$1,049,900

Property Details

Unit Mix

Unit mix data is reported by the seller or listing agent through the MLS and may be inaccurate or incomplete. Buyers should independently verify all information and conduct their own due diligence before making any investment decisions.

Description

SELLER FINANCING AVAILABLE: 20% down, 6% rate, 30-year amortization, 3-year balloon (~$5,036/month P&I). Rare six-unit multifamily on a corner lot in the heart of Salt Lake City, sold as three contiguous parcels totaling approximately 0.24 acres. Built in 1926 and thoughtfully converted to six units: a studio, four one-bedrooms, and a large basement two-bedroom, approximately 5,067 square feet in all. The character carries through: hardwood floors in five units, fireplaces in Units 1 and 2, boiler heat with radiators in every unit, and updated baths in Units 1, 2 and 3. The two-bedroom basement apartment offers two walk-in closets and newer LVP flooring. Free shared laundry and a fenced yard are on site. Tenants pay their own electricity in Units 1 through 5; owner pays gas, water, sewer, garbage, and electricity for Unit 6 and common areas. The big-ticket items are already handled: roof and boiler approximately 6 years old, exterior paint approximately 2 years old, sewer line relined approximately 3 years ago, and water line replaced and upgraded. Ten off-street parking spaces, including 3 tandem bays, is a genuine rarity in this neighborhood. Three of the one-bedrooms are month-to-month and renting below market, with more than $11,000 a year in rent upside, giving a new owner the chance to immediately unlock equity within a highly desired downtown neighborhood. Two units are Section 8 with contracts a new owner can take over. The location sells itself: walk to Trolley Square, Whole Foods, and Trader Joe's, two blocks to TRAX, and minutes from the University of Utah. The zoning adds a second layer of opportunity: the building sits on RMF-30 multi-family zoning, while the two parcels fronting E Markea Ave are zoned SR-3, which allows for new residential construction. Today those back parcels carry the off-street parking and yard that serve the building. For a buyer willing to look ahead, they offer real long-term potential, and we encourage buyers to explore the possibilities with Salt Lake City. Sold as-is; please note foundation settling on the north side of the building, and contact the listing agent for details and documentation. Sale includes three parcels: 16-05-163-025 (243 S 800 E, primary parcel), 16-05-163-026 (817 E Markea Ave) and 16-05-163-027 (821 E Markea Ave). Combined, the site offers approximately 147' of continuous frontage along E Markea Ave and 70.5' along 800 East. Unit 2, the studio, is the only unit available to show; all other units to be shown with an accepted offer. Property Summary, Unit Summaries, floor plans, rent roll, expense detail and repair bid available from the listing agent. Buyer & buyer's agent to verify zoning, development potential, square footage and all other information. DO NOT DISTURB TENANTS.