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    69 Chicago St Salt Lake City, UT 84116

    For Sale
    $3,500,000

    Prime Salt Lake City Redevelopment Opportunity

    Property size:
    104,399 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional Class A multifamily investment opportunity presents a 137-unit apartment building redevelopment project in Salt Lake City, Utah. Located at 51-69 N Chicago St, 84116, this 0.56-acre site boasts a permitted TSA-UN-T zoning and is ideally situated kitty-corner to the Rocky MTN Power 100-acre development. The project, currently comprised of a duplex, triplex, and two single-family homes generating consistent income, has secured planning approval and entitlements for a six-story, 104,399 square foot building with 68,201 square feet of net rentable space. Detailed architectural plans, Alta Survey, Phase 1 and 2 reports, and a geotechnical report are included in the sale. The property offers 56 parking spaces and features a podium design with five floors of residential units. With a pro-forma NOI of $1,876,833 and a pro-forma cap rate of 53.62%, this $3,500,000 offering presents a compelling price per unit of $25,547.45 and a price per square foot of $33.53. The project's proximity to the proposed Larry H Miller MLB Baseball field and the new Folsom Trail promises significant future growth and increased demand, enhancing its long-term investment potential. This is a turnkey opportunity for an investor seeking a high-return, multifamily redevelopment project in a rapidly developing area.

    Property Features for 69 Chicago St

    General Information

    Property type
    Multifamily properties
    Square Feet
    104,399 SF
    Class
    A
    Lot Size
    24,394 SF

    Building Details

    Stories
    6
    Units
    137

    HighLights

    • Class A, 137‑unit multifamily redevelopment project in Salt Lake City, UT.
    • Located at 51‑69 N Chicago St, 84116, on a 0.56‑acre lot with TSA‑UN‑T zoning.
    • Approved plans for a six‑story, 104,399 sq ft building (68,201 sq ft net rentable) with 56 parking spaces.
    • Includes architectural plans, surveys, and geotechnical reports.
    • Pro forma NOI of $1,876,833, pro forma cap rate of 53.62%, asking price $3,500,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.9187019
    Latitude
    40.7710964

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    FAQs

    What type of property is this?
    Multifamily property - Prime Salt Lake City Redevelopment Opportunity
    Where is this multifamily property located?
    The property is located at 69 Chicago St Salt Lake City, UT.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: Class A, 137-unit multifamily redevelopment project in Salt Lake City, UT.; Located at 51-69 N Chicago St, 84116, on a 0.56-acre lot with TSA-UN-T zoning.; Approved plans for a six-story, 104,399 sq ft building (68,201 sq ft net rentable) with 56 parking spaces.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    69 Chicago St Salt Lake City, UT 84116
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