1022-1092 Savage Rd NE - Apartments FOR SALE


Salem, OR 97301- Northeast Salem
$2,250,000 USD
503-351-0146
1022-1092 Savage Rd NE, Salem, OR for Sale
$2,250,000 USD
Apartments - FOR SALE
1/12
null | 6.86% Cap Rate

1022-1092 Savage Rd NE
Salem, OR 97301
Northeast Salem


HIGHLIGHTS

  • Spacious Units Ranging 600-950 Square Feet
  • Off-Street Parking and Well-Maintained Landscaping
  • Located Near Multiple Parks, Retail, Dining, with Easy Access to Main Highways

OVERVIEW

The Rhoades Group of Marcus & Millichap is pleased to exclusively represent the sale of Savage Road Apartments. This garden style apartment complex presents an excellent opportunity to acquire a value-add investment in the growing capital of Oregon, Salem. This community offers sixteen total units with a healthy mix of studio, one, two, and three, bedroom layouts. Savage Road Apartments was constructed in 1962 and has been well maintained with major capital improvements completed including updated roofs, siding, windows, electrical, plumbing, exterior paint, and upgraded interior finishes in select units. Residents enjoy the oversized floorplans, off-street parking, individual exterior entry, and easy access to major roadways while still being enjoying a quiet living environment. The property is poised to take advantage of the suburban retail market. Within walking distance of major retail centers, the asset provides for unique retail and dining options, and the property is well-positioned to continue serving the Salem community well into the future.

FOR SALE DETAILS

PRICE

$2,250,000 USD

PRICE/SF

$184 USD /SF

# OF UNITS

16

PRICE/UNIT

$140,625

CAP RATE

6.86%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1962

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.56 AC

LAND SF

24,394 SF

ZONING

RM2

APN/PARCEL ID

527224

ASK ABOUT THIS PROPERTY

Whitney RhoadesMarcus & MillichapMore Info
503-351-0146

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Whitney RhoadesMarcus & MillichapMore Info
503-351-0146

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.