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NWC OF WALLACE AND 2ND ST NW St - MU Redevelopment Opportunity in West Salem OR
5.29 Acres of Commercial Land Offered at $6,495,000 in Salem, OR 97304
EXECUTIVE SUMMARY
underserved for its growing population and sample site plans show numerous options for multi-family, retail, office and hospitality. With four universities within a 25-mile radius, and over 40,000 VPD in front of this site, it is ready for new life. Because this site contains space
underground in an existing structure for an estimated 50 vehicles, there is more capacity for on-grade maximization.
PROPERTY FACTS
| Price | $6,495,000 | Property Subtype | Commercial |
| Sale Type | Investment or Owner User | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 5.29 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Price | $6,495,000 |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 5.29 AC |
| Opportunity Zone |
Yes |
1 LOT AVAILABLE
Lot
| Price | $6,495,000 | Lot Size | 5.29 AC |
| Price Per AC | $1,227,788.28 |
| Price | $6,495,000 |
| Price Per AC | $1,227,788.28 |
| Lot Size | 5.29 AC |
This flat, rectangular site is primed for redevelopment under the current MU-III zoning which encourages infill development and redevelopment in mixed-use corridors and promotes pedestrian access.
DESCRIPTION
This property is located within the West Salem Urban Renewal Area which provides opportunity to leverage city grant funds to enhance project viability. Current maximum grant amount is $300,000 but the urban renewal agency will consider exceptions to that limit on a case by case basis depending on need and impact of the project to the community.
PROPERTY TAXES
| Parcel Number | 259426 | Improvements Assessment | $367,740 |
| Land Assessment | $139,120 | Total Assessment | $506,860 |
PROPERTY TAXES
ZONING
| Zoning Code | MU-III (This zone generally allows a variety of retail and office uses, commercial services, and multiple family residential uses.) |
| MU-III (This zone generally allows a variety of retail and office uses, commercial services, and multiple family residential uses.) |
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NWC OF WALLACE AND 2ND ST NW St - MU Redevelopment Opportunity in West Salem OR
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