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    1990 Wallace Rd NW Salem, OR 97304

    For Sale
    $5,000,000

    LAND - Salem, OR

    Lot size:
    12.36 Acres
    Days on Market:
    12
    Last Refresh:
    Dec 14 at 11:06 am

    Property Features for 1990 Wallace Rd NW

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    SR/EFU
    APN
    314820,314846
    Lot size
    12.36 Acres

    Utilities

    Water front features
    River Front

    Real Broker, LLC (855) 450-0442 [email protected]

    Listing agent Christine Folz (855) 450-0442

    Listing date Dec 3, 2025

    MLS# 23414635 Listing URL

    Copyright © 2025 Regional Multiple Listing Services. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Salem Land Development Opportunity

    This property presents a development opportunity in Salem, Oregon. The sale includes Polk County tax IDs 314820, 314846, and 354776. Marine Drive will divide parcels 314820 and 314864. The west sides of the parcels offer potential for multiple development uses. The east sides are outside the urban growth boundary and partially in the flood plane. Parcel 354776 features paved access off Wallace Road. The property includes two existing wells and an existing barn. The lot size is 12.36 acres and is zoned SR/EFU.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.095222
    Latitude
    45.090839

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    FAQs

    What type of property is this?
    Land - Large land parcel in Salem, Oregon with development potential.
    Where is this land located?
    The property is located at 1990 Wallace Rd NW Salem, OR.
    What is the asking price?
    The asking price for this property is $5,000,000.
    What are key features of this property?
    This property features: - Development opportunity with multiple tax IDs included.; - **River Front property.**; - Potential for multiple development uses on the west sides of parcels.
    (855) 450-0442
    Request Owner's contact information
    1990 Wallace Rd NW Salem, OR 97304
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    Salem, OR 97304
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1990 Wallace Rd NW Salem, OR 97304
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