3925-3967 Lancaster Dr NE
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3925-3967 Lancaster Dr NE
17 Unit Apartment Building $3,250,000 ($191,176/Unit) 6.24% Cap Rate Salem, OR 97305
Executive Summary
-Multi-family asset offering wide array of floorplans - avg. unit size 1,216 SF (38% larger than competing Salem apartments)
-Large, diverse unit mix yields low turnover and gives this asset clear upside potential for future owners
-Townhome-style units with private yard, washer/dryer, deck/patio, carport parking
-Current rent $1,435/month - highest achv'd rent $1,547/month (7.8% premium) - 6.59% cap rate based on highest achv'd rents
-Additional duplex and single family home on separate tax parcels - can be sold off individually
-Chemeketa Community College (located across the street) serves nearly 30,000 students each year across its multiple Oregon campuses
-Significant Capital Expenditures have been made over the years to maintain and improve the JFJ Apartments (refer to OM for details)
-Large, diverse unit mix yields low turnover and gives this asset clear upside potential for future owners
-Townhome-style units with private yard, washer/dryer, deck/patio, carport parking
-Current rent $1,435/month - highest achv'd rent $1,547/month (7.8% premium) - 6.59% cap rate based on highest achv'd rents
-Additional duplex and single family home on separate tax parcels - can be sold off individually
-Chemeketa Community College (located across the street) serves nearly 30,000 students each year across its multiple Oregon campuses
-Significant Capital Expenditures have been made over the years to maintain and improve the JFJ Apartments (refer to OM for details)
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$292,788
|
$14.16
|
| Other Income |
$18,842
|
$0.91
|
| Vacancy Loss |
$14,639
|
$0.71
|
| Effective Gross Income |
$296,991
|
$14.37
|
| Taxes |
$23,686
|
$1.15
|
| Operating Expenses |
$70,458
|
$3.41
|
| Total Expenses |
$94,144
|
$4.55
|
| Net Operating Income |
$202,847
|
$9.81
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $292,788 |
| Annual Per SF | $14.16 |
| Other Income | |
|---|---|
| Annual | $18,842 |
| Annual Per SF | $0.91 |
| Vacancy Loss | |
|---|---|
| Annual | $14,639 |
| Annual Per SF | $0.71 |
| Effective Gross Income | |
|---|---|
| Annual | $296,991 |
| Annual Per SF | $14.37 |
| Taxes | |
|---|---|
| Annual | $23,686 |
| Annual Per SF | $1.15 |
| Operating Expenses | |
|---|---|
| Annual | $70,458 |
| Annual Per SF | $3.41 |
| Total Expenses | |
|---|---|
| Annual | $94,144 |
| Annual Per SF | $4.55 |
| Net Operating Income | |
|---|---|
| Annual | $202,847 |
| Annual Per SF | $9.81 |
Property Facts
| Price | $3,250,000 | Apartment Style | Townhome |
| Price Per Unit | $191,176 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.30 AC |
| Cap Rate | 6.24% | Building Size | 20,672 SF |
| No. Units | 17 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 1.26/1,000 SF |
| Price | $3,250,000 |
| Price Per Unit | $191,176 |
| Sale Type | Investment |
| Cap Rate | 6.24% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 1.30 AC |
| Building Size | 20,672 SF |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 1.26/1,000 SF |
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Yard
- Dining Room
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $1,025 | 920 |
| 2+1.5 | 8 | $1,474 | 1,150 - 1,180 |
| 3+1.5 | 6 | $1,731 | 1,325 |
| 3+2 | 1 | $2,074 | 1,682 |
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Bike Score®
Very Bikeable (71)
PROPERTY TAXES
| Parcel Number | 522293 | Total Assessment | $469,140 |
| Land Assessment | $0 | Annual Taxes | $23,686 ($1.15/SF) |
| Improvements Assessment | $0 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
522293
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$469,140
Annual Taxes
$23,686 ($1.15/SF)
Tax Year
2024
zoning
| Zoning Code | RM |
| RM |
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3925-3967 Lancaster Dr NE
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