Core Salem Mixed-Use Investment

1310-28 State Street Salem, OR 97301

1310-28 State Street, Salem, OR, 97301
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FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$1,250,000
Last Verified:
Feb 20, 2024

Highlights

  • 0.4 miles to Willamette University
  • 0.3 miles to the Oregon State Capitol
  • 0.7 miles to Salem Health
  • Upside potential with rents
  • Historic vacancy near zero due to location

Description

PRICE REDUCTION: The subject property is comprised of three (3) ground-floor retail tenants (Valiant the Sandwich, Al Aqsa Mediterranean Restaurant, and Willamette Hair Studio) with seven (7) apartments on the second floor. Apartment units have experienced gradual improvements with turnover. State Street is to be improved to one lane of traffic in each way soon, with extra large bike and pedestrian lanes to encourage more of a community feel.

The Valiant suite has tremendous corner visibility and was a Subway for many years. Tremendous rent increase potential over time with moderate cap-ex. The asset is within walking distance of three of the region's largest employers - Salem Health, State of Oregon Capitol Mall, and Willamette University. This section of the State Street corridor has experienced an infusion of investment in recent years from both the private and public sectors, with more on the horizon.


Year Built: 1924
Building Size: 9252sq ft
Lot Size: 0.2 acres


Documents

1310-1328 State St Brochure

Map of 1310-28 State Street, Salem, OR, 97301

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.