Oppurtunity to purchase and take over the development/completion of a 216-unit apartment complex project.Located in the expanding community of West Salem. Plans and permits for 3-story multiplex complete with fitness center, resident pool & clubhouse, walking trail/green space and on-site management office. Property will be delivered in current state with approx 65% horizontal completed. Development is located off Wallace Rd, adjacent to phase 1 (completed) and neighboring retail development which includes a small shopping center, food truck pod and pavilion. Developer is willing to complete project for negotiated developer fees after purchase. Inquire with co broker.
Property Details
Property Features
Property Information:
Year Built: 2024
Stories: 3
Living Area: 194,800 SqFt
Listing Office:
Office Name: Real Broker, Windermere Heritage
Office Phone: (503) 360-1640
Listing Agent: Christine Folz, Ali Morrison
Interior Features
Interior Information:
Basement: No
Exterior Features
Parking Information:
Attached Garage: No
Parking: Assigned
Lot Features
Lot Information:
Lot Size: 2.64 Acres
Utilities
Utilities Information:
Heating: Zoned
Cooling: Other
Other
Directions Information:
Directions: River Bend
Price Information
Listing Price Info
Price Summary:
List Price: $16,000,000
Price Per SqFt: $82/SqFt
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Housing Market Comparison
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Property Sales & Tax
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
4
/10
Harritt Elementary School
2112 Linwood St NW
Distance between this listing and this school0.37 miles
Public District Grades PK-5
6
/10
Kalapuya Elementary School
2085 Wilmington Ave NW
Distance between this listing and this school0.67 miles
Public District Grades KG-5
7
/10
Brush College Elementary School
2623 Doaks Ferry Rd NW
Distance between this listing and this school0.69 miles
Public District Grades KG-5
Nearby Schools
4
/10
Straub Middle School
1920 Wilmington Ave NW
Distance between this listing and this school0.80 miles
Public District Grades 6-8
4
/10
Walker Middle School
1075 8th St NW
Distance between this listing and this school1.55 miles
Public District Grades 6-8
7
/10
Jane Goodall Environmental Middle Charter School
999B Locust St NE
Distance between this listing and this school2.04 miles
Public Charter Grades 6-8
Nearby Schools
8
/10
West Salem High School
1776 Titan Dr NW
Distance between this listing and this school1.24 miles
Public District Grades 9-12
9
/10
McNary High School
595 Chemawa Rd N
Distance between this listing and this school2.62 miles
Public District Grades 9-12
4
/10
North Salem High School
765 14th St NE
Distance between this listing and this school2.69 miles
The neighbors living near this home have an average income of $58,654. Typical income of Salem, OR residents is between $35k-100k annually. The majority of families are married, no kids. Most residents in this area have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 2505 Wallace Rd
What is the listing price of this property?
The listing price of 2505 Wallace Rd property is $16,000,000.
What type of property is this?
The property 2505 Wallace Rd is a house located in Salem, Oregon, 97304.
Is this property for sale now?
Active Listing: 2505 Wallace Rd is For Sale (Active/New) which means the seller is accepting offers.
What is the square footage of this property?
The property 2505 Wallace Rd is 194,800 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 2505 Wallace Rd is 2024.
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This home is located at 2505 Wallace Rd in Salem, OR and zip code 97304 in the West Salem neighborhood. This 194,800 square foot home, which was built in 2024, sits on a 2.64 acre lot. It has been listed on Rocket Homes since May 16, 2024 and is currently priced at $16,000,000.
Salem, OR housing market in November 2024 saw over 20 listings sold above listed price, more than 24 sold at listed price and over 23 sold below. The inventory of homes for sale in Salem, OR between October 2024 and November 2024 decreased by 11%. In November 2024, listings were on the market for 50 days. During the same period, the median list price in this real estate market was $435,000.
From Rocket Homes Real Estate and based on county public records data.
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland, Oregon. Real estate listings held by another brokerage firm are marked with the RMLS logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2024 Regional Multiple Listing Service, Inc. (RMLS™) Portland, Oregon. 
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