Investment Overview

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of the Jefferson Apartments, located just outside Salem, Oregon in the charming town of Jefferson. The asset was originally built in 1996, and is comprised exclusively of spacious two bed/one bath floorplans, each with distinct dining area, laundry hook-ups, and walk-in closets. The construction is a classic garden-style layout, wood frame over concrete slab with T1-11 siding and vinyl windows. Though the town of Jefferson is experiencing steady growth, it offers its residents a peaceful, small-town feel. The main street, just two blocks from the Jefferson Apartments, is lined with locally-owned eateries and shops, and the beauty and recreation of the Santiam River is just steps away. This quiet community is located just thirty minutes south of Salem, the state capital and 30 minutes northeast of Corvallis the burgeoning home of Oregon State University. With both of those larger cities continuing to grow at a continual pace, the demand for quality housing in the surrounding communities is strengthened even further. Jefferson’s proximity offers a comparably affordable and peaceful alternative while still providing easy access to employment and amenity hubs. Rents at the Jefferson Apartments are approximately 18% below market, offering an opportunity to grow the income and value substantially through straightforward updating and upgrades. While many units have already received LVP flooring, the units have original kitchens and laminate countertops, and the curb appeal is clean but very basic. Updating the finishes and refreshing landscaping and signage will promote the property to prospective tenants, allowing higher rents as supported by the market to be achieved.