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Salem Parkway Apartments 2520 Hyacinth St NE 117 Unit Apartment Building $18,396,300 CAD ($157,233 CAD/Unit) 6.20% Cap Rate Salem, OR 97301
Executive Summary
Salem Parkway Apartments is a 117-unit multifamily community offering investors the opportunity to acquire a stabilized asset at an attractive basis of approximately $111,100 per unit—well below estimated replacement cost. Recent ownership has invested more than $1.1 million in capital improvements, including extensive building envelope, roofing, parking lot, security, and mechanical upgrades, significantly reducing near-term capital expenditure needs while select renovated interiors provide additional upside. Situated on three tax lots, the property also offers a rare value-add component through the potential for future expansion, with preliminary plans envisioning an additional 62 units. Complementing its strong physical fundamentals, Salem Parkway benefits from professional on-site management, ample parking, and a desirable North Salem location with convenient access to Interstate 5, major employers, shopping, dining, recreation, and public transit, supporting long-term occupancy and stable cash flow.
Property Facts
| Price | $18,396,300 CAD | Building Class | C |
| Price Per Unit | $157,233 CAD | Lot Size | 3.63 AC |
| Sale Type | Investment | Building Size | 71,705 SF |
| Cap Rate | 6.20% | Average Occupancy | 98% |
| No. Units | 117 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1971 |
| Property Subtype | Apartment | Parking Ratio | 2.58/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | CR | ||
| Price | $18,396,300 CAD |
| Price Per Unit | $157,233 CAD |
| Sale Type | Investment |
| Cap Rate | 6.20% |
| No. Units | 117 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.63 AC |
| Building Size | 71,705 SF |
| Average Occupancy | 98% |
| No. Stories | 3 |
| Year Built | 1971 |
| Parking Ratio | 2.58/1,000 SF |
| Zoning | CR |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Walk-In Closets
- Freezer
Site Amenities
- Laundry Facilities
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 92 | - | 565 |
| 2+1 | 24 | - | 765 |
| 3+1 | 1 | - | 1,365 |
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 525997 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $3,411,778 CAD |
Property Taxes
Parcel Number
525997
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$3,411,778 CAD
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Salem Parkway Apartments | 2520 Hyacinth St NE
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