66 I St, Salt Lake City, UT 84103 For Sale

Prime Avenues Multifamily Investment | Fully Renovated | Strong Cash Flow

Graystone Capital Advisors presents a rare opportunity to acquire a recently renovated, seven-unit multifamily property in Salt Lake City's prestigious Avenues neighborhood. Located at 66 I Street, this 5,335 SF stabilized investment features six recently renovated apartments and one completely updated four-bedroom single-family home on a 0.25-acre site.

Property Highlights:

• Recent Major Renovations (2022/2024): Single-family home includes complete electrical system replacement (upgraded from knob-and-tube), new HVAC, and kitchen renovation stripped to studs. Multi-family units feature new tankless water heaters, dedicated electrical shut-offs, and new HVAC systems in all units except Apartment 2.
• Diverse Unit Mix: 1 studio, 4 one-bedroom/one-bath units, 1 two-bedroom/one-bath unit, and 1 four-bedroom/1.5-bath single-family home
• Strong Financials: In-Place Cap Rate of 5.25% with Pro Forma Cap Rate of 5.79% at $2,195,000 offering price
• Proven Cash Flow: In-Place NOI of $115,356 with Pro Forma NOI of $127,015
• Stabilized with Upside: Current rent of $11,975/month with pro forma rent of $12,663/month representing near-term rental growth as leases turn during peak season

Prime Location: Strategically positioned directly adjacent to downtown Salt Lake City in the historic Avenues district, the property offers exceptional connectivity. Located just 0.1 miles from public transit with immediate access to I-80, residents enjoy walkability to downtown employment centers, City Creek Center, the University of Utah, and abundant dining and entertainment options.