Remodeled 5-Plex with Sixth
For Sale
$1,100,000
2005 Summer St SE, Salem, OR 97302
Five units are leased, with a nearly completed one-bedroom, one-bath unit and parking via carport and driveway.
Property Size5,784 SF
Price / SF$190.18
Days on Market67
Property Features for 2005 Summer St SE
General Information
Standard status
Active
Size
5,784 SF
Property subtype
Multi-Family
Building Details
Year Built
1972
Listing Agency:
STELLAR REALTY NORTHWEST
Listed By:
KATY ROSECRANS · License #200402282
(541) 905-1962
Source:
Thesanchezteamoregon
Added: Aug 11
Changed: Oct 12
Last Checked: Oct 7 at 4:53PM
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 STELLAR REALTY NORTHWEST
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Investment Insights
Based on property information with market context.
This remodeled apartment property in southeast Salem contains five existing units, all currently leased, plus a sixth unit that is nearly complete. The additional residence is configured with one bedroom and one bathroom. The property provides 5,784 SF of apartment space and was built in 1972.
Located at 2005 Summer St SE in Salem, the property includes parking through a combination of carport and driveway spaces. The completed sixth unit adds another one-bedroom, one-bath configuration to the existing apartment layout.
Located at 2005 Summer St SE in Salem, the property includes parking through a combination of carport and driveway spaces. The completed sixth unit adds another one-bedroom, one-bath configuration to the existing apartment layout.
Key Highlights
- Five existing units are leased
- Nearly completed sixth unit with 1 bed/1 bath
- 5,784 SF apartment property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$63,973
Cap Rate
5.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,279,460
$1.3M
Cap Rate 7%
$913,900
$913.9K
Cap Rate 9%
$710,811
$710.8K
Market Conditions
NOI Build-Up for 5,784 SF
Gross rent
$124.9K $21.60/SF
− Vacancy
−$8.6K −$1.49/SF
EGI
$116.3K $20.11/SF
− OpEx
−$52.3K −$9.05/SF
NOI
$64.0K $11.06/SF
Area
Salem, OR
Vacancy
6.90%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,279,460
Cap Rate 7%
$913,900
Cap Rate 9%
$710,811
Alternative Uses
Best Use
Apartment 5plus
$913.9K
$799.7K – $1.07M
NOI $63,973 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,499 @ 7.0% cap · market cap 9.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,477
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Five units are leased, with a nearly completed one-bedroom, one-bath unit and parking via carport and driveway.
Where is this apartment building located?
The property is located at 2005 Summer St SE Salem, OR.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Five existing units are leased; Nearly completed sixth unit with 1 bed/1 bath; 5,784 SF apartment property
