Chemeketa Street Cottages

Highlights:

• 5,280 SF building
• 10 units
• Zoned MU-1
• Located in Salem area

Description:

The 10-unit cottage-style multifamily property at 1230 Chemeketa St NE presents a compelling investment opportunity due to its significant rental upside. Currently, the majority of units are leased well below market rents, providing an investor with immediate potential for income growth through strategic rent adjustments.
Market analysis indicates that comparable one-bedroom units in Salem are achieving substantially higher rents than those currently in place at this property. With statewide rent control allowing annual increases up to 10% (7% + CPI), a new owner has the ability to gradually align rents with market levels while maintaining strong occupancy.
Additionally, one extensively renovated unit has demonstrated the potential for premium rent, setting a precedent for further interior upgrades to maximize returns. The property’s prime location near downtown Salem ensures continued tenant demand, while the single-level layout and well-maintained exterior improvements reduce ongoing maintenance costs.
At its current pricing, the property is being offered at a conservative gross income multiplier (GIM) relative to stabilized multifamily assets in the area. Investors seeking a value-add opportunity with a clear path to higher cash flow will find this property an exceptional deal with strong long-term appreciation potential.

Located just three blocks from downtown Salem, this well-maintained 10-unit cottage-style multifamily property at 1230 Chemeketa St NE presents an outstanding investment opportunity in a high-demand rental market. The property features single-level residences, offering tenants enhanced privacy and reduced shared walls—an attractive feature for long-term renters.
This highly walkable location places residents near key employers such as Salem Health, the Oregon State Capitol, Willamette University, and Chemeketa Community College, ensuring a strong tenant base. The neighborhood offers convenient access to public transportation, major roadways, and an array of shopping, dining, and entertainment options.
The property has been diligently maintained, with significant exterior upgrades completed in 2019, including a new roof, siding, windows, and fresh paint. One unit has undergone extensive interior renovations, setting a benchmark for potential value-add opportunities.
With a stable rental history, upside potential in rents, and a location poised for continued growth, this investment offers an excellent balance of immediate income and long-term appreciation. Don’t miss this rare opportunity to acquire a well-positioned multifamily asset in Salem’s thriving market. Call listing agents with questions, and please do not disturb the tenants.

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