For Sale
$2,200,000

670 Temple StSalt Lake City, UT 84101

12-unit multifamily, high ROI potential

Overview

Added:
Dec 11, 2024
Days on market:
114
This 12-unit apartment building at 670 S West Temple St, Salt Lake City, UT 84101, offers a compelling investment opportunity. Built in 1906 and renovated in 1990, this two-story building boasts 6,351 square feet on a 0.19-acre lot. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $116,853, representing a 5.31% cap rate. A pro-forma NOI of $119,753 projects a 5.44% cap rate. The asking price is $2,200,000, or $183,333 per unit, and $346.40 per square foot. The property features a desirable mix of studio and one-bedroom apartments, currently rented below market rate, presenting significant rent growth potential. Its prime location in Salt Lake City's Central Downtown district ensures high tenant demand. The D-2 zoning allows for increased residential density, offering substantial future development possibilities. This value-add opportunity combines immediate income growth potential through renovations with long-term development prospects in a thriving urban market. The building consists of one structure and is situated in Salt Lake County.

Highlights

  • Value-Add Opportunity: Exterior and interior renovations needed.
  • Significant rental upside: Below-market rents offer immediate income growth.
  • Desirable unit mix: Studios and large one-bedroom apartments.
  • Prime downtown location: Walking distance to Salt Lake City's Central Business District.
  • High-density zoning: D-2 zoning allows for future development potential.

Property Details for 670 Temple St

Property type
Apartment buildings
Square Feet
6,351 SF
Year Built/Renovated
1906/1990
Buildings
1
Stories
2
Lot Size (sq. ft)
8,276 SF
Units
12

Location Insight

City
Salt Lake City
County
Salt Lake
State
Utah
Latitude
40.754763462162
Longitude
-111.89403620431
670 Temple St, Salt Lake City, Utah

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670 Temple St
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