3942 Ward Dr NE - Apartments FOR SALE


Salem, OR 97305- Hayesville
$2,500,000 USD
541-760-0936
3942 Ward Dr NE, Salem, OR for Sale
$2,500,000 USD
Apartments - FOR SALE
1/35
null | 5.64% Cap Rate

3942 Ward Dr NE
Salem, OR 97305
Hayesville


OVERVIEW

» Modern 2021 Construction Anchors the Rent Roll Four of the property’s fifteen units are 2021-built two-bedroom homes the largest floor plans on-site at 998 SF. This recent vintage construction gives a buyer a modern, low-maintenance income stream layered onto an established, income-producing asset. » Recent Exterior Capital Improvements Ownership added a new perimeter fence and a new refuse/ garbage enclosure in 2021, improving site security, curb appeal, and functionality. These investments reduce deferred maintenance exposure for the next owner. » Functional, Two-Bedroom-Weighted Unit Mix The mix favors two-bedroom homes twelve of the fifteen units appealing to the longer-tenured household renters that drive stable occupancy. Units feature large walk-in closets, a practical draw in this rent tier. » Strong Everyday Connectivity Positioned just off the Lancaster Drive NE retail corridor (Target, Safeway, Ross, Walmart, and more), with quick I-5 and Highway 22 access. The property is roughly ten minutes from downtown Salem home to Oregon’s state government, the region’s largest employment base, and Salem Health.

FOR SALE DETAILS

PRICE

$2,500,000 USD

PRICE/SF

$136 USD /SF

# OF UNITS

15

PRICE/UNIT

$166,667

CAP RATE

5.64%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Woodland Park Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1978

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.53 AC

LAND SF

23,233 SF

ZONING

RM

APN/PARCEL ID

522359

ASK ABOUT THIS PROPERTY

Adam SmithHFO Investment Real EstateMore Info
541-760-0936

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Adam SmithHFO Investment Real EstateMore Info
541-760-0936

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