2505 Wallace Road Northwest

2505 Wallace Road Northwest

Salem, OR 97304

$16,000,000
Price
—
Beds
194,800 Sq. Ft.
$82 / Sq. Ft.
194,800
Sq. Ft.
$82
per Sq. Ft.
a black and white photo of a living room
a picture of a floor plan
a picture of a wall with a picture of a wall
a picture of a room with a white wall
a picture of a room with a white wall
a picture of a room with a white wall and a large window
a black and white photo of a lake

Description

Oppurtunity to purchase and take over the development/completion of a 201-unit apartment complex project. Located in the expanding community of West Salem. Plans and permits for 3-story multiplex complete with fitness center, resident pool & clubhouse, walking trail/green space and on-site management office. Property will be delivered in current state with approx 65% horizontal completed. Development is located off Wallace Rd, adjacent to phase 1 (completed) and neighboring retail development which...Oppurtunity to purchase and take over the development/completion of a 201-unit apartment complex project. Located in the expanding community of West Salem. Plans and permits for 3-story multiplex complete with fitness center, resident pool & clubhouse, walking trail/green space and on-site management office. Property will be delivered in current state with approx 65% horizontal completed. Development is located off Wallace Rd, adjacent to phase 1 (completed) and neighboring retail development which includes a small shopping center, food truck pod and pavilion. Developer is willing to complete project for negotiated developer fees after purchase. Inquire with co broker.
  1. Listed by Christine Folz • Real Broker
  2. Listed by Ali Morrison • Windermere Heritage

Property Details for 2505 Wallace Road Northwest

Parking Features
Assigned
Zoning
Multi

Location

Listing Courtesy of Real Broker; Windermere Heritage
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LISTING UPDATED: 05/22/2024 09:44 AM

Property Details for 2505 Wallace Road Northwest

StatusActive
MLS #24492370
Days on Market18
Taxes$9,029 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeMulti Family
Year Built2024
Lot Size2.64 AC / 114,998 SF
CountyPolk County

Location

Listing Courtesy of Real Broker; Windermere Heritage
Add your commute

Building Information for 2505 Wallace Road Northwest

Stories3Residences202Year Built2024Building Size-Lot Size2.64 AC / 114,998 SF

Payment Calculator

$88,071 per month

30 year fixed, 7.25% Interest

Principal and Interest

$87,319

Property Taxes

$752

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 2505 Wallace Road Northwest

Summary
Location and General Information
  • Country: US
  • Directions: River Bend
  • Road Surface: Paved
School Information
  • Elementary School: Harritt
  • High School: West Salem
  • Middle Or Junior School: Walker
Taxes and HOA
  • Tax Year: 2024
  • Tax Annual Amount: $9,029.00
  • Parcel Number: 241300
  • Tax Legal Description: Polk COunty tax ID: 241300,241313,241339,241342,241298
Property
Lot Information
  • Acres: 2.64
  • Lot Size Square Feet: 114998.0
  • Lot Size Range: Acres7to10
  • Lot Size: 7 to 9.99 Acres
Property and Assessments
  • Property Type: Multi Family
  • Water Description: Public Water
  • Property Condition: New Construction
  • Year Built: 2024
Utilities
  • Cooling Description: Other
  • Fuel Description: Electricity
  • Heating Description: Mini Split
  • Hot Water Description: Electricity
  • Sewer Description: Public Sewer
  • Rent Includes: Maintenance Grounds, Trash Collection
Interior and Exterior Features
Exterior Features
  • Exterior Description: Cement Siding
  • Roof Type: Composition
Interior Features
  • Basement: None
  • Foundation Details: Slab
  • Stories: 3
Multi Family
Multi-Family Information
  • Number Of Units Total: 202
  • Gross Income Actual: $4,546,756.00
  • Gross Rent Multiplier: $3.52
  • Net Income Actual: $3,260,666.00
  • Operating Expense: $1,058,752.00
  • Unit Type Type: Unit Type Type1, Unit Type Type2, Unit Type Type3, Unit Type Type4
  • Common Amenities: Recreation Facilities
  • SqFt Approximate Building Total: 194800
Unit 1 Information
  • Unit Type 1 Baths Total: 2
  • Unit Type 1 Beds Total: 1
  • Unit Type 1 Features: Dishwasher, Microwave, Range, Refrigerator
  • Unit Type 1 Rent: $1,450
  • Unit Type 1 SqFt: 800.0
  • Unit Type 1 Units Total: 15
Unit 2 Information
  • Unit Type 2 Baths Total: 2
  • Unit Type 2 Beds Total: 2
  • Unit Type 2 Features: Dishwasher, Microwave, Range, Refrigerator
  • Unit Type 2 Rent: $1,850
  • Unit Type 2 SqFt: 950.0
  • Unit Type 2 Units Total: 174
Unit 3 Information
  • Unit Type 3 Baths Total: 3
  • Unit Type 3 Beds Total: 3
  • Unit Type 3 Features: Dishwasher, Microwave, Range, Refrigerator
  • Unit Type 3 Rent: $2,150
  • Unit Type 3 SqFt: 1250.0
  • Unit Type 3 Units Total: 12
Unit 4 Information
  • Unit Type 4 Baths Total: 0
  • Unit Type 4 Beds Total: 0
  • Unit Type 4 Rent: $5,208
  • Unit Type 4 SqFt: 2500
  • Unit Type 4 UnitsTotal: 1

Schools near 2505 Wallace Road Northwest

This home is within Salem-Keizer School District 24j.
Rating
School
Type
Grades
Distance
Harritt Elementary School
Public - K to 5
Walker Middle School
Public - 6 to 8
West Salem High School
Public - 9 to 12
Jane Goodall Environmental Middle Charter School
Charter - 6 to 8
Rating
School
Distance
Harritt Elementary School
PublicK to 5

Walker Middle School
Public6 to 8

West Salem High School
Public9 to 12

Jane Goodall Environmental Middle Charter School
Charter6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 2505 Wallace Road Northwest, Salem, OR 97304

2505 Wallace Road Northwest is a multi-family home for sale in Salem, OR 97304. This property was listed for sale on May 15, 2024 by Real Broker, it's currently listed at $16,000,000. This listing's school district is Salem-Keizer School District 24j. Nearby schools include Harritt Elementary School, Walker Middle School and West Salem High School. 2505 Wallace Road Northwest is a 0-bed, 0-bath, 194,800 sqft multi-family home built in 2024.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Real Broker; Windermere Heritage

All information provided is deemed reliable but is not guaranteed and should be independently verified. The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland Oregon. Real estate listings held by brokerage firms other than Compass are marked with the RMLS logo and detailed information about these properties includes the names of the listing brokers. Copyright © 2024 RMLS, Portland, Oregon. Last updated: 05/22/2024 09:44 AM