Charming multi-family investment opportunity. Built in 1895, this historic property is known as the Ira and Hattie Erb House. The main area consists of 1,522 SF + 700 SF upstairs, and features 5 bedrooms 2 bathrooms, and is fully furnished. It is currently set up as a boarding house with 5 tenants. The exterior of the house was painted in 2020. The upstairs was renovated in 2008 and the kitchen was renovated in 2009. RM2 zoning also means some commercial activity is outright permitted, such as a hotel, boarding house, senior care, green nursery (wholesale), etc. Buyer to do due diligence on adjacent lot development. All square footage references are approximate. The information contained herein is from sources deemed reliable. It is provided without representation, warranty or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters.
| Property Type | Multi-Family |
|---|---|
| Year Built | 1895 |
| Level Number | 2 |
| Sub-Lease | 5 |
| Zoning | RM2 |
| Tax Year | 2020 |
| Cap Rate Percentage | 5.81 |
| Listing ID | CEGKY2 |
| MLS ID | 773088 |
| Style | Other Style |
| Building Size | 2,222 SF |
| Lot Size | 0.31 AC |
| Taxes | $2,601 |
Property Highlights
1.5 Miles to Downtown Salem
Oversized Lot
Well Maintained Historic Property
5.81% Proforma Cap Rate
Area DescriptionArea Description: Located on 19th Street and Oak Street, about 1.5 miles from downtown Salem. Nearby businesses include Northwet Watercraft, Willamette Table Tennis Club, and Oregon Department of Human Services Self Sufficiency Office.
Region: Salem
Region: Oregon
Region: North America
Region: USA
| Full Bath: | 2 |
| Water: | City Water |
| Age: | Over 50 Years Old |
| Lot Size: | Under 1/2 Acre |
| Sewer: | City |
