MALLARD LANDING APARTMENTS – $12,350,000

144 MULTI-FAMILY INVESTMENT
4151-4187 Market Street NE Salem, OR 97301
$12,350,000

HIGHLIGHTS

• Excellent Location – Rent Upside
• New Roof & Exterior Paint – New Vinyl Windows
• Great Common Area Amenities – Large Laundry Facility
• Attractive Unit-Mix – On-Site Management Office

PROPERTY

 

The Mallard Landing Apartments were built in 1975 and comprise of 144 total units. The property iscomprised of 19 buildings situated on approximately 5.6 acres of well-manicured grounds. The unit-mix includes four styles of 1bd/1ba units (including a lofted style floor-plan) and three styles of 2bd/1ba units. 1bd/1ba units range in size from 480-660 square feet. 2bd/1ba units range in size from 620-820 square feet. Unit amenities include covered entryways, balconies or patios, new vinyl windows & sliders, dishwashers, ample built-in closet space and open floor plans. Common area amenities include on-site management office, large pool, oversized laundry facility, vending machines, playground and covered parking.

The subject property is 2-story, wood-frame constructed complex. Exterior siding is T-111 wood siding and appears to have been well-maintained. Within the last one year period property upgrades have included new exterior paint, all new vinyl windows and sliders, parking lot seal coat and landscape improvements. Within the last 5-10 years all pitched roofs have been replaced in addition to all balcony railings. The foundation is post and pier throughout and site topography is flat. Units are serviced by electric hot water and electric baseboard & cadet style heating systems.

Rental upside opportunity exists through rent stabilization across all unit types. Pro-forma rents assume modest rent increases between $0.03-$0.08/SF. Current management implementing similar increases upon turnovers and lease expirations. Proforma income and expenses to be viewed as an estimate within 12-18 months.

LOCATION

The Mallard Landing apartments are located at 4151-4187 Market Street NE in Salem, OR. Within walking distance to the property via Market Street is NE Lancaster Drive, a major commercial and retail corridor. This location includes a wide variety of restaurants and other small shops and services. Some of the nearby major retailers include Fred Meyer, Bi-Mart, Safeway and Big Lots. In addition, within 1⁄2 mile of Mallard Landing is Lancaster Mall, notable tenants include Macy’s, Sears, Pier-1 Imports and Regal Cinemas.

Home to the state capital of Oregon, Salem is located 47 miles south of Portland down the Interstate-5 freeway in the heart of the Willamette Valley. This convenient location sits a short 45 minute commute north to Portland, an hour to the Pacific Ocean to the west, and an hour to the Cascade Mountains in the east.

With a population of nearly 160,000 within the city and 400,000 in the metro-area, Salem i Oregon’s second largest city and metro-area outside of Portland. The major employer is the State of Oregon where government offices employ approximately 19,000 workers. However, the city also serves as a hub for the areas farming communities and is a major agricultural food processing center. Recognized for its exceptional K-12 public education system, 13 public and private colleges and universities are also located within a 70-mile radius of downtown. Among those is Willamette University, a popular private liberal arts college. Because of its close proximity to Portland, outstanding outdoor recreation, and the addition of high-technology industries, Salem enjoys steady growth.


img_2184
img_2183 img_2176 img_2174 img_2171 img_2154

 


MARKETING PACKAGE

MALLARD LANDING APARTMENTS.PDF

PROPERTY DETAILS

Price $12,350,000 Cap Rate 5.94%
No. Units 144 Pro-Forma Cap Rate 6.33%
Building Size 106,420 SF Occupancy 100%
Price/ Unit $85,764 No. Stories  2
Property Type Multifamily Year Built 1979
Property Sub-type Apartments  Lot Size  —-
Property Use Type Investment  Listing ID  —-

UNIT MIX INFORMATION

Units # Units Avg. Rent Sq Feet
1 BR / 1 BA Loft 1 $720 660
3 BR / 1BA 1 $830 1,230
1 BR / 1 BA Small 22 $639 480
1 BR / 1 BA Medium 32 $656 635
1 BR / 1 BA Large 1 $700 660
2 BR / 1 BA Small 26 $718 620
2 BR / 1 BA Medium 24 $746 780
2 BR / 1 BA Large 34 $762 820

FINANCIAL SUMMARY (Proforma)

Net Operating Income $781,893