Chemeketa Street Cottages

1230 Chemeketa Street Northeast, Salem, OR 97301

  • For Sale $1,290,000
  • Property Type Multi-Family
  • Property Size 5,280 SF
  • Units 10
  • Lot Size 0.29 Acre
  • Date Updated Mar 14, 2025
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.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.
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SVN | Commercial Advisors

Location

Getting Around

  • Walk Score ®

    87/100 Very Walkable
  • Transit Score ®

    57/100 Good Transit
  • Bike Score ®

    82/100 Very Bikeable
Powered by Walk Score ®
  • City Salem, OR
  • Neighborhood Northeast Neighbors
  • Zip Code 97301
  • Market Eugene

Points of Interest

  • Salem

    0.47 miles

  • Brooks Historical Society Depot

    8.18 miles

  • Hopmere Station

    8.26 miles

  • Blink

    0.03 miles

  • ChargePoint

    0.05 miles

  • Arco

    0.38 miles

  • Pacific Pride

    0.77 miles

  • Shell

    0.85 miles

  • 76

    0.91 miles

  • Arco Gas Station

    1.01 miles

  • City of Salem Fuel Island

    1.19 miles

  • Circle K

    1.37 miles

  • Green Lot - Dept of Admin Services

    0.34 miles

  • Visitor Parking

    0.49 miles

  • Reserved Lot A

    0.49 miles

  • E Lot

    0.50 miles

  • Permit Parking

    0.53 miles

  • Staff Parking

    0.60 miles

  • Patient Visitor Parking Garage

    0.62 miles

  • B Lot

    0.63 miles

  • Marion Parkade

    0.64 miles

  • Pringle Parkade

    0.69 miles

  • Knights Inn

    0.27 miles

  • Grand Hotel

    0.72 miles

  • Holman Riverfront Park Hotel Salem, Tapestry Collection by Hilton

    0.78 miles

  • Howard Johnson by Wyndham Salem

    1.11 miles

  • Shilo Inn and Suites

    1.69 miles

  • Motel 6 Salem

    1.71 miles

  • Holiday Inn

    1.75 miles

  • Holiday Lodge Motel

    1.76 miles

  • DoubleTree

    1.82 miles

  • Home2 Suites

    1.85 miles

  • McDonald's

    0.12 miles

  • Adam's Rib Smoke House

    0.16 miles

  • Cuisine India

    0.17 miles

  • Bearwolf Catering and PNW Deli

    0.17 miles

  • Al Aqsa

    0.17 miles

  • Indian Masala

    0.22 miles

  • Taproot Old Mill Cafe

    0.33 miles

  • King Donuts

    0.34 miles

  • Word of Mouth Bistro

    0.35 miles

  • Happy BiBiM Bap House

    0.44 miles

  • St. John School for Early Learners

    0.11 miles

  • Bilingual Gateway School

    0.21 miles

  • North Salem High School

    0.29 miles

  • Saint Joseph Catholic School

    0.34 miles

  • Willamette University

    0.40 miles

  • Collins Legal Center

    0.43 miles

  • Bush Elementary

    0.44 miles

  • Parish Middle School

    0.46 miles

  • Atkinson Graduate School of Management

    0.46 miles

  • Portland State University

    0.58 miles

  • Little Friends Montessori School

    0.34 miles

  • Little Village Learning Center

    0.71 miles

  • Wallace Learning Center

    1.32 miles

  • East Salem Headstart (pre-school)

    2.76 miles

  • Kuebler Early Learning Center

    3.97 miles

Frequently Asked Questions

How much does Chemeketa Street Cottages cost?

The space currently listed for sale at Chemeketa Street Cottages asks for $1,290,000.

What is the total square footage of Chemeketa Street Cottages?

Chemeketa Street Cottages totals 5,280 square feet.

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broker

SVN | Commercial Advisors

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