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Stone Manor Apartments

Stone Manor Apartments

https://www.josephbernard.net/stone-manor
Address:
2855 Front Street NE, Salem, Oregon 97301
Price:
$800,000
Units:
20
Price per unit:
$40,000
Cap Rate:
7.57%
Year Built:
1974

Highlights

  • Great North Salem Location
  • On-Site Laundry Facility
  • Off-Street Parking
  • Clean Units
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Stone Manor Apartments

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.

Highlights

  • Great North Salem Location
  • On-Site Laundry Facility
  • Off-Street Parking
  • Clean Units
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Stone Manor Apartments

Salem is the capital of the state of Oregon, and the county seat of Marion County.  It is located alongside the Willamette River, which forms the boundary between Marion and Polk Counties.  The Willamette River is considered to be one of the most fertile and agriculturally productive regions of the United States.

With over 150,000 residents, Salem is Oregon's second largest city.  Elevation in this city ranges from 120' at the riverside to 1000' at Eola Hills.  It is home to over 13 public and private universities, including Willamette University.  Events and attractions in Salem include the Oregon State Fair, Salem Saturday Market, the annual World Beat Festival, Salem Art Festival, and the Bite of Salem.

Salem has the second largest school district in Oregon, with an enrollment of 39,000 students and over 2,000 teachers and counselors.  The state of Oregon is the largest employer of Salem, with over 13,000 full-time employees.

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Stone Manor Apartments

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Stone Manor Apartments

Document Title Document Type
Property Flyer Adobe PDF
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Stone Manor Apartments

Bernard Gehret
bgehret@josephbernard.net
Joseph Bernard, LLC
5200 SW Macadam Avenue
Suite 300
Portland, Oregon 97239
503.546.9390 Main
866.546.9390 Toll Free
503.546.9395 Fax