299 E 2nd Ave, Salt Lake City, UT

$1,100,000

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7

Beds

4

Baths

4,632

Square feet

0.13

Acres

About 299 E 2nd Ave

**Do not disturb tenants** 299 2nd Ave is a well-maintained fourplex with substantial value-add potential, located on the northwest corner of C St and 2nd Ave in Salt Lake City. This charming property, built in 1906, spans roughly 4,632 SF and includes three 2BD/1BA units and one 1BD/1BA unit. The property features a one-car garage and a driveway in the rear, along with an on-site laundry room for tenant convenience. Currently, tenants are billed for their pro rata share of gas and electric. However, a new owner has the opportunity to also charge for water, sewer, and trash reimbursement, further increasing revenue. All units are occupied by long-term tenants who are paying below-market rents. The 2BD units average $1,387/month, while similar units in the area average $1,475/month, with the top 75th percentile renting for over $1,700. The 1BD unit rents for an average of $1,422, compared to top units in the vicinity that rent for up to $1,650. This presents an excellent opportunity for a new owner to enhance the property and increase rents by approximately 20%. 299 2nd Ave is perfectly situated in a prime Salt Lake City location, offering easy access to a wide range of amenities, including shopping, dining, and entertainment options. The vibrant neighborhood and excellent connectivity make this property highly appealing to tenants. This property is perfect for an investor looking to take advantage of a value-add opportunity with below-market rents and stable, long-term tenants. Sellers are willing to finance property with a downpayment of 20%, 4-5% interest rate and a term of 5 years.

Features of 299 E 2nd Ave

MLS® # 2008804
Price $1,100,000
Bedrooms 7
Bathrooms 4.00
Square Footage 4,632
Acres 0.13
Year Built 1906
Type Residential
Sub-Type Quadruplex
Style Stories: 3
Status Active

Community Information

Address 299 E 2nd Ave
Area Salt Lake City: Avenues Area
City Salt Lake City
County Salt Lake
State UT
Zip Code 84103

Amenities

Is Waterfront No
Has Pool No

Interior

Fireplace No

School Information

Elementary None/Other
Middle None/Other
High None/Other

Additional Information

Date Listed July 1st, 2024
Days on Market 19
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentDavid A Galant
OfficePathway Properties, LLC
Contact Info385-423-8589

Listing Map

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