Two-Story Garden-Style Apartment
For Sale
$3,300,000
4135 State St, Salem, OR 97301
Hideaway Court is a 24-unit, two-story garden-style apartment community with on-site laundry and surface parking.
Property Size22,114 SF
Days on Market215
Property Features for 4135 State St
General Information
Standard status
Active
Size
22,114 SF
Total Parking Spaces
30
Property subtype
Multifamily
Occupancy
95%
Site & Location
Neighborhood
East Lancaster Neighborhood Association (Elna)
Additional Details
Cap Rate
6.6%
Multifamily Units
24
Amenities
Recent Exterior CapEx Completed: Siding, paint, dual-pane windows, and staircases already upgraded—allowing investors to focus capital on unit interiors to maximize ROI.
Classic Interiors Ready for Renovation: Kitchens, baths, flooring, and appliances present clear pathways for increased rents and NOI improvement.
Attractive Submarket Metrics: 5-year submarket rent growth of 11.3%, tight vacancy, and limited supply pipeline support long-term income stability.
Undermarket Rents: Despite capital improvements, Hideaway Court's current effective rents remain below market comparables—highlighting a strong delta for value creation.
Building Details
Building Size
22,114 SF
Year Built
1971
Stories
2
Units
24
Tenancy
Multi
Listing Agency:
Portland Office
Listed By:
Georgie Christensen-Riley · License #License(s): OR: 201209670
(503) 200-2058
Source:
Marcusmillichap
Added: Apr 3
Changed: Oct 26
Last Checked: Nov 1 at 2:24AM
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 Portland Office
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Hideaway Court is a 24-unit, two-story garden-style apartment community built in 1971. The current mix includes 6 one-bedroom, one-bath units and 18 two-bedroom, one-bath units. The property features 30 surface parking spaces and on-site laundry facilities. While all units are described as being in classic condition, the ownership has recently completed exterior-focused capital improvements, including substantial siding replacement, full exterior repainting, installation of new double-pane vinyl windows, and concrete step upgrades on all staircases, setting the stage for interior modernization.
Located along State Street in the East Lancaster neighborhood of Salem, Oregon, the community offers convenient access to shopping centers, major employers, transit routes, and daily conveniences.
In-place rents average $1,078 for the one-bedroom units and $1,268 for the two-bedroom units, with referenced comparable renovated rents of $1,234 and $1,417, respectively.
Located along State Street in the East Lancaster neighborhood of Salem, Oregon, the community offers convenient access to shopping centers, major employers, transit routes, and daily conveniences.
In-place rents average $1,078 for the one-bedroom units and $1,268 for the two-bedroom units, with referenced comparable renovated rents of $1,234 and $1,417, respectively.
Key Highlights
- 24‑unit, two‑story garden‑style apartment community built in 1971 in Salem’s East Lancaster neighborhood
- Unit mix: 6 one‑bedroom/one‑bath averaging 600 SF and 18 two‑bedroom/one‑bath averaging 820 SF (overall average 716 SF)
- 30 surface parking spaces (1.3 spaces per unit) plus on‑site laundry facilities
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$244,587
Cap Rate
7.41%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,891,740
$4.9M
Cap Rate 7%
$3,494,100
$3.5M
Cap Rate 9%
$2,717,633
$2.7M
Market Conditions
NOI Build-Up for 22,114 SF
Gross rent
$477.7K $21.60/SF
− Vacancy
−$33.0K −$1.49/SF
EGI
$444.7K $20.11/SF
− OpEx
−$200.1K −$9.05/SF
NOI
$244.6K $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%
$4,891,740
Cap Rate 7%
$3,494,100
Cap Rate 9%
$2,717,633
Alternative Uses
Best Use
Apartment 5plus
$3.49M
$3.06M – $4.08M
NOI $244,587 @ 7.0% cap · market cap 7.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.87M
$5.14M – $6.85M
NOI $411,002 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
24
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
604
Businesses Nearby
Explore this area
Business Placement
Demographics for 97301, OR
56,393
Population
21,419
Households
2.6
Avg Household Size
34
Median Age
18%
College-Educated
81%
High-School Grad
11.3 sq mi
ZIP Area
4,991
Density / Sq Mi
$57,497
Median Household Income
$33,220
Median Earnings
$1,197
Median Rent
$310,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Hideaway Court is a 24-unit, two-story garden-style apartment community with on-site laundry and surface parking.
Where is this apartment building located?
The property is located at 4135 State St Salem, OR.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 24‑unit, two‑story garden‑style apartment community built in 1971 in Salem’s East Lancaster neighborhood; Unit mix: 6 one‑bedroom/one‑bath averaging 600 SF and 18 two‑bedroom/one‑bath averaging 820 SF (overall average 716 SF); 30 surface parking spaces (1.3 spaces per unit) plus on‑site laundry facilities
