For Sale
$11,877,000

219 Central AveSalt Lake City, UT 84116

7.18 Acres, 423-Unit Potential

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional 7.18-acre land parcel in Salt Lake City, UT, presents a remarkable opportunity for multifamily development. Zoned RM Multi-Housing, this fully entitled project allows for the construction of 423 apartments across four buildings, plus 7,000 square feet of commercial space on Central Avenue. The approved design includes an upscale clubhouse, pools, fitness center, dog parks, walking trails, and stunning Wasatch Mountain views. Conveniently located near two UTA Trax stations (Murray North and Meadowbrook), this site boasts a prime location along beautiful Big Cottonwood Creek. The property includes a $3.5 million Tax Increment Financing (TIF) agreement, significantly reducing construction costs. Comprehensive due diligence has already been completed, encompassing surveys, geotechnical and environmental studies, and final grading plans. The APNs are 15364530100000, 21012030030000, and 21012060050000. The asking price is $11,877,000, with a land value of $43.66 per square foot. This Qualified Opportunity Zone property offers a compelling investment prospect with significant upside potential. The addresses associated with the property are 219 W Central Ave, Millcreek, UT 84116 and 175 W Central Ave, Millcreek City, UT 84107. Sophisticated building designs are in place, ready for final construction drawings.

Highlights

  • Qualified Opportunity Zone designation.
  • 423-unit multifamily development, fully entitled.
  • Trax light rail adjacent.
  • $3.5M TIF agreement covering construction costs.
  • 7,000 SF of commercial space on Central Avenue.
  • Big Cottonwood Creek frontage.

Property Details for 219 Central Ave

Property type
Land
Lot Size (sq. ft)
312,761 SF

Location Insight

City
Salt Lake City
County
Salt Lake
State
Utah
Latitude
40.6824742
Longitude
-111.89698087
219 Central Ave, Salt Lake City, Utah

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219 Central Ave
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