About This Property
SELLER FINANCING AVAILABLE: 20% down, 6% rate, 30-year amortization, 3-year balloon (~$5,036/month P&I). Rare six-unit multifamily on a corner lot in the heart of Salt Lake City, sold as three contiguous parcels totaling approximately 0.24 acres. Built in 1926 and thoughtfully converted to six units: a studio, four one-bedrooms, and a large basement two-bedroom, approximately 5,067 square feet in all. The character carries through: hardwood floors in five units, fireplaces in Units 1 and 2, boiler heat with radiators in every unit, and updated baths in Units 1, 2 and 3. The two-bedroom basement apartment offers two walk-in closets and newer LVP flooring. Free shared laundry and a fenced yard are on site. Tenants pay their own electricity in Units 1 through 5; owner pays gas, water, sewer, garbage, and electricity for Unit 6 and common areas. The big-ticket items are already handled: roof and boiler approximately 6 years old, exterior paint approximately 2 years old, sewer line relined approximately 3 years ago, and water line replaced and upgraded. Ten off-street parking spaces, including 3 tandem bays, is a genuine rarity in this neighborhood. Three of the one-bedrooms are month-to-month and renting below market, with more than $11,000 a year in rent upside, giving a new owner the chance to immediately unlock equity within a highly desired downtown neighborhood. Two units are Section 8 with contracts a new owner can take over. The location sells itself: walk to Trolley Square, Whole Foods, and Trader Joe's, two blocks to TRAX, and minutes from the University of Utah. The zoning adds a second layer of opportunity: the building sits on RMF-30 multi-family zoning, while the two parcels fronting E Markea Ave are zoned SR-3, which allows for new residential construction. Today those back parcels carry the off-street parking and yard that serve the building. For a buyer willing to look ahead, they offer real long-term potential, and we encourage buyers to explore the possibilities with Salt Lake City. Sold as-is; please note foundation settling on the north side of the building; contact the listing agent for details and documentation. Sale includes three parcels: 16-05-163-025 (243 S 800 E, primary parcel), 16-05-163-026 (817 E Markea Ave) and 16-05-163-027 (821 E Markea Ave). Combined, the site offers approximately 147' of continuous frontage along E Markea Ave and 70.5' along 800 East. Unit 2, the studio, is the only unit available to show; all other units to be shown with an accepted offer. Property Summary, Unit Summaries, floor plans, rent roll, expense detail and repair bid available from the listing agent. Buyer & buyer's agent to verify zoning, development potential, square footage and all other information. DO NOT DISTURB TENANTS.
