323 N Center St - Apartments FOR SALE


Salt Lake City, UT 84103
$5,100,000 USD
801-303-5555
323 N Center St, Salt Lake City, UT for Sale
$5,100,000 USD
Apartments - FOR SALE
1/6
null | 5.67% Cap Rate

323 N Center St
Salt Lake City, UT 84103


HIGHLIGHTS

  • 13,205 net rentable sq. ft.
  • 24 units total
  • Occupancy: 95.8%
  • Cap Rate: 5.67% (Broker Pro Forma)

OVERVIEW

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Capitol Hill Apartments (the “Property”), a boutique 24-unit, three-story apartment building located in the desirable Capitol Hill neighborhood of Salt Lake City, Utah. Originally constructed in 1970 on a 0.49-acre site, the Property has been meticulously maintained by the seller throughout its 20 years of continuous ownership. During this period, Capitol Hill Apartments has undergone significant updates, including the replacement of the mansard roof, upgrades to balconies, parking lot moisture protection, new fencing, sidewalk replacement, and a façade renovation. Additionally, select units have received bathroom and kitchen upgrades, providing a roadmap for the next investor to continue enhancements, and unlock further value. All units feature central air conditioning and include either a balcony or a patio. Twelve of the units also have gas-powered fireplaces. Lastly, each floor has a shared laundry facility. Capitol Hill Apartments offers a compelling value-add opportunity, and well-designed, efficient units, all set in one of the most sought-after cities in the Mountain West. These attributes make the Property a standout apartment community for both residents and investors alike.

FOR SALE DETAILS

PRICE

$5,100,000 USD

PRICE/SF

$386 USD /SF

# OF UNITS

24

PRICE/UNIT

$212,500

CAP RATE

5.67%

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Capitol Hill Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1970

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.49 AC

LAND SF

21,344 SF

ZONING

SR-1A

APN/PARCEL ID

08-36-428-008-0000

ASK ABOUT THIS PROPERTY

Kip PaulCushman & WakefieldMore Info
801-303-5555

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Kip PaulCushman & WakefieldMore Info
801-303-5555

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.