Value-Add Studio Apartment
For Sale
Contact for pricing
1340-1348 & 1354 Lee St. SE, Salem, OR 97302
Five-unit studio apartment building with value-add potential in Salem, Oregon.
Property Size1,624 SF
Price / SF$304.80
Days on Market84
Property Features for 1340-1348 & 1354 Lee St. SE
General Information
Standard status
Active
Size
1,624 SF
Property subtype
Multifamily
Building Details
Year Built
1942
Listing Agency:
Mosar Commercial Properties
Listed By:
Mike Mosar · License #OR
Source:
Crexi
Added: May 11
Changed: Jul 10
Last Checked: Aug 1 at 12:07PM
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 Mosar Commercial Properties
Investment Insights
Based on property information with market context.
This five-unit studio apartment property offers a value-add opportunity. Currently, four of the five units are rented at below-market rates, suggesting potential for increased revenue through renovations and rent adjustments. The property requires maintenance and updates. All tenants are currently on month-to-month leases, providing flexibility for a new owner to renovate units, adjust rents, or reposition the property without long-term lease constraints. Onsite parking is available for tenants and guests. The property contains 1,624 square feet.
Key Highlights
- Value‑Add Opportunity: Unlock upside through renovations and rent repositioning.
- Operational Flexibility: All tenants are month‑to‑month, providing maximum flexibility.
- Deferred Maintenance Priced In: Ownership willing to provide a partial credit toward a new roof.
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $35.1k | $21.60 |
| − Vacancy | −$2.4k | −$1.49 |
| EGI | $32.7k | $20.11 |
| − OpEx | −$14.7k | −$9.05 |
| NOI | $18.0k | $11.06 |
1,624 SF · lease $21.60/SF/yr · vacancy 6.90% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$256.6K
$224.5K – $299.4K
NOI $17,962 @ 7.0% cap · market cap 3.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$431.2K
$377.3K – $503.1K
NOI $30,183 @ 7.0% cap · market cap 6.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,302
Businesses Nearby
Explore this area
Business Placement
Demographics for 97302, OR
39,776
Population
17,888
Households
2.2
Avg Household Size
41
Median Age
43%
College-Educated
95%
High-School Grad
23.5 sq mi
ZIP Area
1,693
Density / Sq Mi
$83,697
Median Household Income
$44,623
Median Earnings
$1,230
Median Rent
$415,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit studio apartment building with value-add potential in Salem, Oregon.
Where is this apartment building located?
The property is located at 1340-1348 & 1354 Lee St. SE Salem, OR.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Value‑Add Opportunity: Unlock upside through renovations and rent repositioning.; Operational Flexibility: All tenants are month‑to‑month, providing maximum flexibility.; Deferred Maintenance Priced In: Ownership willing to provide a partial credit toward a new roof.
