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Property profile & analytics
OFF-MARKET
Estimated value
$5,075,000
Apartment buildings
601 Gln Crk NW Rd Salem, OR 97304-3152
Entity Owned
19-yr Hold
~
Est. High Equity
Property ID
US71-0646005
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (100+ UNITS)
Year built
1979
Total area
46,093 SF
Lot
2.74 ac (119,354 SF)
Zoning code
RM2
APN
07321-AD-00303
UPID
US71-0646005
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
$3.51M
Blend (final)
Blend
$5.08M
Owner & transaction history
Coleman Family Investments LLC · 19 yrs held
Coleman Family Investments LLC
since 2007
7 recorded transactions
Zoning & alternative use
RM2 · Salem, OR
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of the Multiple Family Residential-II (RM-II) Zone is to implement the multiple family residential designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards.
Zone name
Multiple Family Residential 2
General category
RESIDENTIAL
Zone area
2,089.96 ac
Source
Realmo
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)
$7,170,000
Current use
Blend value · Realmo final
$5.08M
Range $4.57M – $5.58M · ±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
$110 / 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
Tax billed
$68,544
Tax year 2023
Assessed value
$3,636,890
Assessed 2023
Previous assessed
$3,530,970
+3.0% YoY
Effective rate
1.88%
On assessed value
Assessed land
$295,050
Assessed improvement
$3,341,840
Land market value
$725,590
Improvement market value
$4,659,740
Total market value
$5,385,330
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
1979
Heating
NONE
Buildings
61
Total area
46,093 SF
Lot
2.74 ac (119,354 SF)
Zoning code
RM2
APN
07321-AD-00303
UPID
US71-0646005
Jurisdiction
POLK
Zoning & alternative use
RM2 · Salem, ORZoning RM2 · permitted uses
RM2 · Salem, OR
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The purpose of the Multiple Family Residential-II (RM-II) Zone is to implement the multiple family residential designation of the Salem Area Comprehensive Plan through the identification of allowed uses and the establishment of development standards.
Zone name
Multiple Family Residential 2
General category
RESIDENTIAL
Zone area
2,089.96 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$7.2M
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
1979
Heating
NONE
Buildings
61
Lot
2.74 ac
Current owner
From public records · entity-resolved
Coleman Family Investments LLC
Entity
Mailing address
PO BOX 230214, TIGARD, OR 97281-0214
Ownership since
2007
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 29, 2021
—
Coleman Family Investments LLC
—
Deed
related
$5,350,000 · Umpqua Bk
Jun 1, 2017
—
Coleman Family Investments LLC
—
Grant Deed
related
$5,460,000 · Umpqua Bk
Jul 13, 2007
$7,150,000
Coleman Family Investments LLC
Gre Spring Mountain LLC
Grant Deed
$4,830,000 · Washington Mutual Fsb
Jul 10, 2007
$7,150,000
Owner Name Unavailable
Gre Spring Mtn LLC
Warranty Deed
related
—
Mar 15, 2005
—
Gre Spring Mountain LLC
Harmony Pointe Associates LLC
Grant Deed
$4,408,535 · Homestreet Bank
Mar 10, 2005
—
Owner Name Unavailable
Harmony Pointe Associates LLC
Grant Deed
related
—
Jun 5, 1991
$353,078
Spring Mountain Ltd
Unknown
Grant Deed
—
—
—
Coleman Family Investments LLC
—
Deed Of Trust
related
$5,047,500 · Sterling Bank
—
—
Coleman Family Investments LLC
—
Deed Of Trust
related
$5,350,000 · Umpqua Bk
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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