Camelot East Apartments 1148 37th Pl NE

36 Unit Apartment Building $5,800,000 ($161,111/Unit) 5.75% Cap Rate Salem, OR 97301

Investment Highlights

  • 55+ Property
  • All ADA Compliant 2 bedroom units with laundry
  • Many physical property improvements over past 5 years

Executive Summary

Located in a peaceful 55+ community, this well-maintained complex consists entirely of 2-bedroom, 1-bathroom apartment units at approximately 900 sf, offering modern amenities, including an electric range, refrigerator, dishwasher, in-unit washer and dryer, and
electric cadet heaters. Built in 1997, it combines charm with convenience, providing a tranquil living environment close to Salem’s amenities. Water, sewer, and garbage utilities are included, with other utilities covered by the tenants. Ideal for those seeking a comfortable, quiet lifestyle. Owners have recently improved the property by installing a new roof in 2020 and the removal of approximately 80% of the vinyl siding and replacement with Hardi-plank, along with replacement of windows in these areas, recent roof replacement and lobby upgrades.

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Property Facts

Price $5,800,000
Price Per Unit $161,111
Sale Type Investment
Cap Rate 5.75%
Sale Conditions 1031 Exchange
No. Units 36
Property Type Multifamily
Property Subtype
Apartment
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class B
Lot Size 1.25 AC
Building Size 57,690 SF
Average Occupancy 97%
No. Stories 3
Year Built 1997
Parking Ratio 1.01/1,000 SF

Unit Amenities

  • Balcony
  • Refrigerator
  • Oven
  • Range
  • Wheelchair Accessible (Rooms)

Site Amenities

  • Laundry Service

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
2+1 36 - 900
Walk Score®
Very Walkable (78)
Bike Score®
Very Bikeable (76)

PROPERTY TAXES

zoning

Zoning Code RM2
  • Listing ID: 33626981

  • Date on Market: 10/24/2024

  • Last Updated:

  • Address: 1148 37th Pl NE, Salem, OR 97301