3522 Ibis St Salem, OR 97305

Property Details for 3522 Ibis St

Year built

1968

Lot size

0.13 lot acres

Property size

2,010 SF

Property type

Small apartment buildings

APN

549876

Description

This exceptional investment opportunity presents a well-maintained, fully occupied duplex located in Salem, Oregon. The property, situated on a 0.13-acre lot in a desirable cul-de-sac location, boasts 2,010 square feet of net rentable space, divided into two units. Built in 1968, this Class C property features one-story buildings and is zoned RM. Each unit offers a wood-burning fireplace, and tenants are responsible for all utilities (water, sewer, and garbage). The property benefits from long-term tenants, with recent rent increases implemented on May 1st. The current monthly rental income totals $2,030 ($880 from one unit and $1,150 from the other). The property is offered at $399,000, representing a price per square foot of $198.51 and a price per unit of $199,500. A significant investment advantage is the 5.30% cap rate, reflecting strong potential returns. Recent improvements include a new roof installed on June 24, 2024, and a $4,000 credit is available for flooring upgrades. The property enjoys convenient access to Interstate 5 and numerous shopping amenities. The property's APN is 549876. This is a stabilized multi-family investment with a proven rental history and highly motivated tenants. This is a rare opportunity to acquire a turnkey investment property in a thriving Oregon market.