1148 37Th Pl Salem, OR 97301

Property Details for 1148 37Th Pl

Year built

1997

Lot size

1.25 lot acres

Property size

38,064 SF

Property type

Commercial real estate

Description

This exceptional 36-unit apartment building in Salem, Oregon presents a compelling value-add investment opportunity. Located on a 1.25-acre lot, this three-story, 38,064 square foot Class B property boasts a desirable 55+ community setting. Built in 1997, the complex comprises entirely of two-bedroom, one-bathroom units, each approximately 900 square feet and featuring modern amenities such as an electric range, refrigerator, dishwasher, in-unit washer/dryer, and electric cadet heaters. All hallways and bathrooms are ADA compliant. Significant recent capital improvements exceed $500,000 and include a new roof (2020), extensive siding and window replacements (Hardi-plank siding), and lobby upgrades. An elevator upgrade has also been completed. Water, sewer, and garbage are included in the rent, with tenants responsible for other utilities. The asking price is $5,800,000, representing $161,111 per unit and $152.37 per square foot. This property offers a strong combination of stable cash flow and significant upside potential through continued value-add strategies within a peaceful and convenient location near Salem's amenities. The building's well-maintained condition and recent upgrades make it an attractive investment for discerning buyers.