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    2499 Wallace Rd Salem, OR 97304

    • Apartment buildings
    • 341,102 SF
    • 8.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 2499 Wallace Rd

    Year built
    2025
    Lot size
    8.00 lot acres
    Property size
    341,102 SF
    Property type
    Apartment buildings

    Description

    This exceptional value-add investment presents a unique opportunity to acquire a partially completed, 201-unit Class A apartment complex in Salem, Oregon's burgeoning West Salem community. The project, encompassing eight three-story buildings totaling 341,102 square feet, is approximately 65% complete horizontally. Detailed plans and permits are in place for a comprehensive amenity package including a fitness center, resident pool and clubhouse, walking trails, green space, and an on-site management office. Situated on an 8-acre lot at 2499 Wallace Rd NW, 97304, this development enjoys a prime location adjacent to a completed Phase 1 and a thriving retail area featuring a shopping center, food truck pod, and pavilion. The current asking price is $16,000,000, representing a price per square foot of $58.63 and a price per unit of $99,502.49. The property boasts a current NOI of $3,260,666. The seller is open to negotiating developer fees to complete the project to its full potential. This is a compelling opportunity for investors seeking a significant return in a high-growth market. The property is zoned for multi-family use and is projected for completion in 2025.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Salem
    County
    Polk
    State
    Oregon
    Longitude
    -123.064
    Latitude
    44.9696

    Comparable in this City

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      55,271 SF

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      50,000 SF

      270 Cameo NW St

      APARTMENT HOUSE (100+ UNITS) • 50,000 SF
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      2,880 SF

      1338 3Rd St

      Multifamily properties • 2,880 SF
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    • Value Estimation by Request
      82,158 SF

      201 Senate NW St

      APARTMENT HOUSE (100+ UNITS) • 82,158 SF
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    • Value Estimation
      $400,000
      5,626 SF

      1330 Plz NW St

      APARTMENT HOUSE (5+ UNITS) • 5,626 SF
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    • Value Estimation
      $455,000
      7,317 SF

      180 Stoneway NW Ter, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 7,317 SF
      180 Stoneway NW Ter, Salem, OR 97304-4526
      View Details

    Similar Nearby for Sale

    • $2,075,000
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      West Salem Multifamily Development Opportunity

      Two parcels totaling 9 acres with multifamily development potential.
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      Prime Salem location, stunning views, high development potential.
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    Similar Nearby for Lease

    • $28 SF/Yr
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      High-Visibility Retail Space Available in West Salem
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      Retail Space in Salem, Oregon

      Retail space available for lease in Salem, Oregon.
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    • $1.85 SF/Yr
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      West Salem Retail Space - 2456 SF

      Prime West Salem location, remodeled retail space. Ideal for various uses.
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    • $2 SF/Yr
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      Medical Office Space Available

      High-traffic medical office space available July 2025 in Salem.
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    • $1.50 SF/Yr
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      Retail Space in High-Traffic Area

      Retail space with restroom, bathroom, and kitchen in Salem.
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    2499 Wallace Rd
    Salem, OR 97304
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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
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