4540 Pringle Rd Salem, OR 97302

Property Details for 4540 Pringle Rd

Year built

1976

Lot size

29.26 lot acres

Property size

1,980 SF

Zone code

RA; RS

Property type

Retail properties

APN

083W11BC03000

APU

083W11BC03000

Description

This exceptional 24-acre property presents a remarkable opportunity for residential development in desirable South Salem, Oregon. Located at 4540 Pringle Rd SE, Salem, OR 97302, this land boasts a prime location with access to city infrastructure including water, sewer, and electric services. Currently zoned RA (Residential Agriculture), the property allows for the development of single-family detached dwellings, including manufactured homes (subject to approval), townhome developments (up to 3 units per platted lot, potentially attached), and senior facilities (conditionally). A conceptual plan outlines the potential for 127 lots, showcasing the significant development potential. The minimum lot size for single-family homes is 4,000 square feet. This family-owned property, spanning approximately 24 acres (from a total of 29.68 acres, with the seller retaining roughly 5.5 acres), offers a compelling investment opportunity. The property's value is further enhanced by a strong local market, with median home sale prices exceeding $420,000 within a 1.5-mile radius for homes built in 2017 or later on lots ranging from 3,000 to 7,000 square feet. The asking price is $4,260,000, translating to $177,500 per acre. This represents a unique chance to acquire a substantial parcel of land with significant upside potential in a thriving community. The property is situated in Marion County. A Planned Unit Development may also be feasible.