670 Temple St Salt Lake City, UT 84101

This 12-unit apartment building at 670 S West Temple St, Salt Lake City, UT 84101, offers a compelling investment opportunity. Built in 1906 and renovated in 1990, this two-story building boasts 6,351 square feet on a 0.19-acre lot. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $116,853, representing a 5.31% cap rate. A pro-forma NOI of $119,753 projects a 5.44% cap rate. The asking price is $2,200,000, or $183,333 per unit, and $346.40 per square foot. The property features a desirable mix of studio and one-bedroom apartments, currently rented below market rate, presenting significant rent growth potential. Its prime location in Salt Lake City's Central Downtown district ensures high tenant demand. The D-2 zoning allows for increased residential density, offering substantial future development possibilities. This value-add opportunity combines immediate income growth potential through renovations with long-term development prospects in a thriving urban market. The building consists of one structure and is situated in Salt Lake County.