2Nd St Salem, OR 97304
- Land
- 5.29 lot acres
Current Use by Public Records
- Land
Property Details for 0 2Nd St
- Lot size
- 5.29 lot acres
- Property type
- Land
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Polk
- State
- Oregon
- Longitude
- -123.049
- Latitude
- 44.9456
