3955-3967 Lancaster Dr Salem, OR 97305
- Apartment buildings
- 1.31 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 3955-3967 Lancaster Dr
- Year built
- 1968
- Lot size
- 1.31 lot acres
- Property type
- Apartment buildings
Description
This exceptional value-add multifamily investment opportunity presents a compelling case for astute investors. Located at 3955-3967 Lancaster Dr NE in Salem, Oregon, this property encompasses 17 units within five, two-story buildings, totaling 20,672 net rentable square feet on a 1.31-acre lot. Built in 1968 and zoned RM, the property boasts impressive average unit sizes of 1,216 square feet—38% larger than the Salem market average—currently achieving 100% occupancy with an average rent of $1,435. The current Net Operating Income (NOI) stands at $202,847, yielding a 6.01% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $222,525, resulting in a 6.59% cap rate, based on achievable rents of $1,547 per unit. The property's strategic location adjacent to Chemeketa Community College, serving nearly 30,000 students annually, further enhances its long-term prospects. Salem's robust economy, with a 10-year cumulative rent growth of 6.25% and recent job growth exceeding the national average, underscores the property's strong market fundamentals and potential for substantial returns. The asking price is $3,375,000, translating to $198,529.41 per unit. This presents a rare chance to acquire a well-positioned asset with considerable upside potential in a thriving market.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salem
- County
- Marion
- State
- Oregon
- Longitude
- -122.984
- Latitude
- 44.9766
