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Lex Apartments 1241 N Lexington Greens Dr 204 Unit Apartment Building For Sale Tooele, UT 84074
Investment Highlights
- 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.
- 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.
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$3,777,895
|
$12.27
|
| Other Income |
$671,401
|
$2.18
|
| Vacancy Loss |
$188,895
|
$0.61
|
| Effective Gross Income |
$4,260,401
|
$13.84
|
| Taxes |
$301,920
|
$0.98
|
| Operating Expenses |
$969,002
|
$3.15
|
| Total Expenses |
$1,270,922
|
$4.13
|
| Net Operating Income |
$2,989,479
|
$9.71
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $3,777,895 |
| Annual Per SF | $12.27 |
| Other Income | |
|---|---|
| Annual | $671,401 |
| Annual Per SF | $2.18 |
| Vacancy Loss | |
|---|---|
| Annual | $188,895 |
| Annual Per SF | $0.61 |
| Effective Gross Income | |
|---|---|
| Annual | $4,260,401 |
| Annual Per SF | $13.84 |
| Taxes | |
|---|---|
| Annual | $301,920 |
| Annual Per SF | $0.98 |
| Operating Expenses | |
|---|---|
| Annual | $969,002 |
| Annual Per SF | $3.15 |
| Total Expenses | |
|---|---|
| Annual | $1,270,922 |
| Annual Per SF | $4.13 |
| Net Operating Income | |
|---|---|
| Annual | $2,989,479 |
| Annual Per SF | $9.71 |
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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Property Taxes
| Parcel Number | 22-041-0-0002 | Total Assessment | $27,984,146 (2025) |
| Land Assessment | $1,444,950 (2025) | Annual Taxes | $301,920 ($0.98/SF) |
| Improvements Assessment | $26,539,196 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
22-041-0-0002
Land Assessment
$1,444,950 (2025)
Improvements Assessment
$26,539,196 (2025)
Total Assessment
$27,984,146 (2025)
Annual Taxes
$301,920 ($0.98/SF)
Tax Year
2026
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Lex Apartments | 1241 N Lexington Greens Dr
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