Description
Situated between downtown Salt Lake City and the University of Utah; this 1914 historic and charming legal tri-plex is the perfect location for consistent rental income and low vacancy rates. Walkable to all the best dining and shopping Salt Lake has to offer, and near a trax stop; making the location ideal for tenants who prefer a walkable neighborhood. The current owner has always been able to attract reliable tenants and has consistently increased rents on all units year over year without a vacancy. In 2022 the building underwent major renovations totaling $150,000 in work with all receipts and ledger available upon request. These renovations included: a new roof, skylights, soffit and facia. All new double paned and aluminum wrapped windows throughout the whole building. The old steam boiler system and piping that previously heated the building was removed and replaced with independent HVAC systems for two lower units and a mini split for the top floor. Old water heaters were removed and replaced with a large instantaneous water heater. All electrical panels and all plumbing were inspected and updated/repaired where accessible and as required. Front entrance stairs and landing were removed and renovated with new floor, handrails, and lighting, as well as two new entry doors. First floor unit was completely renovated and repainted, with new lighting, lifetime replacement warranty blinds, kitchen remodeled with a new vent hood and all new kitchen appliances as well as in unit laundry added; with bathroom renovation in 2021. The main floor unit also has the original wood burning fireplace that was cleaned, and inspected. Second floor unit was renovated two years ago including bathroom, kitchen, paint, with in unit laundry added. The top floor unit was completely renovated in 2019 with high end LVP flooring, with a refresh in 2022, including new paint and lighting. The unfinished basement is currently rented out as storage space, with a washer and dryer for top floor tenant use, and a spare refrigerator. Currently total rents for the building are $6200 per month. First floor: $2,400, Second: $2,000, Attic: $1,500, and $300 for basement. The two main floor units have leases through summer of 2023. The top unit and basement are occupied month to month. The current owner has submitted architectural drawings to the city, and has received comments on next steps to combine the two upper units and convert the basement into a third unit, this will require final city approval and additional work. Completing this process would increase cash flow on the property. This tri-plex has been impeccably renovated and maintained over the years, take the opportunity to make this income producing property yours! Buyer and buyer's agent to verify all information contained in listing.
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6BEDS
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0.05ACRES
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3BATHS
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01/2 BATHS
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4,148SQFT
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$301$/SQFT
School Information
Description
Situated between downtown Salt Lake City and the University of Utah; this 1914 historic and charming legal tri-plex is the perfect location for consistent rental income and low vacancy rates. Walkable to all the best dining and shopping Salt Lake has to offer, and near a trax stop; making the location ideal for tenants who prefer a walkable neighborhood. The current owner has always been able to attract reliable tenants and has consistently increased rents on all units year over year without a vacancy. In 2022 the building underwent major renovations totaling $150,000 in work with all receipts and ledger available upon request. These renovations included: a new roof, skylights, soffit and facia. All new double paned and aluminum wrapped windows throughout the whole building. The old steam boiler system and piping that previously heated the building was removed and replaced with independent HVAC systems for two lower units and a mini split for the top floor. Old water heaters were removed and replaced with a large instantaneous water heater. All electrical panels and all plumbing were inspected and updated/repaired where accessible and as required. Front entrance stairs and landing were removed and renovated with new floor, handrails, and lighting, as well as two new entry doors. First floor unit was completely renovated and repainted, with new lighting, lifetime replacement warranty blinds, kitchen remodeled with a new vent hood and all new kitchen appliances as well as in unit laundry added; with bathroom renovation in 2021. The main floor unit also has the original wood burning fireplace that was cleaned, and inspected. Second floor unit was renovated two years ago including bathroom, kitchen, paint, with in unit laundry added. The top floor unit was completely renovated in 2019 with high end LVP flooring, with a refresh in 2022, including new paint and lighting. The unfinished basement is currently rented out as storage space, with a washer and dryer for top floor tenant use, and a spare refrigerator. Currently total rents for the building are $6200 per month. First floor: $2,400, Second: $2,000, Attic: $1,500, and $300 for basement. The two main floor units have leases through summer of 2023. The top unit and basement are occupied month to month. The current owner has submitted architectural drawings to the city, and has received comments on next steps to combine the two upper units and convert the basement into a third unit, this will require final city approval and additional work. Completing this process would increase cash flow on the property. This tri-plex has been impeccably renovated and maintained over the years, take the opportunity to make this income producing property yours! Buyer and buyer's agent to verify all information contained in listing.
Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of 2023-03-30T23:38:00.25. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed accurate. Buyer to verify all information.