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245 S 800 E 8 Unit Apartment Building $1,999,000 ($249,875/Unit) 5.29% Cap Rate Salt Lake City, UT 84102
Investment Highlights
- Comprehensive 2021 Renovation: The property was extensively remodeled in 2021. Upgrades included new interiors, plumbing, electrical, HVAC systems.
- Dedicated Covered Parking: Each unit benefits from a reserved, covered parking space.
- Prime “Walkable” Location: Boasting a Walk Score of 85 and a Bike Score of 91. Walking distance of Trolley Square, the TRAX light rail system.
- Onsite Storage Units: The building features eight private storage units, currently included in the rent. Upside Opportunity.
- High-Speed Connectivity: The property is fully wired for CenturyLink high- speed internet.
Executive Summary
Strategically located in the heart of the “East Central” neighborhood, this eight-plex represents a premier opportunity to acquire a turnkey, stabilized asset in one of Salt Lake City’s most high-demand rental corridors. This property consist of Eight fully renovated One Bed / One Bath Units.
Having undergone a comprehensive remodel in 2021, the property features modern interiors and updated systems. Fully updated interiors, plumbing, electrical, individual central air units, new roof, new water and sewer main line, and a new parking lot drainage system was installed to carry surface water around the building and out to the street, significantly reducing near-term capital expenditure risks for a new owner. Positioned perfectly between the University of Utah and Downtown Salt Lake City, the property caters to a high-quality tenant base of young professionals and students, ensuring consistently high occupancy.
Having undergone a comprehensive remodel in 2021, the property features modern interiors and updated systems. Fully updated interiors, plumbing, electrical, individual central air units, new roof, new water and sewer main line, and a new parking lot drainage system was installed to carry surface water around the building and out to the street, significantly reducing near-term capital expenditure risks for a new owner. Positioned perfectly between the University of Utah and Downtown Salt Lake City, the property caters to a high-quality tenant base of young professionals and students, ensuring consistently high occupancy.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$126,866
|
$22.74
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$126,866
|
$22.74
|
| Taxes |
$10,108
|
$1.81
|
| Operating Expenses |
$11,015
|
$1.97
|
| Total Expenses |
$21,123
|
$3.79
|
| Net Operating Income |
$105,743
|
$18.95
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $126,866 |
| Annual Per SF | $22.74 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $126,866 |
| Annual Per SF | $22.74 |
| Taxes | |
|---|---|
| Annual | $10,108 |
| Annual Per SF | $1.81 |
| Operating Expenses | |
|---|---|
| Annual | $11,015 |
| Annual Per SF | $1.97 |
| Total Expenses | |
|---|---|
| Annual | $21,123 |
| Annual Per SF | $3.79 |
| Net Operating Income | |
|---|---|
| Annual | $105,743 |
| Annual Per SF | $18.95 |
Property Facts
| Price | $1,999,000 | Apartment Style | Garden |
| Price Per Unit | $249,875 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 5.29% | Building Size | 5,580 SF |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1960/2021 |
| Property Subtype | Apartment | Parking Ratio | 1.79/1,000 SF |
| Zoning | RMF35 | ||
| Price | $1,999,000 |
| Price Per Unit | $249,875 |
| Sale Type | Investment |
| Cap Rate | 5.29% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 5,580 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1960/2021 |
| Parking Ratio | 1.79/1,000 SF |
| Zoning | RMF35 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | $1,300 | 600 |
1 1
Very walkable
80/100
Fairly drivable
50/100
Good public transit
60/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Total Assessment | $1,989,100 | |
| Land Assessment | $452,900 | Annual Taxes | $10,108 ($1.81/SF) |
| Improvements Assessment | $1,536,200 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$452,900
Improvements Assessment
$1,536,200
Total Assessment
$1,989,100
Annual Taxes
$10,108 ($1.81/SF)
Tax Year
2025
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245 S 800 E
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