3487 Orchard Heights Rd Salem, OR 97304

Property Details for 3487 Orchard Heights Rd

Year built

2013

Lot size

4.65 lot acres

Property size

3,950 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a three-unit single-family rental portfolio situated on a spacious 4.65-acre lot in Salem, Oregon. The property consists of three upgraded homes, offering significant cash flow potential. The main house, built in 2013, boasts 2 bedrooms, 2 bathrooms, and an office that could easily function as a third bedroom, all within 3,950 square feet of living space. Two additional one-bedroom, one-bathroom homes provide further rental income. Currently, one unit generates $1250 monthly rent, with potential for increased rental income in the other two units, estimated at $1500-$1800 per month each. The property also includes a large barn with a game room above, ample parking, a riding mower, a spring-fed pond, an open shed, and a covered RV area. The property is zoned SR. The asking price is $1,500,000, representing $500,000 per unit and $379.75 per square foot. The seller is motivated and will consider carrying a portion of the financing over $1,000,000 at a 3% interest rate. This property offers a unique blend of income generation and attractive acreage, making it an ideal investment for discerning buyers. The current occupancy rate is 33%. Additional improvements include tile and marble throughout the homes. A 20x30 auxiliary building provides extra storage or potential for expansion.