69 Chicago St Salt Lake City, UT 84116
- Commercial real estate
- 104,399 SF
- 0.56 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 69 Chicago St
- Lot size
- 0.56 lot acres
- Property size
- 104,399 SF
- Property type
- Commercial real estate
Description
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.
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
- -111.9187019
- Latitude
- 40.7710964
