For Sale
$3,400,000

2880 200South Salt Lake, UT 84115

20-unit value-add opportunity in Utah

Overview

Added:
Dec 11, 2024
Days on market:
113
This exceptional 20-unit apartment building, located at 2880 S 200 E in South Salt Lake, Utah, presents a compelling value-add investment opportunity. The property, built in 1962, comprises five single-story buildings totaling 12,000 square feet on a 0.84-acre lot (APN: 16-30-107-030-0000). Currently boasting a 5.16% cap rate and $175,388 NOI, the property offers significant upside potential. A pro-forma analysis projects a 6.39% cap rate and $217,352 NOI, indicating substantial room for improvement through strategic renovations and expense management. The asking price is $3,400,000, translating to $170,000 per unit and $283.33 per square foot. The property is zoned for multifamily use and benefits from its prime location in a vibrant community with strong rental demand. This fee-simple ownership offers a rare chance to acquire a well-maintained asset with clear potential for enhanced profitability. The property's current condition presents an excellent opportunity to increase rental income through interior upgrades and operational efficiencies. This is a strong value-add play in a desirable Salt Lake City location.

Highlights

  • $3,400,000 asking price for a value-add multifamily investment opportunity.
  • 20-unit apartment building in South Salt Lake, UT.
  • 12,000 square feet on a 0.84-acre lot.
  • Current NOI of $175,388, with a pro-forma NOI of $217,352.
  • 5.16% current cap rate, and a pro-forma cap rate of 6.39%.
  • $170,000 per unit price.

Property Details for 2880 200

Property type
Apartment buildings
Square Feet
12,000 SF
Class
B
Year Built
1962
Buildings
5
Stories
1
Lot Size (sq. ft)
36,590 SF
Units
20

Location Insight

City
South Salt Lake
County
Salt Lake
State
Utah
Latitude
40.7083558
Longitude
-111.8858213
2880 200, South Salt Lake, Utah

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2880 200
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