West Salem Multifamily Development
For Sale
$1,975,000
2001 Wallace Rd NW, Salem, OR 97304
Two parcels totaling 9 acres with multifamily development potential.
Property Size9 SF
Price / SF$219,444
Days on Market319
Property Features for 2001 Wallace Rd NW
General Information
Standard status
Active
Size
9 SF
Property subtype
Land
Listing Agency:
Norris & Stevens
(503) 416-8406
Listed By:
Jake Holman · License ##201208382
Source:
Tcnworldwide
Added: Sep 25, 2025
Changed: Aug 8
Last Checked: Jul 16 at 2:21AM
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 Norris & Stevens
Investment Insights
Based on property information with market context.
This offering includes two parcels, one approximately 1.88 acres and the other approximately 7.24 acres, zoned RM2 (Residential Medium Density) in West Salem, Oregon. Located directly adjacent to the newly completed section of Marine Drive, the property has about 7 acres of buildable land and development potential for approximately 150 apartment units. Public utilities are available at the site, along with some street improvements. The location offers proximity to major transit corridors, expanding infrastructure, and a thriving local community. West Salem is a key growth area within the broader Salem metro region, experiencing consistent population growth and increasing residential demand. Planned improvements to Marine Drive will enhance accessibility, further positioning West Salem as a desirable location for residential development. The property is near major roads and transportation routes, with close proximity to I-5, downtown Salem, and Salem Airport. The location in the Willamette Valley benefits from steady regional expansion and strong local housing demand driven by population growth.
Key Highlights
- Development potential for approximately 150 apartment units.
- Located in West Salem, a key growth area with strong local housing demand.
- Zoned RM2 – Residential Medium Density.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Explore this area
Business Placement
Demographics for 97304, OR
34,102
Population
14,547
Households
2.3
Avg Household Size
40
Median Age
39%
College-Educated
93%
High-School Grad
56.8 sq mi
ZIP Area
600
Density / Sq Mi
$91,731
Median Household Income
$53,370
Median Earnings
$1,441
Median Rent
$469,500
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?
Residential land & home lot - Two parcels totaling 9 acres with multifamily development potential.
Where is this residential land & home lot located?
The property is located at 2001 Wallace Rd NW Salem, OR.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Development potential for approximately 150 apartment units.; Located in West Salem, a key growth area with strong local housing demand.; Zoned RM2 – Residential Medium Density.
