Multifamily

Salem Apartment Portfolio

Listing Price: $1,700,000

Cap Rate
6.05%
Number of Units
18
Price/Unit
$94,444
Price/Gross SF
$149.73
Gross SF
11,354

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to present 16 multifamily units and one commercial office duplex, being sold as portfolio in the heart of Salem, Oregon. The assets offer an investor the opportunity to acquire a desirable income property portfolio with upside in rents and operations. There have been significant capital improvements in the last four years. The eight multifamily units located at 1140-1144 SE 13th Place have new roofs, windows, and siding as of 2016. The roofs are membrane with a warranty. Interiors of all of the units have been updated with new kitchen cabinets, black finished appliances, updated bathrooms, water heaters and electrical panels. Cadet heaters throughout. There is an onsite laundry room that is free to use by the tenants offering tremendous upside by adding coin operated machines. The duplex on the adjacent tax lot was remodeled in 2016 including new sheet rock, new water heaters, new cadet heaters, new appliances, new carpet and new paint. The duplex has kitchens and half bathrooms that don’t include a bathtub or shower. By converting these units to full bathrooms, there is potential for higher rents. Currently the duplex is 50% occupied. 1847 Southeast 13th consists of two four-plex apartment buildings and the building on the south side of the lot had a new roof installed in 2018. The same building is on a single gas and electric meter with the landlord paying all of the utilities. There is significant upside by instituting utility bill backs. The four-plex on the north side of the lot has updated interiors and windows. Six of the eight units have been updated, but the two back units on the south building have had long-term tenants and have not been updated.

Investment Highlights

  • Located in Heart of Salem
  • Updates in 2016 Including New Windows, Siding, Roofs
  • Upside in Operational Efficiencies

Exclusively Listed By

Financing By

Multifamily

Salem Apartment Portfolio

Listing Price: $1,700,000

Cap Rate
6.05%
Number of Units
18
Price/Unit
$94,444
Price/Gross SF
$149.73
Gross SF
11,354

Investment Highlights

  • Located in Heart of Salem
  • Updates in 2016 Including New Windows, Siding, Roofs
  • Upside in Operational Efficiencies

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to present 16 multifamily units and one commercial office duplex, being sold as portfolio in the heart of Salem, Oregon. The assets offer an investor the opportunity to acquire a desirable income property portfolio with upside in rents and operations. There have been significant capital improvements in the last four years. The eight multifamily units located at 1140-1144 SE 13th Place have new roofs, windows, and siding as of 2016. The roofs are membrane with a warranty. Interiors of all of the units have been updated with new kitchen cabinets, black finished appliances, updated bathrooms, water heaters and electrical panels. Cadet heaters throughout. There is an onsite laundry room that is free to use by the tenants offering tremendous upside by adding coin operated machines. The duplex on the adjacent tax lot was remodeled in 2016 including new sheet rock, new water heaters, new cadet heaters, new appliances, new carpet and new paint. The duplex has kitchens and half bathrooms that don’t include a bathtub or shower. By converting these units to full bathrooms, there is potential for higher rents. Currently the duplex is 50% occupied. 1847 Southeast 13th consists of two four-plex apartment buildings and the building on the south side of the lot had a new roof installed in 2018. The same building is on a single gas and electric meter with the landlord paying all of the utilities. There is significant upside by instituting utility bill backs. The four-plex on the north side of the lot has updated interiors and windows. Six of the eight units have been updated, but the two back units on the south building have had long-term tenants and have not been updated.

Exclusively Listed By

Financing By

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