Active

$2,500,000

4698 Wallace Rd NW, Salem, OR 97304

4beds

7baths

5,795sqft

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Single Family Residence

Built in 1998

19.05 Acres Lot

$-- Zestimate^®

$431/sqft

$-- HOA

What's special

Riverfront propertyCozy fireplaceLush acreageGeorgian-style homePrivate beachBreathtaking viewsFormal dining room

Rare Riverfront Property - Welcome to River Cove Farm! Nestled in the heart of Willamette Valley wine country & just minutes from downtown Salem, this one-of-a-kind estate offers a rare blend of lush acreage, Willamette River frontage, & breathtaking views. A gated entry opens to a long, paved driveway leading to this gorgeous Georgian-style home, which exudes elegance throughout. Spanning 19.05 acres, the property also has a cottage, barn, pastures, fruit trees, private beach & cove! The main level primary suite features a cozy fireplace and ensuite bathroom, ensuring comfort and luxury. A library with built-ins and a majestic living room provide stunning views. The elegant kitchen and formal dining room are perfect for hosting memorable gatherings. The expansive game/recreation room includes a kitchenette and full bathroom, ideal for entertaining guests. Enjoy the tranquility of the Willamette River frontage, complete with a private beach and a cove for boat tie-up.

297 days

738

35

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Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 4
Bathrooms: 7

Heating

Electric, Heat Pump, Hot Water, Solar

Cooling

Heat Pump

Features

Kitchen Island, Linen Closet, Pantry, Primary Downstairs, Soaking Tub, Walk-In Closet(s)
Flooring: Carpet, Hardwood, Laminate, Tile
Has fireplace: Yes
Fireplace features: Propane, Wood Burning
Common walls with other units/homes: No Common Walls

Interior area

Total structure area: 4,675
Total interior livable area: 5,795 sqft

Video & virtual tour

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Property

Parking

Total spaces: 2
Parking features: Concrete, Driveway, Gated
Garage spaces: 2
Has uncovered spaces: Yes

Features

Levels: Two
Stories: 2
Patio & porch: Covered, Patio, Rear Porch
Has view: Yes
View description: River
Has water view: Yes
Water view: River
Waterfront features: River Front

Lot

Size: 19.05 Acres
Features: Garden, Landscaped, Pasture, Sloped

Details

Additional structures: Barn(s), Guest House, Poultry Coop
Parcel number: 266024
Zoning description: EFU
Special conditions: Standard

Construction

Type & style

Home type: SingleFamily
Architectural style: Colonial
Property subtype: Single Family Residence

Materials

Foundation: Stemwall
Roof: Composition

Condition

New construction: No
Year built: 1998

Utilities & green energy

Sewer: Septic Tank
Water: Well

Community & HOA

HOA

Has HOA: No

Location

Region: Salem

Financial & listing details

Price per square foot: $431/sqft
Tax assessed value: $955,500
Annual tax amount: $9,043
Date on market: 9/23/2025
Cumulative days on market: 336 days
Listing terms: Cash,Conventional
Road surface type: Paved

Estimated market value

Not available

Estimated sales range

Not available

$4,426/mo

Price history

Date	Event	Price
5/1/2025	Listed for sale	$2,500,000+112.8%$431/sqft
Source: WVMLS #828382 Report a problem
10/22/2012	Sold	$1,175,000-7.8%$203/sqft
Source: Agent Provided Report a problem
3/21/2012	Listed for sale	$1,275,000$220/sqft
Source: Coldwell Banker Mountain West Real Estate, Inc. #650408 Report a problem
11/30/2011	Listing removed	$1,275,000$220/sqft
Source: Coldwell Banker Mountain West Real Estate, Inc. #640163 Report a problem
6/4/2011	Listed for sale	$1,275,000$220/sqft
Source: Coldwell Banker Mountain West Real Estate, Inc. #640163 Report a problem

Public tax history

Year	Property taxes	Tax assessment
2020	$7,810 +3.9%	$690,200 +3%
2019	$7,518	$670,100 +3%
2018	$7,518 +1.8%	$650,590 +3%
2017	$7,383 +15.6%	$631,650 +3%
2016	$6,389 +0.6%	$613,260 +3%
2015	$6,350 -3.3%	$595,400 +3%
2014	$6,564 +11.5%	$578,060 +6.3%
2013	$5,885 +2.5%	$543,590 +3%
2012	$5,739 +9.6%	$527,760 +7%
2011	$5,237 +5.3%	$493,220 +3%
2010	$4,973 +0.5%	$478,860 +3%
2009	$4,947 +4.1%	$464,920 +3%
2008	$4,753 +3%	$451,380 +3%
2007	$4,614 +4.9%	$438,240 +3%
2006	$4,399 +0.9%	$425,480 +3%
2005	$4,358 -1.9%	$413,090 +3%
2004	$4,441 +11%	$401,080 +6.1%
2002	$4,002 +1.8%	$378,060 +3%
2001	$3,930 +3.7%	$367,050 +3%
2000	$3,790	$356,360

Find assessor info on the county website

Monthly payment

Est. payment

Payment breakdown

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Principal & interest
$1,547
Mortgage insurance
$0
Property taxes
$170
Home insurance
$105
HOA fees
$0
Utilities
Not included

All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.

HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.

Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.

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Climate risks

Neighborhood: 97304

Getting around

0 / 100

Car-Dependent

0 / 100

No Nearby Transit

32 / 100

Somewhat Bikeable

Nearby schools

GreatSchools rating

7/10
Brush College Elementary School
Grades: K-5Distance: 2.1 mi
5/10
Straub Middle School
Grades: 6-8Distance: 2.8 mi
6/10
West Salem High School
Grades: 9-12Distance: 3 mi

Schools provided by the listing agent

Elementary: Brush College Elem
Middle: Straub Middle
High: West Salem High

Source: Oregon Datashare. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.