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    2Nd St Salem, OR 97304

    Sponsored
    For Sale
    $6,495,000

    5.29-Acre Mixed-Use Land Parcel

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    This exceptional 5.29-acre parcel, located at the Northwest corner of Wallace and 2nd St NW in Salem, Oregon (97304), presents a unique redevelopment opportunity. Priced at $6,495,000 ($28.19/SF), this flat, rectangular site is zoned MU-III, encouraging mixed-use development in a vibrant corridor. The MU-III zoning permits a variety of uses, including retail, office, commercial services, and multi-family residential, catering to the growing West Salem population. Recent city improvements, such as the completion of 2nd Street, have enhanced pedestrian access and connectivity to the site. The property benefits from its location within the West Salem Urban Renewal Area, offering potential access to city grant funds (up to $300,000, with exceptions possible). A Phase I and II environmental assessment confirms a clean site. Significant development cost savings are anticipated through approximately $600,000 in available System Development Charges (SDC) credits. The site's existing underground structure provides parking for an estimated 50 vehicles, maximizing above-ground development potential. High traffic volume (over 40,000 vehicles per day) and proximity to four universities within a 25-mile radius further enhance the property's appeal. This is a blank canvas for a developer seeking to capitalize on a prime location and favorable zoning regulations. The property is located in Flood Zone X.

    Property Features for 0 2Nd St

    General Information

    Property type
    Land
    Lot Size
    230,432 SF

    HighLights

    • 5.29‑acre lot.
    • Clean Phase I & II environmental reports available.
    • Located in West Salem Urban Renewal Area.
    • Approximately $600,000 in available SDC credits.
    • Situated in Flood Zone X.
    • Zoned MU‑III.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Salem
    County
    Polk
    State
    Oregon
    Longitude
    -123.04941037087
    Latitude
    44.945601627067

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    FAQs

    What type of property is this?
    Land - 5.29-Acre Mixed-Use Land Parcel
    Where is this land located?
    The property is located at 2Nd St Salem, OR.
    What is the asking price?
    The asking price for this property is $6,495,000.
    What are key features of this property?
    This property features: 5.29-acre lot.; Clean Phase I & II environmental reports available.; Located in West Salem Urban Renewal Area.
    (503) 559-2694
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    2Nd St Salem, OR 97304
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    Salem, OR 97304
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2Nd St Salem, OR 97304
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