299 E 2ND AVE, Salt Lake City, UT 84103

  • $1,100,000
  • $1,100,000
299 E 2ND AVE, Salt Lake City, UT 84103
For Sale

299 E 2ND AVE, Salt Lake City, UT 84103

299 E 2ND AVE, Salt Lake City, UT 84103
  • $1,100,000
  • $1,100,000

Overview

Property ID: HZ7795178
  • Residential
  • Property Type
  • 7
  • Bedrooms
  • 4632.0
  • Square Feet
  • 1906
  • Year Built

Description

**Do not disturb tenants** 299 2nd Ave is a well-maintained fourplex with substantial value-add potential, located on the northwest corner of C St and 2nd Ave in Salt Lake City. This charming property, built in 1906, spans roughly 4,632 SF and includes three 2BD/1BA units and one 1BD/1BA unit. The property features a one-car garage and a driveway in the rear, along with an on-site laundry room for tenant convenience. Currently, tenants are billed for their pro rata share of gas and electric. However, a new owner has the opportunity to also charge for water, sewer, and trash reimbursement, further increasing revenue. All units are occupied by long-term tenants who are paying below-market rents. The 2BD units average $1,387/month, while similar units in the area average $1,475/month, with the top 75th percentile renting for over $1,700. The 1BD unit rents for an average of $1,422, compared to top units in the vicinity that rent for up to $1,650. This presents an excellent opportunity for a new owner to enhance the property and increase rents by approximately 20%. 299 2nd Ave is perfectly situated in a prime Salt Lake City location, offering easy access to a wide range of amenities, including shopping, dining, and entertainment options. The vibrant neighborhood and excellent connectivity make this property highly appealing to tenants. This property is perfect for an investor looking to take advantage of a value-add opportunity with below-market rents and stable, long-term tenants. Sellers are willing to finance property with a downpayment of 20%, 4-5% interest rate and a term of 5 years.

  • Address 299 E 2ND AVE
  • City Salt Lake City
  • State/county UT
  • Zip/Postal Code 84103
  • Country United States

Details

Updated on July 18, 2024 at 5:33 pm
  • Property ID: HZ7795178
  • Price: $1,100,000
  • Property Size: 4632.0 Square Feet
  • Land Area: 0.13 Acres
  • Bedrooms: 7
  • Year Built: 1906
  • Property Type: Residential
  • Property Status: For Sale
  • Living Area: 4632.0
  • MLS#: 2008804
  • Office Name: PATHWAY PROPERTIES, LLC
  • Agent Name: David A Galant
  • MLS Status: Active
  • Living Area Prefix: Square Feet

Additional details

  • Tax Annual: 5007
  • County: Salt Lake
  • Property SubType: Quadruplex
  • Elementary School: None/Other
  • Middle/Junior School: None/Other
  • High School: None/Other

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