3955-3967 Lancaster DrSalem, OR 97305

This exceptional value-add multifamily investment opportunity presents a compelling case for astute investors. Located at 3955-3967 Lancaster Dr NE in Salem, Oregon, this property encompasses 17 units within five, two-story buildings, totaling 20,672 net rentable square feet on a 1.31-acre lot. Built in 1968 and zoned RM, the property boasts impressive average unit sizes of 1,216 square feet—38% larger than the Salem market average—currently achieving 100% occupancy with an average rent of $1,435. The current Net Operating Income (NOI) stands at $202,847, yielding a 6.01% cap rate. However, a pro-forma analysis projects a significant increase in NOI to $222,525, resulting in a 6.59% cap rate, based on achievable rents of $1,547 per unit. The property's strategic location adjacent to Chemeketa Community College, serving nearly 30,000 students annually, further enhances its long-term prospects. Salem's robust economy, with a 10-year cumulative rent growth of 6.25% and recent job growth exceeding the national average, underscores the property's strong market fundamentals and potential for substantial returns. The asking price is $3,375,000, translating to $198,529.41 per unit. This presents a rare chance to acquire a well-positioned asset with considerable upside potential in a thriving market.