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548 N Redwood Rd

Salt Lake City, UT 84106
  • $899,900
  • STATUS: Active
  • ON SITE: 23 Days
  • ID#: 1808207
Price Reduced
UPDATED: 98 min ago
$899,900
  • 8
    BEDS
  • 0.24
    ACRES
  • 4
    BATHS
  • 0
    1/2 BATHS
  • 2,540
    SQFT
  • $354
    $/SQFT
Type:
Multi-Family
Built:
1962
County:

School Information

Elementary School:
Middle School:
High School:
School District:

Description

Current market apartment vacancy sits at less than 2%, the lowest rate in 20 years! It is anticipated that the Salt Lake County rental market boom will continue throughout 2022. Vacancy rates will remain less than 4%, and rental rates will increase by 7-8%. Thus, giving investors the opportunity to capture increased revenue. This 4-plex is located in great proximity to Downtown giving its tenants easy access to the many employment opportunities in Salt Lake City! This rare multi-unit has a Pro Forma cap rate of 5.8% with a monthly gross rent potential of $4360. These are 2-bedroom/1-bathroom units with recent updates to include: updated apartments spanning over four years, 4 new AC units, 2 new furnaces in 2022, 2 new furnaces in 2020, and a brand-new fence. The washer and dryer unit in Apartment A is owned by the landlord and will be included in this sale. This difference in current rent vs market rent gives a buyer the great opportunity to come in and raise rents and take better advantage of the increasing rental market along the Wasatch Front.

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Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of 2022-05-19T23:41:07.803. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
www.lancegrouphomes.com/homes/128083105
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548 N Redwood Rd Salt Lake City, UT 84106

  • Price: $899,900
  • Status: Active
  • On Site: 23 Days
  • Updated: 98 min ago
  • ID#: 1808207
8
Beds
4
Baths
0
½ Baths
0.24
Acres
2,540
SQFT
$354
$/SQFT
1962
Built
Neighborhood:
Salt Lake City; So. Salt Lake
County:
Salt Lake
Area:
Salt Lake City; So. Salt Lake
Elementary School:
Backman
Middle School:
Northwest
High School:
West
School District:
Salt Lake
Property Description
Current market apartment vacancy sits at less than 2%, the lowest rate in 20 years! It is anticipated that the Salt Lake County rental market boom will continue throughout 2022. Vacancy rates will remain less than 4%, and rental rates will increase by 7-8%. Thus, giving investors the opportunity to capture increased revenue. This 4-plex is located in great proximity to Downtown giving its tenants easy access to the many employment opportunities in Salt Lake City! This rare multi-unit has a Pro Forma cap rate of 5.8% with a monthly gross rent potential of $4360. These are 2-bedroom/1-bathroom units with recent updates to include: updated apartments spanning over four years, 4 new AC units, 2 new furnaces in 2022, 2 new furnaces in 2020, and a brand-new fence. The washer and dryer unit in Apartment A is owned by the landlord and will be included in this sale. This difference in current rent vs market rent gives a buyer the great opportunity to come in and raise rents and take better advantage of the increasing rental market along the Wasatch Front.
Exterior Features

Architectural Style Side By Side Attached Garage YN No Carport Spaces 2 Carport YN Yes Construction Materials BrickStucco Construction Status Blt./Standing Covered Spaces 2 Exterior Features Double Pane Windows Frontage Length 0.0 Garage YN No Horse Property YN No Lot Features Curb & GutterFenced: PartSidewalks Lot Size Dimensions 0.0X0.0X0.0 Mobile Length 0 Mobile Width 0 Open Parking Spaces 8 Open Parking YN Yes Parking Features CoveredParking: Uncovered Parking Total 10 Pool Private YN No Roof Asphalt RVParking Dimensions 0.00 Spa YN No Topography Curb & GutterFenced: PartSidewalks Vegetation Landscaping: Full View YN No Waterfront YN No

Interior Features

Accessibility Features Accessible Doors Bathrooms Partial 0 Bathrooms Total 4 Building Area Total 2540 Cooling YN No Fireplace YN No Flooring LaminateTile Heating Gas: Central Heating YN True Interior Features Range/Oven: Built-In Laundry Features Electric Dryer Hookup Rooms Total 0 Window Features Blinds

Property Features

Association YN No Cross Street 1400 Current Use Residential Inclusions RangeRefrigerator Irrigation Water Rights Acres 0 Lease Considered YN No Listing Terms CashConventionalFhaVa Loan New Construction YN No Ownership Owner/Agent Property Attached YN No Property Condition Blt./Standing Property Sub Type Quadruplex Senior Community YN No Sewer Sewer: Connected Tax Annual Amount 2695 Utilities Natural Gas ConnectedElectricity ConnectedSewer ConnectedWater Connected Water Source Culinary Zoning Multi-Family Zoning Description Multi

Listing provided courtesy of Kw South Valley Keller Williams: 801-676-5700. Information deemed reliable but not guaranteed accurate. Buyer to verify all information. © 2022 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved.


Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of 2022-05-19T23:41:07.803. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed accurate. Buyer to verify all information.
 
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