Elizabeth Townhomes
Multifamily | 6.00% CAP | 12 Units
Marketing description
Elizabeth Townhomes presents the opportunity to acquire a stabilized 12-unit townhome community in Keizer, Oregon, one of the Salem metro's most established and lowest vacancy submarkets.
Built in 2004, the property offers a product type that rarely becomes available for purchase. Each residence features a two-story townhome layout with 1,375 square feet of living space. Units include a private entrance, attached single-car garage, washer and dryer hookups, and copper plumbing. The unit mix includes eight 3-bedroom and four 2-bedroom floor plans, all with 2.5 bathrooms.
Elizabeth Townhomes was designed for long-term residency. Residents park in their own garage, enter through their own front door, and occupy living space that accommodates real households. The result is a living experience that feels closer to homeownership than traditional apartment living, supporting stronger resident retention and a more durable income stream than conventional multifamily product competing at similar rent levels.
Ownership recently completed a full exterior repaint, parking lot seal coat, and fresh striping in June 2026, significantly enhancing the property's curb appeal. Elizabeth Townhomes is a clean, well-maintained community at the time of marketing, allowing investors to step into a stabilized asset with pride of ownership evident throughout the property.
Investment highlights
- Large Floor Plans – All 12 units measure 1,375 square feet with 2.5 bathrooms, providing a level of space and functionality rarely found in comparable multifamily assets.
- 2004 Construction with Recent Updates – Modern construction, copper plumbing, combined with recent exterior improvements including fresh exterior paint and parking lot seal coat, provides a well-maintained asset that presents exceptionally well.
- Design Supports Tenant Retention – Private entrances, attached garages, washer and dryer hookups, and expansive floor plans deliver a living experience closer to single-family rentals than traditional apartments. This format supports higher rents and longer tenancy than conventional apartment product.
- Organic Rental Upside – The property is fully occupied with average in-place rents of $1,783 per month, approximately $100 below estimated market rents.
- Straightforward Value-Add Opportunity – Selective interior upgrades completed as units turn may support rents of approximately $2,300 for three-bedroom units and $1,950 for two-bedroom units without a major repositioning effort.
- Minimal New Supply Competition – Keizer has a 4.5% vacancy rate, 1.2% annual rent growth, with no multifamily units under construction or proposed over the next two years. Existing properties benefit from tight supply and little new competition.
- Desirable Keizer Location – Ideally positioned between the shopping, dining, and retail amenities at Keizer Station and the outdoor recreation and entertainment options at Keizer Rapids Park. The property is also adjacent to River Road N, providing easy access to major Salem-Keizer employment centers.
- Stable Salem-Keizer Employment Base – Government, healthcare, and education anchor the local economy, supporting a resilient tenant base for housing throughout economic cycles.
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