Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1990 Wallace NW RD Salem, OR 97304

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $5,000,000

    Land with development potential, multiple uses, and existing infrastructure.

    Type:Lots/Land
    Added:
    Nov 15, 2024
    Days on Market:
    521
    Last Refresh:
    Apr 17 at 1:46 am

    Property Features for 1990 Wallace NW RD

    General Information

    Standard status
    Active
    Property subtype
    Lots/Land

    We can help!

    Listing Contact
    Christine Folz

    Listing agent Christine Folz License #201204657

    Listing office Real Broker

    Listing date Nov 15, 2024

    Source Exitrealty

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Real Broker

    Overview

    Development Opportunity in Salem, Oregon

    This property presents a development opportunity and includes Polk County tax IDs 314820, 314846, and 354776. Marine Drive is planned to split 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.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Marion
    State
    Oregon
    Longitude
    -123.0554869
    Latitude
    44.9626632

    Nearby Similar for Sale

    • $600,000
      2,525 SF

      Salem Fourplex with Rental Income

      Fourplex in Salem, fully rented, close to Willamette University.
      1385 HINES St, Salem, OR 97302
      View Details
    • $850,000
      3,907 SF

      Salem Multifamily Property For Sale

      Well-maintained six-unit property near downtown Salem with strong rental potential.
      2245-2285 Breyman St NE, Salem, OR 97301
      View Details
    • $508,000
      2,474 SF

      Salem Duplex on Corner Lot

      Duplex on large corner lot with ample parking.
      2806-2808 Livingston St NE, Salem, OR 97301
      View Details
    • $950,000
      5,278 SF

      Salem Multifamily Property For Sale

      Multifamily property in South Central Salem with renovation potential.
      1341 Saginaw St S, Salem, OR 97317
      View Details
    • $599,900
      3,576 SF

      Remodeled Duplex on Double Lot

      Completely remodeled duplex with two units on a double lot.
      1117-1119 6th St NW St, Salem, OR 97304
      View Details
    • $550,000
      2,880 SF

      West Salem Triplex For Sale

      Triplex in excellent West Salem location with private fenced yards.
      174 NW STONEWAY Dr, Salem, OR 97304
      View Details
    • $425,000
      1,755 SF

      Salem Triplex Investment Opportunity

      Triplex in NE Salem with recent upgrades and off-street parking.
      130 24th St NE, Salem, OR 97301
      View Details
    • $460,500
      1,008 SF

      Restored Duplex in Southeast Salem

      Charming, updated duplex ideal for owner-occupants or multi-generational living.
      2684 12TH St, Salem, OR 97302
      View Details
    • $495,000

      South Salem 5-Acre Land Parcel

      Flat, usable land in South Salem with building possibilities.
      1 Ballyntyne Rd, Salem, OR 97302
      View Details
    • $599,000

      Land with Valley and Mountain Views

      5.37 acres of land with approved septic in Salem.
      3154 Kwonesum Ct S, Salem, OR 97306
      View Details
    • $475,000

      South Salem 5-Acre Parcel

      Flat, usable land in South Salem with territorial views.
      Lot #1 Ballyntyne Rd, Salem, OR 97302
      View Details
    • $1,500,000
      6,900 SF

      Well-Maintained Multifamily Investment Opportunity

      Three duplexes in Salem, OR, fully occupied and professionally managed.
      4212 47TH Ave NE, Salem, OR 97305
      View Details

    FAQs

    What type of property is this?
    Land - Land with development potential, multiple uses, and existing infrastructure.
    Where is this land located?
    The property is located at 1990 Wallace NW RD 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: Property suitable for multiple development uses.; Multiple Tax IDs: Sale includes Polk County Tax IDs 314820, 314846, 354776.; Parcel 354776 offers paved access off Wallace Rd.
    (503) 949-3087
    We can help!
    Listing Contact
    Christine Folz
    Real Estate License ID: 201204657
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!