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702 E 3rd Ave 4,702 SF 100% Leased Retail Building Salt Lake City, UT 84103 $1,675,000 ($356.23/SF)
Investment Highlights
- 2,700 SF Retail Space + 2,100 SF Basement
- Well Maintained Property with Below Market Rents and Strong Upside
- (3) Charming 3-Bed, 1-Bath Apartments Occupy 2nd Floor
Executive Summary
This multi-family / retail investment presents the perfect blend of historic charm and modern potential. The 2-story brick building, conveniently located at the iconic Avenues Corner of 3rd and K Street, offers a corner retail space occupying 2,700 SF on the main level + 2,100 SF basement, accompanied by 3 charming 1-bedroom apartments on the second floor. With below-market rents, strong upside potential, and a proforma NOI of $126,600 at 7.23% Cap, this property promises an excellent investment opportunity.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,702 SF
Building Class
C
Year Built
1938
Price
$1,675,000
Price Per SF
$356.23
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.35
Lot Size
0.08 AC
Zoning
CN
Parking
6 Spaces (1.28 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
Very walkable
80/100
Fairly drivable
50/100
Some public transit
50/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 09-32-354-001-0000 | Improvements Assessment | $386,490 |
| Land Assessment | $289,390 | Total Assessment | $675,880 |
Property Taxes
Parcel Number
09-32-354-001-0000
Land Assessment
$289,390
Improvements Assessment
$386,490
Total Assessment
$675,880
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Contact the Sale Advisor
702 E 3rd Ave