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Salt Lake City – Rental Income! – OFF MARKET

Salt Lake City – Rental Income! – OFF MARKET

Situated between downtown Salt Lake City and the University of Utah; this historic and charming legal tri-plex is the perfect location for consistent rental income and low vacancy rates. The current owner has always been able to attract reliable tenants and has consistently increased rents on all units year over year. Currently total rents for the building are $4325 per month. The main floor unit tenants are long term and rents are lower than current market – should rent for $1800 when lease is up at the end of February. Attic unit rents have not been increased for the previous 2 years and should rent for $1000 when lease renews 8/22. This would increase building rents to $4800 per month. The main and middle level units feature large bedrooms and living spaces, with tall ceilings and big windows for loads of natural light. Both of these units have updated kitchens and baths. The middle unit has in unit laundry. The attic studio has been fully updated with new laminate floors, fresh paint and remodeled bathroom/kitchen, this unit has a mini split system for heating and cooling. The main and middle units share a boiler system for heat and have window AC units. The basement space is currently being used for shared laundry for the attic and main level units. Contingent on city approval; new owner could combine the two upper units and convert the basement into a third unit. Completing this process would increase cash flow on the property or keep the building the way it is and collect the stellar rents it’s already getting. Landlord pays water, sewer and garbage. Each unit is on a separate electric meter and tenants pay. Rents for main and middle units include $100 per month to cover gas bill for building as meter is shared. 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. Buyer and buyers agent to verify all information contained in listing.

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Alliance Residential Real Estate

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