Investment Overview

The Rhoades Group at Marcus & Millichap is pleased to exclusively represent the sale of Debbie Way, a unique and meticulously maintained asset in Salem, Oregon’s capitol. Originally constructed in 1973, Debbie Way features three and four bedroom duplex and single family houses. The spacious interiors range from 1,000 to 1,400 square feet, and were designed with thoughtful qualities to retain desirable residents. Each unit includes an attached garage, private fenced backyard, and washer/dryer hookups. The property has had numerous upgrades in the past fifteen years including, but not limited to, roofs, siding, exterior paint, electrical, windows, and flooring. The eight buildings are separately parceled, providing investors with multiple exit strategies. Debbie Way is ideally located just blocks away from one of the main corridors in Salem, and offers copious options of retail, dining, parks, and schools. The asset is ideally situated to serve the growing workforce of the local public and private employers and the amenities they attract; because of their unique positioning in the market, these apartments will continue to grow increasingly desirable. Despite the extensive repairs and each unit being separately metered for utilities, value-add can be achieved through further renovations to the property to decrease operating expenses, further upgrades to unit interiors to increases tenant appeal, or by capturing the 15% rental upside relative to competitive market rates. The population in the region has increased by almost 25% in the last 20 years, and the average household income in the surrounding five miles is more than $80,000. This property can demonstrably achieve higher rents, greater income, and indicated continued strong performance well into the future.