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Multifamily

The Interurban

1215-1225 Chemeketa St NE, Salem, OR 97301

Listing Price: $2,900,000

Cap Rate
5.15%
Number of Units
20
Occupancy
95.0%
Price/Unit
$145,000

Investment Overview

Marcus & Millichap is pleased to exclusively represent the sale of the Interurban Apartments in Downtown Salem, Oregon’s capital. This asset presents opportunity to acquire a beautiful property optimally positioned to excel in the growing Salem market. Interurban was originally constructed in 1945 and is comprised of two adjacent buildings on a level urban lot. The two-story constructions are surrounded by mature plantings and tended lawnscaping and divided by a central courtyard. The exterior has a unique and visually appealing combination of redbrick and siding. The interiors feature classical detailing such as arched doorways, original molding and hardwood floors, and custom built-in cabinetry, and the property features laundry facilities on-site. The varied unit mix of studios, one- and two-bed units serves the needs of the local population and ensures long-term tenancy. Interurban is ideally located on the popular corner of 12th & Chemeketa in central Salem. Just three blocks from the steps of the capitol building, Interurban is the obvious choice for many of the state’s most crucial residents. Due to its immediate proximity to the courthouse and its surrounding parks, the apartments benefit from a menagerie of community and commercial amenities as well as public and private employers. The property has been extensively repaired and repositioned in the past three years, but value-add can be achieved via further renovations to the property, straightforward updates to interiors such as appliances and fixtures, or by capturing the over 20% rental upside to match current competitive market levels. The population in the region has increased by nearly 25% in the last 20 years, and the average household income in the surrounding five miles is nearly $80,000, so this property can demonstrably achieve higher rents and greater income and indicates continued to strong performance well into the future.

Investment Highlights

  • Twenty Units in Sought-After Neighborhood with Varied Unit Mix for Broad Tenant Appeal
  • Ideal Downtown Salem Location – Three Blocks to from Capitol Building and Surrounding Employers and Amenities
  • Substantial Repositioning and Significant Repairs/Renovations in Past Three Years
  • Highly Attractive Assumable Debt – 3.25% Interest Only Until December 2024, Fixed Rate Until November 2026
  • Desirable Vintage Aesthetic with Charming Dual Building Layout
  • Strong Opportunity for Rent Growth – 22+% Delta Between In-Place and Market Rents

Exclusively Listed By

Multifamily

The Interurban

Listing Price: $2,900,000

Cap Rate
5.15%
Number of Units
20
Occupancy
95.0%
Price/Unit
$145,000

Investment Highlights

  • Twenty Units in Sought-After Neighborhood with Varied Unit Mix for Broad Tenant Appeal
  • Ideal Downtown Salem Location – Three Blocks to from Capitol Building and Surrounding Employers and Amenities
  • Substantial Repositioning and Significant Repairs/Renovations in Past Three Years
  • Highly Attractive Assumable Debt – 3.25% Interest Only Until December 2024, Fixed Rate Until November 2026
  • Desirable Vintage Aesthetic with Charming Dual Building Layout
  • Strong Opportunity for Rent Growth – 22+% Delta Between In-Place and Market Rents

Investment Overview

Marcus & Millichap is pleased to exclusively represent the sale of the Interurban Apartments in Downtown Salem, Oregon’s capital. This asset presents opportunity to acquire a beautiful property optimally positioned to excel in the growing Salem market. Interurban was originally constructed in 1945 and is comprised of two adjacent buildings on a level urban lot. The two-story constructions are surrounded by mature plantings and tended lawnscaping and divided by a central courtyard. The exterior has a unique and visually appealing combination of redbrick and siding. The interiors feature classical detailing such as arched doorways, original molding and hardwood floors, and custom built-in cabinetry, and the property features laundry facilities on-site. The varied unit mix of studios, one- and two-bed units serves the needs of the local population and ensures long-term tenancy. Interurban is ideally located on the popular corner of 12th & Chemeketa in central Salem. Just three blocks from the steps of the capitol building, Interurban is the obvious choice for many of the state’s most crucial residents. Due to its immediate proximity to the courthouse and its surrounding parks, the apartments benefit from a menagerie of community and commercial amenities as well as public and private employers. The property has been extensively repaired and repositioned in the past three years, but value-add can be achieved via further renovations to the property, straightforward updates to interiors such as appliances and fixtures, or by capturing the over 20% rental upside to match current competitive market levels. The population in the region has increased by nearly 25% in the last 20 years, and the average household income in the surrounding five miles is nearly $80,000, so this property can demonstrably achieve higher rents and greater income and indicates continued to strong performance well into the future.

Exclusively Listed By

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