The 500 South apartments (13 units) are part of Salt Lake City’s East Central district. The property sit just west of the University of Utah and provides residents excellent access to both the University and Downtown Salt Lake via TRAX (lightrail) red line. The TRAX red line runs from the U of U all the way to Daybreak, Utah on the southwest end of the Salt Lake Valley. The red line’s 900 East Station is just a block from the property. Two renown shopping centers are within walking distance: Trolley Square and Trader Joe’s as well as the coveted 9th and 9th neighborhood with its eclectic mix of shops and entertainment.
There are Three Opportunities for potential investors looking to purchase the property:
1. The property features an outstanding location and provides investors with a rare Salt Lake opportunity. Utah is a high growth state and Salt Lake City shines as one of the most economically dynamic and fastest growing markets in the nation. Investors can purchase the property and run it as is, allowing the property to appreciate as Salt Lake and the state of Utah continue to flourish.
2. By investing additional capital into the 13 units in renovations, potential investors can achieve higher rents to better compete with neighboring product.
3. The property also presents investors with a potential land bank and development opportunity. The suburb location and current housing shortage creates and opportunity to tear down the existing units and construct new student housing or market rate building.
