2499 Wallace RdSalem, OR 97304

This exceptional value-add investment presents a unique opportunity to acquire a partially completed, 201-unit Class A apartment complex in Salem, Oregon's burgeoning West Salem community. The project, encompassing eight three-story buildings totaling 341,102 square feet, is approximately 65% complete horizontally. Detailed plans and permits are in place for a comprehensive amenity package including a fitness center, resident pool and clubhouse, walking trails, green space, and an on-site management office. Situated on an 8-acre lot at 2499 Wallace Rd NW, 97304, this development enjoys a prime location adjacent to a completed Phase 1 and a thriving retail area featuring a shopping center, food truck pod, and pavilion. The current asking price is $16,000,000, representing a price per square foot of $58.63 and a price per unit of $99,502.49. The property boasts a current NOI of $3,260,666. The seller is open to negotiating developer fees to complete the project to its full potential. This is a compelling opportunity for investors seeking a significant return in a high-growth market. The property is zoned for multi-family use and is projected for completion in 2025.