MLS# 24246411 – 3660 State St, Salem, OR 97301 – John Wesley McPherson, Jr., The Portland Team

Listing courtesy of John L. Scott Salem.

Property Description

Description

4 Units

Status: Active

Year Built: 1977

Days on Website: 71

Rare Fourplex Investment Opportunity in Salem! This villa-style multifamily complex features two 2/1 units and two 3/1 units for a total of 10 beds across all 4 units. Complex is currently fully-rented at market rate with 7.71% CAP on actuals, and 8.61% pro-forma based on 10% increase in global rents. Separate 4-car garage offers covered parking/storage. Tucked in between Lancaster and I5 for easy commuting.

Property Details and Features

Property Access

Road Surface Type:

Concrete,Paved

Basement

Basement:

CrawlSpace

Building

Building Area Total:

3988

Built in 1977

Stories:

Unit Type Type:

UnitTypeType1,UnitTypeType2,UnitTypeType3,UnitTypeType4

Community

Community Features:

FrontYardLandscaping

Expenses

Operating Expense Scheduled:

11000

Operating Expense:

$10,837

Exterior Features

Exterior Description:

T111Siding,WoodSiding

Foundation

Foundation Details:

StemWall

Garage

Garage Spaces:

Heating

Heating Available

Heating:

WallFurnace

Income

CAP Rate:

7.71

Gross Income:

$66,720

Gross Rent Multiplier:

10.87

Gross Scheduled Income:

$73,392

Net Operating Income:

$55,883

Net Scheduled Income:

62392

Listing

Contract Status Change Date:

2024-02-20

Days On Market:

Last Transaction Date:

2024-04-24 12:00:24

List Price:

$725,000

Listing Contract Date:

2024-02-20

Listing Id:

24246411

Mls Status:

Active

Modification Timestamp:

2024-04-24 12:00:24

On Market Date:

2024-02-20

Previous List Price:

$850,000

Rent Includes:

Sewer,TrashCollection,Water

Standard Status:

Active

Location

MLS Area Major:

_174

County Or Parish:

Marion

Lot

Size Acres:

0.32

Size Range:

SqFt10000to14999

Size Square Feet:

13,939

Size:

10,000 to 14,999 SqFt

Miscellaneous

Investor Information:

AccordingToOwner,Leases

Parking

Features:

Detached,Garage

4 total parking spots

Possession

Possession:

CloseOfEscrow

Property

Number Of Units Total:

Zoning:

RM2

Roof

Roof:

Composition

Schools

High School:

North Salem

Middle Or Junior School:

Houck

Elementary School:

Four Corners

Sewer

Sewer:

PublicSewer

Taxes

Annual Amount:

$6,415

Legal Description

Tax Year:

2023

Unit One

Actual Rent:

$1,300

Area:

800

Units Total:

1 total bathroom

2 total bedroom

Unit Two

Actual Rent:

$1,210

Area:

800

Units Total:

1 total bathroom

2 total bedroom

Unit Three

Actual Rent:

$1,450

Area:

1200

Units Total:

1 total bathroom

3 total bedroom

Unit Four

Actual Rent:

$1,600

Area:

1200

Units Total:

1 total bathroom

3 total bedroom

Utilities

Fuel Description:

Electricity

Water Source:

PublicWater

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Virtual Tour

Contact an Agent

John Wesley McPherson, Jr., CFA

503406-1776 Email Me

Location

$725,000 -

3660 State St Salem , OR 97301

MLS Area Major: _174

Street View

Nearby Schools

Recent Sales in the Area

This content last updated on May 1, 2024 1:45PM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.