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Property profile & analytics
OFF-MARKET
Estimated value
$10,295,000
Apartment buildings
1960 Wallace NW Rd, Salem, OR 97304-2170
Individually Owned
16-yr Hold
Free & Clear
Property ID
US71-0746419
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
2013
Total area
94,444 SF
Lot
2.63 ac (114,563 SF)
Zoning code
RM2
APN
07315-00-00500
UPID
US71-0746419
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.48M
Blend (final)
Blend
$10.30M
Owner & transaction history
Owner Name Unavailable · 16 yrs held
Owner Name Unavailable
since 2010
5 recorded transactions
Zoning & alternative use
RM2 · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Salem submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Salem submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$14,685,000
Current use
Blend value · Realmo final
$10.30M
Range $9.27M – $11.32M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$109 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$7,758,070
Assessed 2023
Previous assessed
$7,532,110
+3.0% YoY
Assessed land
$429,150
Assessed improvement
$7,328,920
Land market value
$744,460
Improvement market value
$13,534,480
Total market value
$14,278,940
Applied tax rate
3,201.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Status
Off-Market
Year built
2013
Heating
FORCED AIR
Buildings
5
Stories
1
Rooms
8
Bathrooms
2
Total area
94,444 SF
Lot
2.63 ac (114,563 SF)
Zoning code
RM2
APN
07315-00-00500
UPID
US71-0746419
Jurisdiction
POLK
Zoning & alternative use
RM2 · Salem, OR
Zoning RM2 · permitted uses
RM2 · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Salem. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$14.7M
APARTMENT HOUSE (5+ UNITS) Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2013
Heating
FORCED AIR
Stories
1
Buildings
5
Rooms
8
Bathrooms
2
Lot
2.63 ac
Current owner
From public records · entity-resolved
Owner Name Unavailable
Individual
Free & Clear · 16 yrs held
Mailing address
1962 WALLACE RD NW, SALEM, OR 97304-2121
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 30, 2020
—
Riverbend Hts Apts LLC
—
Deed
related
$15,150,000 · Grandbridge R/e Cap
Nov 7, 2014
—
Heights Apartments L Riverbend
—
Grant Deed
related
$9,100,000 · Grandbridge R/e Cap
Jan 11, 2010
$225,000
Owner Name Unavailable
Hd5 LLC
Warranty Deed
related
—
—
—
Heights Apartments L Riverbend
—
Loan Modification
related
—
—
—
Riverbend Hts Apts LLC
—
Deed Of Trust
related
$15,150,000 · Grandbridge R/e Cap
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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