SE Salem Portfolio€¦ · 77.89% White, 1.67% Black, 0.94% Native American and 2.60% Asian/Pacific Islander. Compare these to US averages which are: 70.07% White, 12.87% Black, 0.19%

Multi-Family Housing & Office Space in Bustling Salem NeighborhoodSE Salem Portfolio

1140-1144, 1162, 1847 13th St SE* Salem * OR * 97302

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and

should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified

information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the

future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or

asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any

tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be

reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these

matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to

verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary,

especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on

behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus &

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financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections,

analyses, and decision-making.

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ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

THERESA TERRACE APARTMENTS

Portland, OR

ACT ID ZAB0210141

2

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

3

4

CONTENTS:Investment Overview 05The Properties 09Market Overview 16Financial Summary 25Market Comparables 30

Exclusively listed by:

SE SALEMPORTFOLIO1140-1144,1162 & 1847

13th Street SE

Salem, OR 97302

1162 SE 13th St.

1140-1144 SE 13th St.

the INVESTMENT OVERVIEW

5

6

EXECUTIVE SUMMARYSE SALEM PORTFOLIO

Price $1,700,000 16 Apartments Units2 Commercial Offices

MIX: 16 -One Bedroom / One Bath Flats2 –Commercial Office Spaces

VITAL DATA

Price $1,700,000 CURRENT PRO FORMA

Down Payment25% /

$500,000CAP Rate 6.05% 7.00%

Loan Amount $1,275,000 GRM 10.64 8.89

Loan TypeProposed

New

Net Operating Income

$102,842 $118,959

Interest Rate / Amortization

3.85% / 30 Years

Net Cash Flow After Debt Service

7.32% / $31,114

11.11% / $47,231

Price/Unit $94,444Total Return

12.74% / $54,158

16.75% / $71,178

Price/SF $149.78

Number of Units 18

Rentable Square Feet

11,129

Year Built1912/1946/

1971

Lot Size 0.68 acre(s)

1140-1144 SE 13th St.

7

▪ - 7% Pro Forma Cap Rate▪ - 2.9% Typical Market Vacancy▪ - Walkable to Downtown Salem▪ - Walk Score of 80 “Very Walkable”▪ - Significant Capital Upgrades in Past Five Years

Marcus & Millichap is pleased to exclusively represent the sale of the SE SalemPortfolio, a group of conveniently-located assets in Salem, Oregon. The properties arecomprised of 18 units, 16 of which are one bedrooms apartments, complemented bytwo commercial office spaces. 1140-1144 13th St SE include two two-story buildings,each with four apartments. Both buildings received extensive capital upgrades in 2016,including new membrane roofs, windows, siding, paint and interior and systemupgrades. Immediately next door is 1162 13th St SE, which houses the two commercialoffices, and also received significant upgrades in 2016 (all upgrades detailed on page8). Just a half-mile south is 1847 13th St SE, comprised of two single-story buildings,each with four units. The single-story layout is very appealing to tenants, as supportedby the long-term tenant history. Six of the eight units at 1847 have been updatedTwelve of the 16 apartments offer individual exterior entries, and all offer off-streetparking.

Upside can be achieved via several avenues. Rents are approximately 8.44% belowmarket, allowing for solid achievable rent growth. Additionally, free laundry is providedat 1140-1144, allowing for introduction of coin-op machines to recapture income. Thecommunities both feature off-street parking.

8

1140-1144 13 St SE*New Roofs (Membrane)*Siding*Windows*Kitchen Cabinets*Appliances*Updated Bathrooms*Electrical Panels*Water Heaters

1162 13 St SE*New Sheet Rock*Water Heaters*Cadet Heaters*Carpet*Appliances

1847 13 St SE*New Pitched Comp Roof on One Building*Miscellaneous Unit Updates in Six of the Eight Units

RECENT CAPITAL IMPROVEMENTS (approx. past 5 years)

the PROPERTIES1847 SE 13th ST.

10

❖ Majority of Units Recently Remodeled

❖ Tile Surrounds & Granite Counters in Select Units

❖ Attractive Curb Appeal

❖ Yard Space for Select Units

❖ Updated Vinyl Windows

❖ Dishwashers in Each Unit

❖ On-Site Laundry Facility

❖ Plentiful Off-Street Parking

1162 SE 13th St

1847 SE 13th St

11

1140-1144 SE 13th St

1847 SE 13th St

12

Site Description:Number of Units 16 Apartments & 2 Office Spaces

Year Built 1912, 1946 & 1971

Zoning IC – Industrial Commercial

Number of Buildings 5

Number of Stories 2

Rentable Square Feet 11,129

Lot Size 0.68 acre

Parking16 Spaces (1140-1162)

10 Spaces (1847)

Parking Ratio 1.44:1

Landscaping Mature Trees, Shrubs, Lawn

Topography Level

Utilities:

Water/Sewer Paid by Owner

Electric Paid by Tenant

Trash Paid by Owner

Construction:

Foundation Crawl Space & Slab

Framing Wood

Exterior Stucco and T1-11

Roof

Membrane, 2016 (1140-1144)Metal Roof (1162)

Pitched Comp Shingle, One 2018 (1847)

13

About the Property Location:

Southeast Salem offers a suburban lifestyle withurban accessibility and amenities. The area is just ashort drive or walk from downtown Salem, andoffers many diverse shopping and dining options.There are several parks, grocers, andentertainment options, as well as breweries, coffeeshops and boutique shops all within 1.5 miles ofthe property.Residents of Southeast Salem enjoy excellentaccess to key points throughout the area:

• Downtown Salem – 1.4+ miles• State Capitol Building – 1.1+ miles• Chemeketa Community College – 5.2+ miles• Salem Saturday Market – 1.4+ miles• Bush’s Park/Gilmore Field Park – 0.3 miles• Salem Health Hospital – 0.7+ miles• Oregon Coast – 55 miles• Downtown Portland – 45 miles

The inherent walkability and growing vibrancy ofdowntown Salem provide area amenities thatattract tenants interested in enjoying all that Salemhas to offer.

1140-1144 SE 13th St

14

SE Salem Portfolio

Salem, OR

Is Conveniently Located on

The I-5 Corridor1847 SE 13th St

1140-1144, 1162SE 13th St

Conveniently Located Within Walking Distance of Downtown Salem

Within Walking Distance of: Downtown Salem,

State Capitol Building,Chemeketa Community College,

Salem Saturday Market,Riverfront City Park,

Salem Health Hospital

Walking Distance 20-minute Radius

1140-1144 & 1162 13 St SE

the MARKET OVERVIEW

Major employers of Salem include worldwide headquarters of Onity, a technology company and Oregon government jobs

Salem has several distribution centers including Amazon’s new warehouse in Southeast Salem which will open in 2019 and provide approximately 1,500 new jobs

19

MARKETING TEAM

Income

In 2019, the median household income for your selected geography is

$41,697, compare this to the US average which is currently $60,811.

The median household income for your area has changed by 33.40%

since 2000. It is estimated that the median household income in your

area will be $49,178 five years from now, which represents a change

of 17.94% from the current year.

The current year per capita income in your area is $26,374, compare

this to the US average, which is $33,623. The current year average

household income in your area is $62,127, compare this to the US

average which is $87,636.

Population

In 2019, the population in your selected geography is 13,702. The

population has changed by 2.54% since 2000. It is estimated that the

population in your area will be 13,952.00 five years from now, which

represents a change of 1.82% from the current year. The current

population is 49.03% male and 50.97% female. The median age of

the population in your area is 32.68, compare this to the US average

which is 38.08. The population density in your area is 4,350.03 people

per square mile.

Households

There are currently 5,502 households in your selected geography. The

number of households has changed by 7.11% since 2000. It is

estimated that the number of households in your area will be 5,648

five years from now, which represents a change of 2.65% from the

current year. The average household size in your area is 2.18 persons.

Employment

In 2019, there are 26,769 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

55.61% of employees are employed in white-collar occupations in

this geography, and 42.67% are employed in blue-collar occupations.

In 2019, unemployment in this area is 5.31%. In 2000, the average

time traveled to work was 23.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

77.89% White, 1.67% Black, 0.94% Native American and 2.60%

Asian/Pacific Islander. Compare these to US averages which are:

70.07% White, 12.87% Black, 0.19% Native American and 5.66%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 19.38% of the current year

population in your selected area. Compare this to the US average of

18.17%.

Housing

The median housing value in your area was $213,149 in 2019,

compare this to the US average of $212,058. In 2000, there were

2,172 owner occupied housing units in your area and there were

2,966 renter occupied housing units in your area. The median rent at

the time was $426.

Source: © 2019 Experian

*1140-1144 & 1162 SE 13th

20

DEMOGRAPHICS*

101,443Total Population within Three

Mile Radius

GENDER

Average Household Income

in One Mile Radius

Median Housing Value within

One Mile Radius

5,502Total Households in One Mile Radius

8.63%From 2010

$62,127 $213,149

50.11%

49.89%

*1140-1144 & 1162 SE 13th

21

Source: © 2019 Experian

*1140-1144 & 1162 SE 13th

Created on August 2020

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2024 Projection

Total Population 13,952 104,355 228,725

▪ 2019 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Daytime Population

2019 Estimate 42,160 149,911 236,713

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2024 Projection

Total Households 5,648 40,797 85,539

▪ 2019 Estimate


Average (Mean) Household Size 2.18 2.42 2.57

▪ 2010 Census


▪ 2000 Census


Growth 2015-2020 2.65% 3.41% 4.34%

HOUSING UNITS 1 Miles 3 Miles 5 Miles

▪ Occupied Units

2024 Projection 5,648 40,797 85,539

2019 Estimate 5,706 40,563 83,675

Owner Occupied 2,170 18,895 43,823

Renter Occupied 3,331 20,558 38,156

Vacant 204 1,110 1,695

▪ Persons In Units

2019 Estimate Total Occupied Units 5,502 39,453 81,980

1 Person Units 41.20% 34.05% 29.04%

2 Person Units 30.13% 30.98% 32.01%

3 Person Units 13.09% 13.84% 14.77%

4 Person Units 7.76% 10.49% 12.01%

5 Person Units 3.87% 5.55% 6.50%

6+ Person Units 3.94% 5.10% 5.66%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2019 Estimate

$200,000 or More 2.81% 2.69% 2.88%

$150,000 - $199,000 3.40% 3.50% 3.72%

$100,000 - $149,000 9.81% 12.04% 13.39%

$75,000 - $99,999 9.59% 12.84% 13.79%

$50,000 - $74,999 17.61% 19.63% 21.20%

$35,000 - $49,999 14.04% 14.04% 13.56%

$25,000 - $34,999 13.13% 10.93% 10.50%

$15,000 - $24,999 13.44% 11.37% 10.47%

Under $15,000 16.15% 12.96% 10.48%

Average Household Income $62,127 $67,082 $71,044

Median Household Income $41,697 $50,841 $55,838

Per Capita Income $26,374 $27,173 $27,110

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2019 Estimate Total Population 13,702 101,443 220,321

Under 20 25.62% 26.20% 27.42%

20 to 34 Years 27.63% 23.67% 22.29%

35 to 39 Years 5.97% 6.73% 6.84%

40 to 49 Years 10.77% 12.10% 12.24%

50 to 64 Years 18.28% 17.76% 17.49%

Age 65+ 11.73% 13.54% 13.69%

Median Age 32.68 35.10 35.20

▪ Population 25+ by Education Level

2019 Estimate Population Age 25+ 8,660 67,086 144,121

Elementary (0-8) 5.47% 5.86% 5.77%

Some High School (9-11) 7.21% 7.54% 7.73%

High School Graduate (12) 23.07% 26.16% 25.79%

Some College (13-15) 24.27% 25.01% 25.39%

Associate Degree Only 8.15% 7.96% 8.50%

Bachelors Degree Only 17.07% 16.10% 15.86%

Graduate Degree 13.70% 9.64% 9.23%

▪ Population by Gender

2019 Estimate Total Population 13,702 101,443 220,321

Male Population 49.03% 50.11% 49.74%

Female Population 50.97% 49.89% 50.26%

22

OVERVIEW

Oregon’s state government is located in Salem, providing a stabilizing

influence on the metro economy. The market is composed of Marion and

Polk counties. The area is also known for its lumber and agriculture

industries, which are supported by lush forests, lakes and rivers. Nearby

wildlife refuges and state parks provide an abundance of recreational

activities. Salem is home to several postsecondary institutions, including

one of the oldest universities in the west, Willamette University.

DEMOGRAPHICS

ECONOMY

METRO HIGHLIGHTS

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

1140-1144 13TH PLACE SOUTH EAST

LUMBER PRODUCTION

Several forests are located near the area, benefiting Salem’s strong lumber

industry, which supports thousands of workers.

DISTRIBUTION CENTER

With its location halfway between Portland and Eugene, the market serves as a

prime distribution hub for the region.

AGRICULTURAL PRODUCTION

The Willamette River supports a strong agriculture industry in Salem, which

employs tens of thousands of individuals.

▪ Home Depot, FedEx and Henningsen Cold each have large distribution centers in Salem. Wilco, an

agriculture supply firm, also has a distribution facility in the area.

▪ Agriculture is a dominant part of the Salem metro’s economy. The area’s primary crops include

wheat and hops, but several fruits including strawberries and prunes are grown here. Major

agriculture employers include Truitt Family Foods, Diamond Foods and Wilmette Valley Fruit.

▪ Other segments important to the local economy include government, aerospace, manufacturing and

technology. Additionally, several colleges and universities in the region support the region’s growing

need for a skilled workforce.

418K

2017POPULATION:

150K

2017HOUSEHOLDS:

36.5

2017MEDIAN AGE:

$52,500

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

37.8U.S. Median:

$56,3005.9%

Growth2017-2022*:

3.2%

Growth2017-2022*:

SALEM: The Historic Heart of Oregon

23

DEMOGRAPHICS

propertyname

Wave of Young Professionals, Healthy Local Economy

Maintain Investor Sentiment Despite New Rent Cap

Competition for talent motivates strong migration trends. The Portland apartment sector enters the

next decade on solid footing as an influx of new residents call the metro home, many being young

professionals drawn by a large corporate presence. A highly skilled workforce encourages tech titans

Amazon, Google and Apple to increase their hiring efforts in the metro on top of large contributions to

the employment base by Nike, Adidas and Under Armour. In addition to a healthy job outlook and

growing economy this year, young workers are enticed by a lower cost of living in contrast to other

West Coast metros, bolstering demand for rental housing. Many of these are choosing to lease an

apartment longer as they are not ready to commit to a 30-year mortgage, motivating developers to

boost apartment inventory substantially as the market contends with a shortage of housing. More

than 9,000 market-rate units were underway at the onset of 2020, with the greatest focus placed on

areas near major employers and transit access including Central and East Portland.

No shortage of investment opportunities following new regulations. Oregon made headlines last year

as the first state in the nation to enact statewide rent control, causing some investors to reevaluate

their strategies. Despite increased local and statewide regulations, investor sentiment holds strong

against a backdrop of robust underlying demand, tight operations across the metro and another year

of favorable rent growth. Elevated initial yields also grab the attention of investors as the market

average is the highest on the West Coast, falling in the mid-5 percent band. Fewer restrictions and

returns that are 50 to 100 basis points above the market average will keep buyers active in Portland’s

suburbs this year, including Beaverton, Vancouver and East Portland. Institutional groups have

become a major participant in recent years, boosting liquidity in the market for large and modern

complexes positioned toward higher-income renters.

* Estimate; ** Forecast

Sources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.

24

Best Beer State in America (Thrillist) - #2 Oregon

10 Best Foodie Cities in America (WalletHub) - #1 Portland, OR

the FINANCIAL SUMMARY

26

27

28

29

Loan information provided by Collin Kautz(503) [email protected]

the MARKET COMPARABLES

31

SALES COMPARABLES

SE SALEM PORTFOLIO

(SUBJECT)

3414-3458 30th Ave NE

Westview Manor

Carleton Way Apartments

Laurie Ann Apartments

127-177 Sunset Ave N

DPP Apartments

Summerpark Apartments

Heritage Hills Apartments

Churchdale Apartments

SALES COMPARABLES

32

SALES COMPARABLES AVERAGES

Avg. $116,947

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

Cypress

Garden

Apartments

3414-3458

30th Ave NE

Westview

Manor

Carleton

Way

Apartments

Laurie Ann

Apartments

127-177

Sunset

Ave N

DPP

Apartments

Summerpark

Apartments

Heritage

Hills

Apartments

Churchdale

Apartments

Average Price Per Unit

Average Cap Rate

0.0

0.7

1.4

2.1

2.8

3.5

4.2

4.9

5.6

6.3

7.0

1140-1144

13th Place

South East

127-177

Sunset

Ave N

DPP

Apartments

Churchdale

Apartments

Laurie Ann

Apartments

Carleton

Way

Apartments

Summerpark

Apartments

Cypress

Garden

Apartments

Avg. 5.7

Avg. 5.57

SALES COMPARABLES

IN ESCROW COMPARABLES

SALES COMPS AVG

IN ESCROW COMPS AVG

33

SALES COMPARABLES

SALES COMPARABLES

1

Units Unit Type

Close Of Escrow: 11/13/2019 24 2 Bdr 1 Bath Flat

Sales Price: $1,900,000

Price/Unit: $105,556

Price/SF: $135.71

Total No. of Units: 18

Year Built: 1979

NOTES

Property was an off-market deal. Buildings have desirable metal roofs.

Units are single story and all have washer/dryer hookups and small private

yards.

3414-3458 30TH AVE NE3414-3458 30th Ave NE, Salem, OR, 97301

Units Unit Type


Sales Price: $1,050,000 2 2 Bdr 1 Bath Flat

Price/Unit: $95,455

Price/SF: $120.30

CAP Rate: 5.42%


Year Built: 1967

2

NOTES

Property has updated windows, new paint and on-site laundry facility.

Units had dated interiors, but unit mix is comparable to subject property.

127-177 SUNSET AVE N127-177 Sunset Ave N, Keizer, OR, 97303

Units Unit Type

Offering Price: $1,700,000 16 One Bdr One Bath

Price/Unit: $94,444 2Office w Kitchen & 1 2

Bath

Price/SF: $149.78

CAP Rate: 6.05%

GRM: 9.86


Year Built:1912, 1946 &1971

SE SALEM PORTFOLIO1140-1144, 1162 & 1847 13th St SE, Salem, OR, 97302

34

SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


SALES COMPARABLES

Units Unit Type




Price/SF: $123.61

CAP Rate: 5.14%


Year Built: 1979

3

NOTES

Property had been newly renovated with new HardiPlank siding with

exterior paint and newly paved parking lot. There is an on-site laundry

facility. Interiors have new carpet and flooring. The location is inferior to

the subject property.

DPP APARTMENTS3654-3664 47th Ave NE, Salem, OR, 97305

4

Units Unit Type




Price/SF: $153.52

CAP Rate: 5.75%


Year Built: 1993

NOTES

Buyer planned to convert a laundry area into a 13th unit. The property

offered off-street parking, and was located one block from significant

retail.

CHURCHDALE APARTMENTS212-236 Churchdale Ave N, Keizer, OR, 97303

Units Unit Type




Price/SF: $147.93

CAP Rate: 6.22%


Year Built: 1979

5

NOTES

Property was listed by Rhoades-Corso Group. Roof was replaced during

escrow period. There is an on-site laundry facility. Majority of the units

were updated with new LVP flooring and new appliances.

LAURIE ANN APARTMENTS390-414 Madrona Ave SE, Salem, OR, 97302

35

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


SALES COMPARABLES

7

Units Unit Type




Price/SF: $150.11

CAP Rate: 6.00%

GRM: 10.24


Year Built: 1957

NOTES

Eight of the units were built in 1957 and 10 units were built in 1993. There

are washer/dryer hookups in all the units with spacious floor plans.

Property and units have been renovated and included new cabinets, new

LVP flooring. Rent growth potential was minimal.

SUMMERPARK APARTMENTS1311-1329 6th St NW, Salem, OR, 97304

Units Unit Type


Sales Price: $4,550,000 24 2 Bdr 1 Bath Flat


Price/SF: $138.72


Year Built: 1972

8

NOTES

Property had below market rents and dated interiors. Buyer planned to

renovate to bring rents to market. Features included a pool and on-site

laundry. Unit mix was inferior to subject property but location was

comparable.

HERITAGE HILLS APARTMENTS3875 Liberty Rd S, Salem, OR, 97302

Units Unit Type




Price/SF: $236.36

CAP Rate: 5.85%


Year Built: 1937

6

NOTES

This property was flipped by a contractor and originally purchased at a

very low price per unit. At the time of sale this property was had a

complete full renovation from roof, interiors, exteriors and all plumbing and

electrical systems. Property was reframed with new layouts. Units had

granite counter-tops, LPV flooring and stainless steel appliances.

CARLETON WAY APARTMENTS2005-2007 Carleton Way NE, Salem, OR, 97301

36

SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


SALES COMPARABLES

Units Unit Type

In Escrow 4 1 Bdr 1 Bath Flat

List Price: $2,000,000 14 2 Bdr 1 Bath Flat


Price/SF: $162.07

CAP Rate: 5.57%


Year Built: 1966

9

NOTES

Location is very superior, but comparable has more deferred maintenance

than the subject. Property was listed and sold by Rhoades-Corso Group.

CYPRESS GARDEN APARTMENTS1604-1640 Chemeketa St NE, Salem, OR, 97301

37

RENT COMPARABLES

8

CYPRESS GARDENS

(SUBJECT)

1346 12th St SE

1461-1491 Lee St SE

Brookwood Terrace

Apartments

Bush Park

The Beverly

4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

5

38

PROPERTY NAMEAVERAGE RENT - MULTIFAMILY

AVERAGE RENT - MULTIFAMILY

Avg. $828

$0

$90

$180

$270

$360

$450

$540

$630

$720

$810

$900

1140-1144

13th Place

South East

1346 12th

St SE

1461-1491

Lee St SE

Brookwood

Terrace

Apartments

Bush Park The Beverly

1 Bedroom

39

RENT COMPARABLES

OCCUPANCY: 100% | YEAR BUILT: 1992

1

NOTES

This property features covered parking and garages, laundry facilities,

fitness center, clubhouse, and a library. The units include basic amenities,

washer/dryer hookups and washer/dryer in select units, patio/deck or

balcony. Water/sewer and trash are paid via an additional $40 for one-bed,

$50 for two-bed, and $60 for three-bed units that has been added into

rent.

Unit Type Units SF Rent Rent/SF

1 Bdr 1 Bath Flat 4 500 $1,020 $2.04

1 Bdr 1.5 Bath Flat 6 855 $1,100 $1.29

2 Bdr 1 Bath Flat 6 990 $1,250 $1.26

2 Bdr 1.5 Bath Flat 26 900 $1,235 $1.37

2 Bdr 2 Bath Flat 19 1,090 $1,350 $1.24

3 Bdr 2.5 Bath Twnhs 2 1,850 $1,745 $0.94

Total/Avg. 63 966 $1,261 $1.30

RIPPLING BROOK TERRACE3758 Mica View Ct SE, Salem, OR, 97302

2


NOTES

This property features on site parking. The units include washer/dryer

hookups, patios/decks, dishwashers, and walk in closets. Water/sewer,

and trash are paid via an additional $35 for one-bed $40 for two-bed, and

$45 for three-bed units that has been added into rent.


1 Bdr 1 Bath Flat 2 750 $985 $1.31

2 Bdr 1 Bath Flat 8 1,026 $1,035 $1.01

2 Bdr 2 Bath Flat 2 1,000 $1,060 $1.06

Total/Avg. 12 976 $1,031 $1.06

WINTER GARDEN APARTMENTS 603 Winter St NE, Salem, OR, 97301

YEAR BUILT: 1912, 1946 & 1971

rentpropertyname1



One Bdr One Bath

16 630 $805 $1.28

Office w Kitchen & 1 2 Bath

2 635 $750 $1.18

Total/Avg. 18 631 $799 $1.27

SE SALEM PORTFOLIO1140-1144, 1162 & 1847 13th St SE, Salem, OR, 97302

40

RENT COMPARABLES


3


2 Bdr 1 Bath Flat 27 897 $1,155 $1.29

Total/Avg. 27 897 $1,155 $1.29

NOTES


hookups, patios, decks, dishwashers, and walk in closets. Water/sewer

and trash are included.

BROWNING AVENUE 110 Browning Ave SE, Salem, OR, 97302


4

NOTES

This property features on-site parking, laundry facilities, storage units, and

is gated. The units feature basic kitchens and laminate floors. Water/sewer

and trash are included in rent.


Studio 1 Bath Flat 10 315 $776 $2.46

1 Bdr 1 Bath Flat 18 495 $861 $1.74

2 Bdr 1 Bath Flat 5 600 $979 $1.63

Total/Avg. 33 456 $853 $1.87

THE DEVEREAUX1484-1492 State St, Salem, OR, 97301

5


NOTES


hookups, patios/decks, dishwashers, and walk in closets. Water/sewer

and trash are paid by owner.


Studio 1 Bath Flat 4 475 $725 $1.53

1 Bdr 1 Bath Flat 6 529 $765 $1.45

2 Bdr 1 Bath Flat 4 850 $950 $1.12

Total/Avg. 14 605 $806 $1.33

FAIRMOUNT1169 Fir St S, Salem, OR, 97302

41

RENT COMPARABLES


6


2 Bdr 1.5 Bath Twnhs 16 1,100 $1,150 $1.05

Total/Avg. 16 1,100 $1,150 $1.05

NOTES

This property features a swimming pool, courtyard, laundry facilities on

site, and covered parking. The units feature washer/dryer hookups, gas

fireplaces, and dishwashers. Water,/sewer and trash removal is included.

JAMESTOWN261 Missouri Ave S, Salem, OR, 97302

YEAR BUILT: 1973

7

NOTES

This property features covered and surface parking, on-site laundry

facilities, and green space. The units are spacious with basic kitchen

amenities, dining areas, and private patios/decks. Water/sewer and trash

are paid via an additional $50 for two bedroom and $60 for three bedroom

units which has been added to the rent.


2 Bdr 1 Bath Flat 18 855 $1,025 $1.20

3 Bdr 2 Bath Flat 2 1,075 $1,135 $1.06

Total/Avg. 20 877 $1,036 $1.18

VISTA TERRACE3374 Liberty Rd S, Salem, OR, 97302

8


NOTES

Property has on-site laundry. Units have patios/decks and most

apartments have updated LVP flooring. Water/sewer and trash are

included in rent.


2 Bdr 1 Bath Flat 13 780 $1,005 $1.29

Total/Avg. 13 780 $1,005 $1.29

LAURIE ANN APARTMENTS390 Mardrona S, Salem, OR, 97302

42

RENT COMPARABLES


9


1 Bdr 1 Bath Flat 4

2 Bdr 1 Bath Flat 6

2 Bdr 2 Bath Flat 2 $1,095

Total/Avg. 12 $1,095

NOTES

Property has in well located close to downtown and sits on top of a creek.

There are carports and on-site laundry. Units have decks and patios and

updated windows. Water/sewer and trash are included in rent.

MILLBROOK TERRACE761 Church St NE, Salem, OR, 97301

43

Documents

SE Salem Portfolio€¦ · 77.89% White, 1.67% Black, 0.94% Native American and 2.60% Asian/Pacific Islander. Compare these to US averages which are: 70.07% White, 12.87% Black, 0.19%