 97304

With the city’s recent completion of 2nd Street connecting Wallace Road to the site’s southern boundary, including the completion of pedestrian connections and landscaping, this site is a blank slate waiting for a developer’s vision to be realized. The West Salem trade area is underserved for its growing population and sample site plans show numerous options for multi-family, retail, office and hospitality. With four universities within a 25-mile radius, and over 40,000 VPD in front of this site, it is ready for new life. Because this site contains space underground in an existing structure for an estimated 50 vehicles, there is more capacity for on-grade maximization. This property is located within the West Salem Urban Renewal Area which provides opportunity to leverage city grant funds to enhance project viability. Current maximum grant amount is $300,000 but the urban renewal agency will consider exceptions to that limit on a case by case basis depending on need and impact of the project to the community.