670 Temple StSalt Lake City, UT 84101

Property Details for 670 Temple St

Year built

1906

Lot size

0.19 AC

Property size (Sq ft)

6,351 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Salt Lake City

County

Salt Lake

State

Utah

Latitude

40.7548

Longitude

-111.894

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