331 Main StSalt Lake City, UT 84111

Property Details for 331 Main St

Year built

1908

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

0.08 AC

Property size (Sq ft)

5,434 SF

Zone code

D-1

Property type

Turn key restaurants

APN

16-06-301-006

APU

1606301006

Description

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.

Location Insight

City

Salt Lake City

County

Salt Lake

State

Utah

Latitude

40.7619

Longitude

-111.891

CBSA code

41620

CBSA name

SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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