925 14Th St Salem, OR 97301

Property Details for 925 14Th St

Year built

1930

Lot size

0.30 lot acres

Property size

684 SF

Property type

Commercial real estate

APN

073W23DB15500

Description

This exceptional value-add investment opportunity presents a six-unit apartment building located at 925 14th St NE, Salem, OR 97301. The property consists of a duplex and an adjacent four-plex situated on a 0.3-acre lot, zoned RM2. Built in 1930, the two-story buildings offer a combined 4,630 square feet of net rentable space, with individual unit sizes ranging from 684 to 864 square feet. Currently, the occupancy rate is 33.3%, with two units under month-to-month leases exceeding one year in length. Four units are vacant, undergoing renovations including painting, bathroom tiling, and LVP flooring installation. Significant improvements have already been made, including extensive landscaping, plumbing and sewer line upgrades, and the installation of a separate electrical service for the duplex. Abundant building materials, such as LVP flooring, PEX piping, and sheetrock, are on-site, ready for use in the duplex's unfinished downstairs unit. The property boasts five parking spaces and offers a pro-forma NOI of $64,291, resulting in a pro-forma cap rate of 9.74%. The asking price is $660,000, or $110,000 per unit. This property presents a compelling opportunity for investors seeking significant upside potential through lease-up and further renovations. Showings of the vacant units are readily available by appointment