Hideaway Court is a 24-unit, two-story garden-style apartment community located in the East Lancaster neighborhood of Salem, Oregon. Built in 1971, the property offers a unit mix of 6 one-bedroom/one-bath units averaging 600 square feet and 18 two-bedroom/one-bath units averaging 820 square feet, with an overall average unit size of 716 square feet. The community provides 30 surface parking spaces (1.3 spaces per unit) and features on-site laundry facilities.

All units are currently in classic condition, providing significant value-add potential through interior renovations. Ownership has recently completed meaningful capital improvements including replacement of substantial siding, full exterior repaint, installation of new double-pane vinyl windows, and concrete step upgrades on all staircases—positioning the property for a lighter lift focused primarily on interior modernization.

With current in-place rents averaging $1,268 for 2-bed units and $1,078 for 1-bed units. However, comparable units in the market achieve $1,417 & $1,234 per month, respectively—presenting up to 13 percent upside on in-place rents. Hideaway Court is competitively positioned and still below renovated market rents in the area, offering room for continued rent growth as units are upgraded.

Location Description

Hideaway Court is ideally situated along State Street in the growing East Lancaster neighborhood, offering convenient access to shopping centers, major employers, transit routes, and daily conveniences. Residents benefit from both suburban tranquility and urban accessibility.

The submarket is experiencing strong fundamentals with a low vacancy rate of 4.2%, outperforming the broader Salem submarket (7.9%). Minimal new construction in the area (0.3% of inventory under development) limits future competition and reinforces stable rent growth.