670 Temple St Salt Lake City, UT 84101
- Apartment buildings
- 6,351 SF
- 0.19 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 670 Temple St
- Year built
- 1906
- Lot size
- 0.19 lot acres
- Property size
- 6,351 SF
- Property type
- Apartment buildings
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Salt Lake City
- County
- Salt Lake
- State
- Utah
- Longitude
- -111.894
- Latitude
- 40.7548
