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8-Plex Studio Apartments 127 W Mead Ave 8 Unit Apartment Building $1,095,000 ($136,875/Unit) Salt Lake City, UT 84101
INVESTMENT HIGHLIGHTS
- Underperforming Asset with Upside Potential
- Redevelopment or Repositioning
- SLC Infill Site with Value-Add Upside
EXECUTIVE SUMMARY
127 W Mead Avenue presents an exciting opportunity to unlock significant upside in one of Salt Lake City’s growing submarkets.
The property has been owned by the same family for over 20 years and has been well maintained, with a roof that has performed reliably. While current rents are below market, this creates a clear path for an investor or developer to implement a lease-up strategy, enhance management, and rapidly increase revenue.
The site’s favorable zoning may also allow for the construction of up to 9 modern townhomes (buyer to confirm), offering a compelling redevelopment play in a neighborhood experiencing steady growth and revitalization.
The property has been owned by the same family for over 20 years and has been well maintained, with a roof that has performed reliably. While current rents are below market, this creates a clear path for an investor or developer to implement a lease-up strategy, enhance management, and rapidly increase revenue.
The site’s favorable zoning may also allow for the construction of up to 9 modern townhomes (buyer to confirm), offering a compelling redevelopment play in a neighborhood experiencing steady growth and revitalization.
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financials
PROPERTY FACTS
| Price | $1,095,000 | Building Class | C |
| Price Per Unit | $136,875 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 9,432 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 1982 |
| Apartment Style | Low-Rise | Parking Ratio | 1.5/1,000 SF |
| Zoning | FB-UN1 - Form Based Urban Neighborhood 1 | ||
| Price | $1,095,000 |
| Price Per Unit | $136,875 |
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 9,432 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1982 |
| Parking Ratio | 1.5/1,000 SF |
| Zoning | FB-UN1 - Form Based Urban Neighborhood 1 |
AMENITIES
UNIT AMENITIES
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 8 | - | 450 |
1 1
Walk Score®
Very Walkable (88)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 15-12-427-004-0000 | Improvements Assessment | $362,100 |
| Land Assessment | $807,400 | Total Assessment | $1,169,500 |
PROPERTY TAXES
Parcel Number
15-12-427-004-0000
Land Assessment
$807,400
Improvements Assessment
$362,100
Total Assessment
$1,169,500
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8-Plex Studio Apartments | 127 W Mead Ave
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