For Sale
$2,900,000

331 Main StSalt Lake City, UT 84111

Historic building, high-traffic location, strong reviews.

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional opportunity presents a thriving bar and restaurant for sale in Salt Lake City's vibrant downtown core, located at 331 Main St, Salt Lake City, UT 84111. The 5,700 square foot establishment, housed in a beautifully renovated 1908 building (completely overhauled in 2015 with new electrical, plumbing, HVAC, roof, and more), boasts a prime location on Main Street, benefiting from high foot traffic directly below the Wells Fargo building. The property includes a valuable liquor license and features a large commercial kitchen, ample storage, and a unique downstairs vault. The business itself enjoys an impressive 845+ Google reviews averaging 4.5 stars. Currently operating under a Net Lease (NNN) agreement, the property offers significant upside potential. The current NOI is $41,000, but a pro-forma NOI of $210,000 is projected, reflecting a potential 7.24% cap rate. The asking price is $2,900,000, representing a price per square foot of $508.77. The property sits on a 0.08-acre lot and is zoned D-1 (CBD) Commercial. An assumable SBA loan with a 5.57% interest rate (variable after January 2026) is available, with $748,000 remaining on a 20-year loan maturing in 2034. The building features a new membrane roof (2023) and new HVAC (2022). Street and garage parking are available, with a yearly $200 freight license for street parking directly in front of the establishment. The seller is motivated and may consider financing options with a strong offer. This is a rare opportunity to acquire a well-established, high-potential business and real estate asset in a desirable location.

Highlights

  • Thriving bar and restaurant for sale in Salt Lake City's downtown core at 331 Main St.
  • 5,700 sq ft space in a renovated 1908 building with new systems (2015), prime Main Street location, high foot traffic.
  • Includes valuable liquor license, large commercial kitchen, ample storage, and unique downstairs vault; 845+ Google reviews averaging 4.5 stars.
  • Currently NNN lease with $41,000 NOI, projected pro-forma NOI of $210,000, 7.24% cap rate potential; asking price $2,900,000 ($508.77/sq ft).
  • 0.08-acre lot, D-1 (CBD) zoning; assumable SBA loan ($748,000 remaining, 5.57% interest, maturing 2034).

Property Details for 331 Main St

Property type
Retail properties, Restaurants
Square Feet
5,700 SF
Class
B
Year Built/Renovated
1908/2013
Buildings
1
Stories
1
Lot Size (sq. ft)
3,485 SF
Units
1

Location Insight

City
Salt Lake City
County
Salt Lake
State
Utah
Latitude
40.7619396
Longitude
-111.8908305
331 Main St, Salt Lake City, Utah

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
331 Main St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message