69 Chicago StSalt Lake City, UT 84116

Property Details for 69 Chicago St

Lot size

0.56 AC

Property size (Sq ft)

104,399 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional Class A multifamily investment opportunity presents a 137-unit apartment building redevelopment project in Salt Lake City, Utah. Located at 51-69 N Chicago St, 84116, this 0.56-acre site boasts a permitted TSA-UN-T zoning and is ideally situated kitty-corner to the Rocky MTN Power 100-acre development. The project, currently comprised of a duplex, triplex, and two single-family homes generating consistent income, has secured planning approval and entitlements for a six-story, 104,399 square foot building with 68,201 square feet of net rentable space. Detailed architectural plans, Alta Survey, Phase 1 and 2 reports, and a geotechnical report are included in the sale. The property offers 56 parking spaces and features a podium design with five floors of residential units. With a pro-forma NOI of $1,876,833 and a pro-forma cap rate of 53.62%, this $3,500,000 offering presents a compelling price per unit of $25,547.45 and a price per square foot of $33.53. The project's proximity to the proposed Larry H Miller MLB Baseball field and the new Folsom Trail promises significant future growth and increased demand, enhancing its long-term investment potential. This is a turnkey opportunity for an investor seeking a high-return, multifamily redevelopment project in a rapidly developing area.

Location Insight

City

Salt Lake City

County

Salt Lake

State

Utah

Latitude

40.7711

Longitude

-111.919

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