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    219 Central Ave Salt Lake City, UT 84116

    For Sale
    $11,877,000

    7.18 Acres, 423-Unit Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    368
    This exceptional 7.18-acre land parcel in Salt Lake City, UT, presents a remarkable opportunity for multifamily development. Zoned RM Multi-Housing, this fully entitled project allows for the construction of 423 apartments across four buildings, plus 7,000 square feet of commercial space on Central Avenue. The approved design includes an upscale clubhouse, pools, fitness center, dog parks, walking trails, and stunning Wasatch Mountain views. Conveniently located near two UTA Trax stations (Murray North and Meadowbrook), this site boasts a prime location along beautiful Big Cottonwood Creek. The property includes a $3.5 million Tax Increment Financing (TIF) agreement, significantly reducing construction costs. Comprehensive due diligence has already been completed, encompassing surveys, geotechnical and environmental studies, and final grading plans. The APNs are 15364530100000, 21012030030000, and 21012060050000. The asking price is $11,877,000, with a land value of $43.66 per square foot. This Qualified Opportunity Zone property offers a compelling investment prospect with significant upside potential. The addresses associated with the property are 219 W Central Ave, Millcreek, UT 84116 and 175 W Central Ave, Millcreek City, UT 84107. Sophisticated building designs are in place, ready for final construction drawings.

    Property Features for 219 Central Ave

    General Information

    Property type
    Land
    Lot Size
    312,761 SF

    HighLights

    • Qualified Opportunity Zone designation.
    • 423‑unit multifamily development, fully entitled.
    • Trax light rail adjacent.
    • $3.5M TIF agreement covering construction costs.
    • 7,000 SF of commercial space on Central Avenue.
    • Big Cottonwood Creek frontage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Car Deal Auto ... Car Dealer

    Suggested Use

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

    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
    -111.89698087
    Latitude
    40.6824742

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    FAQs

    What type of property is this?
    Land - 7.18 Acres, 423-Unit Potential
    Where is this land located?
    The property is located at 219 Central Ave Salt Lake City, UT.
    What is the asking price?
    The asking price for this property is $11,877,000.
    What are key features of this property?
    This property features: Qualified Opportunity Zone designation.; 423-unit multifamily development, fully entitled.; Trax light rail adjacent.
    (801) 597-5500
    Request Owner's contact information
    219 Central Ave Salt Lake City, UT 84116
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    Salt Lake City, UT 84116
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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
    219 Central Ave Salt Lake City, UT 84116
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