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Mcclelland Area Multi-Family Home

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Address not disclosed Salt Lake City, UT 84105

11 Bed
6 Baths
5565 sqft
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MULTIPLE OFFERS RECEIVED. HIGHEST AND BEST DUE BY 5 PM, DECEMBER 20TH. McClelland Place is an excellent income-producing property located on one of the best streets in Salt Lake City... LOCATION: A five minute walk to the 9th & 9th district, a 10 minute walk to the 15th & 15th district and a 10 minute drive to downtown Salt Lake City, along with upgraded finishes, and spacious floor plans creates a 'no vacancy' rental scenario. To the north, there is a brand new modern-style home, to the south there is a lovely bungalow and many historically significant properties on this section of McClelland. The property backs up to a city-maintained walking path that begins at a neighborhood park and meanders over to Liberty Heights Fresh, Maison, Kyoto, and Hub and Spoke. There is also an 8000 square foot commercial building with an anchor restaurant tenant being developed at the intersection of 1300 South and 1100 East. You cannot beat this highly walkable location. DETAILS: The property was built in 1956 and has all of mid-century charm of the period. The gross scheduled income is $72,000 per year and total square footage is over 5500 square feet! There are 4 one-car garages with electric garage doors. The acreage is large with .22 of an acre, but easy to maintain because of the low-maintenance landscaping on the west side of the property and the asphalt driveway/parking lot on the east side of the property. Double paned windows in all of the units makes for happy tenants and low utility cost (electric and gas for each unit is separately metered and paid for by tenant). In addition, many of the furnaces and AC units have been replaced, each unit has it's own washer and dryer, the tenants on the south side of the building have a private and fenced in yard. Each unit has a dedicated furnace, A.C. unit, and water heater. INVESTMENT: McClelland Place has been very well-maintained, with pride of ownership evident. All rents are paid on time or early: the tenants want to stay in the building as long as possible. The leases are bullet proof and available for your review. With Salt Lake City poised for aggressive growth over the next 20 years, this is truly a rare opportunity to snatch up a SOLID rental property in a premium location. CAP RATE is currently running at an unprecedented 6.73% rate based upon actual net operating income of $58,916 and list price.
Listing Courtesy of UTAH REAL ESTATE / Windermere Real Estate Utah / Cherie Major