Value Add Residential Homes-Prime Salt Lake Location
Multifamily | 5 Units | $170,000/unit
Marketing description
Below-Market Rental Portfolio with Value-Add Upside | Salt Lake City, UT
Graystone Capital Advisors is pleased to present 221 N 600 W, a cash-flowing value-add investment opportunity adjacent to Salt Lake City's emerging Power District, east of I-15 and minutes from downtown.
This offering comprises 0.41 acres on a single parcel featuring five residential rental units — three single-family homes and one duplex — currently generating $55,800 in annual gross income against approximately $15,371 in operating expenses, producing an in-place NOI of $40,429 and a 4.76% cap rate at the asking price of $850,000.
Notably, the owner does not currently bill tenants for water, sewer or trash ($5,700/yr). A new owner implementing RUBS — a standard utility billing addendum — could potentially recover a meaningful portion of this cost from tenants over time at lease renewal or turnover, with no capital required., improving NOI to $46,129 and the in-place cap rate to 5.43%.
All five units are leased month-to-month at rents significantly below current market rates, with zero historical vacancy. Four of the five units present clear value-add potential through renovation and rent repositioning to market.
The fifth unit — the largest home at 1,708 SF — was renovated in 2020 including a new roof, and is currently the highest-producing unit in the portfolio. Other Roofs are 15+ years.
This combination of immediate RUBS opportunity, and substantial renovation upside across four units makes 221 N 600 W a compelling acquisition for an operator with a clear renovation strategy.
Investment highlights
Rent/Renovation Upside:
The five existing units are leased month-to-month at rates below market, presenting upside opportunity through strategic renovations and rent optimization. With capital improvements, the property can command market-rate rents while attracting higher-quality tenants. The flexible lease structure allows for immediate implementation of a phased value-add strategy, enabling investors to systematically increase cash flow with minimal vacancy risk.
Strong Market Fundamentals and Growth Potential
Salt Lake City's sustained population growth and diversified economy drive consistent rental demand. The property's below-market rents position it to capture significant upside through strategic improvements and rent optimization in one of the Mountain West's most dynamic markets.
Prime Location:
Located at 221N 600W, the property is within a 5-10 minute walk of Arena Station (Green/Blue Lines, 0.3 miles) and North Temple Station (Green Line/FrontRunner, 0.2 miles). This makes it easy for residents to access downtown employment, the airport via Green Line, and essential services with multiple UTA bus routes nearby
Favorable Terms:
The property consists of a single 0.41-acre lot featuring three single-family homes and one duplex, with potential for future subdivision platting to maximize long-term flexibility and value.
*Home Sale Comps Available in deal room.
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
