North Park Apartments

11-04-2021
11-04-2021

577 South 500 East, Salt Lake City, UT 84102

HIGHLIGHTS INCLUDE:

  • 100% occupied apartment complex in premium infill location
  • Premier location which serves as the primary exit into downtown from the I-15 freeway
  • High-demand unit mix comprised of 19 studios, 8 one-bedroom units and 1 two-bedroom unit
  • Each unit has been outfitted with high efficiency, low-maintenance ductless mini split systems for  heating and cooling
  • On-site coin-operated washer and dryer units
  • New paint and carpet in corridors as of October 2021
  • Updated electrical wiring and plumbing as of 2010
  • Current market apartment vacancy sits at less than 2%–the lowest rate in 20 years and the 10th consecutive year below 4%
  • Strong area demographics feature a growing population of 205,439 with an average annual household income of $90,436
  • Fee simple transaction delivered unencumbered debt

Property Description

INVESTMENT SUMMARY

577 South 500 East, Salt Lake City, Utah 

Unit Mix:

  • Studio (420 sf): 19 units
  •  BR, 1 BA (583 sf): 8 units
  • 2 BR, 1 BA (893 sf): 1 unit

Total: 28 units

 

Key Property Information

Listing Status
Available
Multifamily type
Garden Style
Price
$ 6,500,000
No. of Units
28
Cap Rate
3.7%
GRM / GIM
4.94
Year Built
1920
Lot Size
0.23 Sq ft
No. of Stories
4
APN
16-06-477-005
Zoning Code
RMF-35
No. of Parking Spots
12
Opportunity Zone
Off
Price per unit
$ 232,143

Financial Details

Gross Income
$ 419,996
Operating Expenses
$ 110,998
Net Operating Income
$ 309,001
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