Summary

RE-PRICED TO MOVE! 

20 units in a well located Salem location, the Stone Manor is now priced at $870,000 for 20 units resulting in an estimated cap rate of 7.57% (based on actual scheduled income) and $43,500 per unit.  The "priced to move" property has clean interiors which are nicely maintained and the property is located less than a quarter of a mile from Fred Meyer.  The rents average $510 for one bedrooms, with two of the units renting at $555 and three at $545.  The seller has invested in upgrading the building over the past three years, primarily the interior units.

 The rent roll on the flyer illustrates the current rent roll and all expenses are actuals with the exception of repairs/reserves which were higher the past three years as a result of investing money in to the interiors of the property. This property features 20 clean, upgraded one bedroom units, off-street parking, and a laundry facility. The majority of units have newer laminate floors, are in good condition, and the exterior stairs have been either replaced or upgraded recently.