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- LoopNet Team
973 W North Temple
Salt Lake City, UT 84116
Land For Sale
·
0.56 AC
Investment Highlights
- Located just 5 minutes from Downtown Salt Lake City and 5 minutes from the new Salt Lake City International Airport.
- The site also features direct access to public transportation with the Jackson/Euclid TRAX station located one block east of the site.
- This corner lot is located in an opportunity zone, with exposure on North Temple.
Property Facts
| Property Type | Land | Proposed Use | Multifamily |
| Property Subtype | Commercial | Total Lot Size | 0.56 AC |
| Zoning | TSA-UN-T - Urban Neighborhood Transit Station - Transitional | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 0.56 AC |
| Zoning | TSA-UN-T - Urban Neighborhood Transit Station - Transitional |
Description
Desirable Zoning – Desirable and unique zoning of TSA-UN-T which allows for 50’ of height, with one additional story permitted through design review with the city. Design review is an over-the-counter, administrative process that does not require public hearings. In addition to the desirable zoning, this site is situated in an Opportunity Zone. Transit-Oriented Location – Located in the center of the North Temple Corridor, this site has unrivaled access to both Downtown Salt Lake City and the newly built, $5.1 billion Salt Lake City International Airport within a 5-minute car or train ride. In addition, the site boasts close proximity to the Redwood Road freeway interchange onto I-80, which is a major east-west artery and connecting to I-15 which runs north and south throughout the Wasatch Front. The site also features direct access to public transportation with the Jackson/Euclid TRAX station located one block east of the site as well as the UTA FrontRunner high speed train station located ½ mile east, which runs 90 miles from Ogden to Provo. Major Area Developments – Rocky Mountain Power will soon be redeveloping their 100-acre site located just three blocks to the west, to a sizeable mixed-use project with the first phase consisting of their new office headquarters, market rate apartments and anchor retail for the surrounding area, as well as a prospective Major League Baseball stadium. In addition to Rocky Mountain Power, the Utah State legislature has allocated $150 million to the Utah State Fairpark, located one block west, to transform it into a year-round event facility featuring outdoor concerts, sporting events, a hotel component, significant retail, and apartments. Strong Area Demographics – Although this submarket is currently in transition, the area still showcases strong demographics, with average household income for 2022 at $93,753 within a 5-mile radius. Average rents currently stand at $1,611/unit/month which translates to an attractive affordability ratio of 20.62%, providing a 17% discount from downtown rental rates which average $1,942/unit/month.
