2475 Broadway St NE - Apartments FOR SALE


Salem, OR 97301- Highland
$3,500,000 USD
503-364-7400
2475 Broadway St NE, Salem, OR for Sale
$3,500,000 USD
Apartments - FOR SALE
1/7
null | 5.96% Cap Rate

2475 Broadway St NE
Salem, OR 97301
Highland


HIGHLIGHTS

  • Capital Improvement Projects completed in the last 18 months totaling over $215,000:
  • 12 units have significant interior improvements
  • Complete siding, paint, gutters, fencing, parking lot, signage, landscape including replacement of irrigation
  • Sister property, Somerset East Apartments, also for sale; $7,500,000

OVERVIEW

Somerset West Apartments features 17 units and 8 townhomes comprised of three, two or three story buildings housing one and two bedroom units with one or 1.5 bathrooms situated on 35,192 SF (0.81 of an acre). Units include fully equipped kitchens, and access to a pet-friendly environment, complemented by ample on- and off-street parking. Strategically situated in Northeast Salem near the MLK Parkway, Somerset Apartments offers proximity to Keizer and is just minutes from Downtown Salem and Interstate 5. With multiple bus lines at its doorstep, residents enjoy seamless connectivity throughout the Salem-Keizer area, ensuring effortless commutes and access to local amenities.

FOR SALE DETAILS

PRICE

$3,500,000 USD

PRICE/SF

$170 USD /SF

# OF UNITS

25

PRICE/UNIT

$140,000

CAP RATE

5.96%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Somerset West Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

40

LAND DETAILS

LAND ACRES

0.81 AC

LAND SF

35,284 SF

ZONING

RM2

APN/PARCEL ID

526443

ASK ABOUT THIS PROPERTY

Jennifer MartinFirst Commercial Real EstateMore Info
503-364-7400

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

Jennifer MartinFirst Commercial Real EstateMore Info
503-364-7400

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