$1,999,000

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

100% VACANT | MAJOR INFRASTRUCTURE UPGRADES | VALUE-ADD OPPORTUNITY | FORMER LICENSED RECOVERY RESIDENCE Exceptional opportunity to acquire The George, a historic 14-unit brick apartment building in Salt Lake City's desirable Central City neighborhood. Offering approximately 11,564 square feet, the property features ten one-bedroom and four two-bedroom apartments, each with its own private kitchen and bathroom. SUBSTANTIAL CAPITAL IMPROVEMENTS ALREADY COMPLETED. The current nonprofit owner has invested significantly in the property's core infrastructure, including comprehensive electrical and plumbing upgrades, a modernized boiler heating system, tankless water heaters supported by a high-capacity hot water storage system, and building-wide fire suppression and monitoring systems. Interior improvements include updated flooring, carpeting, and paint. The apartments retain their historic character and practical, industrial-style finishes, including exposed conduit and mechanical piping. This presents an opportunity for investors to enhance the interiors while benefiting from substantial existing infrastructure improvements. IMMEDIATE ACCESS FOR RENOVATION OR LEASE-UP. All 14 apartments are vacant, allowing a purchaser to implement improvements, establish new market-rate leases, or pursue another permitted residential use without coordinating around existing tenants. ESTABLISHED RECOVERY-HOUSING HISTORY. The property previously operated as a recovery residence licensed through the Utah Department of Health and Human Services. The owner voluntarily relocated its recovery-housing operations in preparation for the property sale. The building's established residential configuration, upgraded mechanical systems, and fire protection infrastructure may also appeal to organizations seeking recovery housing, transitional housing, or other specialized residential facilities. Any new operation is subject to applicable approvals and licensing. INVESTMENT HIGHLIGHTS 14 self-contained apartments - 10 one-bedroom and 4 two-bedroom units Approximately 11,564 square feet on a 0.22-acre parcel Attractive acquisition basis of approximately $142,786 per apartment Major electrical, plumbing, heating, and life-safety upgrades Modernized boiler and high-capacity domestic hot water system Updated flooring, carpet, and interior paint Entire building vacant and available for immediate buyer planning Central City location near downtown employment, dining, shopping, and public transportation Opportunity for conventional multifamily leasing or specialized residential operation INVESTOR FINANCIAL PACKAGE AVAILABLE. Seller-prepared financial materials include historical operating expenses, documented recovery-residence operating history, nearby rental comparables, and a market-rent-based stabilized income projection. The George offers investors an opportunity to acquire a distinctive historic multifamily property with significant infrastructure improvements already in place and the flexibility to pursue their own leasing and improvement strategy.