245 S 800 E SLC 8-PLEX
Multifamily | 5.30% CAP | 8 Units
Marketing description
Strategically located in the heart of the 'East Central' neighborhood, this eight-plex represents a premier opportunity to acquire a turnkey, stabilized asset in one of Salt Lake City's most high-demand rental corridors. This property consist of Eight fully renovated One Bed / One Bath Units.
Having undergone a comprehensive remodel in 2021, the property features modern interiors and updated systems. Fully updated interiors, plumbing, electrical, individual central air units, new roof, new water and sewer main line, and a new parking lot drainage system was installed to carry surface water around the building and out to the street, significantly reducing near-term capital expenditure risks for a new owner. Positioned perfectly between the University of Utah and Downtown Salt Lake City, the property caters to a high-quality tenant base of young professionals and students, ensuring consistently high occupancy.
Investment highlights
- Comprehensive 2021 Renovation: The property was extensively remodeled in 2021. Upgrades included new plumbing, electrical, HVAC systems, and high-end interior finishes.
- Prime 'Walkable' Location: Boasting a Walk Score of 85 and a Bike Score of 91, tenants are within walking distance of Trolley Square, the TRAX light rail system, and numerous local eateries.
- Proven Income & Market Stability: 2025 actual rents are performing at market levels, demonstrating the asset's desirability and the strength of the East Central submarket.
- Onsite Storage Units: The building features eight private storage units, providing a high-demand amenity for tenants. While these are currently included in the base rent, they offer immediate upside potential as a separate monthly income stream to boost the property's total NOI.
- Dedicated Covered Parking: Each unit benefits from a reserved, covered parking space.
- High-Speed Connectivity: The property is fully wired for CenturyLink high-speed internet, ensuring residents have the reliable bandwidth necessary for remote work and education. Although currently bundled, there is potential to implement a technology fee or 'media package' to capture additional income.
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