Value-Add Studio Apartment
1340-1348 & 1354 Lee St. SE Salem, OR 97302
1340-1348 & 1354 Lee St. SE, Salem, OR, 97302
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For Sale
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Five-unit studio apartment building with value-add potential in Salem, Oregon.
Property Size1,624 SF
Price / SF$304.80
Days on Market68
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 Checked: Jul 16 at 5:16 am
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.
Local 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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
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.
