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Lex Apartments 1241 N Lexington Greens Dr 204 Unit Apartment Building For Sale Tooele, UT 84074
INVESTMENT HIGHLIGHTS
- Call for Offers: Due Tuesday, June 24, 2025
- The community benefits from limited competition due to strong barriers to entry for new developments in Tooele.
- Lex Apartments is within a 30-minute drive of downtown Salt Lake City and SLC International Airport.
- Tooele is the fastest growing county in the state of Utah, 12.8% population growth 2020 – July 2023 (announced Oct. 2024)
- New shopping district within one mile of Lex Apartments.
- Brand new high school and LDS temple within two miles of property.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$3,749,479
|
$12.18
|
| Other Income |
$628,977
|
$2.04
|
| Vacancy Loss |
$299,591
|
$0.97
|
| Effective Gross Income |
$4,078,865
|
$13.25
|
| Taxes |
$205,836
|
$0.67
|
| Operating Expenses |
$942,230
|
$3.06
|
| Total Expenses |
$1,148,066
|
$3.73
|
| Net Operating Income |
$2,930,799
|
$9.52
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $3,749,479 |
| Annual Per SF | $12.18 |
| Other Income | |
|---|---|
| Annual | $628,977 |
| Annual Per SF | $2.04 |
| Vacancy Loss | |
|---|---|
| Annual | $299,591 |
| Annual Per SF | $0.97 |
| Effective Gross Income | |
|---|---|
| Annual | $4,078,865 |
| Annual Per SF | $13.25 |
| Taxes | |
|---|---|
| Annual | $205,836 |
| Annual Per SF | $0.67 |
| Operating Expenses | |
|---|---|
| Annual | $942,230 |
| Annual Per SF | $3.06 |
| Total Expenses | |
|---|---|
| Annual | $1,148,066 |
| Annual Per SF | $3.73 |
| Net Operating Income | |
|---|---|
| Annual | $2,930,799 |
| Annual Per SF | $9.52 |
PROPERTY FACTS
| Sale Type | Investment | Building Class | B |
| No. Units | 204 | Lot Size | 14.61 AC |
| Property Type | Multifamily | Building Size | 307,891 SF |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built | 2023 |
| Sale Type | Investment |
| No. Units | 204 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 14.61 AC |
| Building Size | 307,891 SF |
| No. Stories | 3 |
| Year Built | 2023 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Tub/Shower
- Walk-In Closets
- Freezer
SITE AMENITIES
- Clubhouse
- Fitness Center
- Playground
- Pool
- Spa
- Grill
- Media Center/Movie Theatre
- Pet Play Area
- Walking/Biking Trails
- Pet Washing Station
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 72 | $1,345 | 775 |
| 2+2 | 108 | $1,599 | 948 - 958 |
| 3+2 | 24 | $1,800 | 1,238 |
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Lex Apartments | 1241 N Lexington Greens Dr
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