McClelland Street Apartments
5-Unit Investment Opportunity - East Central Neighborhood
Marketing description
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire the McClelland Street Apartments (the “Property”), a 5-unit apartment community located in the vibrant East Central neighborhood of Salt Lake City, Utah.
Originally constructed in 1948 on a 0.13-acre site, the Property is a well-maintained brick walk-up building that offers classic appeal and strong value-add potential. The community features thoughtfully designed layouts with durable finishes and recent improvements, while maintaining opportunities for modernization and operational enhancements.
This Property represents a rare chance to acquire a well-located property with multiple paths for physical and income growth in one of the mountain west’s most desirable cities.
Investment highlights
Attractive Small-Scale Value-Add with Clear Rent Upside
The Property has average in-place rents of $1,144/month versus market rents of $1,273/month. With one vacant unit and several month-to-month leases, an investor can efficiently drive NOI through lease-up and rent growth, increasing NOI from approximately $44,800 in-place to nearly $57,500 at market.
Prime East Central Location Near University of Utah and Transit
Situated just off 200 South, the Property benefits from strong walkability, access to 10 bus routes, and proximity to the 900 East TRAX station. Its location near the University of Utah and Downtown Salt Lake City supports consistent renter demand and long-term rent growth.
Operational and Physical Upside with Limited Capital Requirements
The asset offers multiple avenues for value creation through light interior upgrades and operational improvements, including utility bill-backs and bulk internet billing. These enhancements improve cash flow while maintaining the property’s boutique, low-management profile.
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