FOR SALE
THE PARK SPRING
Legend Commercial is proud to present The Park Spring investment sale offering. This 23-unit building presents a rare opportunity to acquire a well-located multifamily apartment building in Salt Lake City, Utah.
OFFERING DETAILS
The sale of The Park Spring Apartments offers a rare opportunity to acquire a well-maintained multifamily property in the highly desirable Marmalade / Capitol Hill area of Salt Lake City, Utah.
This asset has been extremely well-maintained and managed. The current owner is only the 3rd owner since the property was built. A new owner can take comfort in the fact that all major and necessary capital expenditures have been attended to.
Positioned in the Marmalade District neighborhood at the corner of quiet Wall Street and ease-of-access 300 West, and across from beautiful Warm Springs Park, this investment benefits from very strong tenant demand and longevity, driven by a vibrant community feel and proximity to key employers, higher education, and financial and tech business districts.
The Park Spring Apartments presents investors a combination of strong rental performance, proven cash flow, long-term tenancy, and consistent value appreciation.
A new owner can either easily step into the management role and seamlessly take over a very professionally run owner/manager role with long-term, high-quality, reliable vendor relationships; or hire a third-party property management company who will step into this well-managed opportunity with ease.
PROPERTY SUMMARY
PROPERTY NAME
THE PARK SPRING
ADDRESS
778 N 300 W, SALT LAKE CITY, UT 84103
YEAR BUILT
1965
UNIT COUNT
23
ACREAGE
0.57
NET RENTABLE SF
16,800
PRICING SUMMARY
ASKING PRICE
$5,750,000
NOI
$297,299
PRICE / UNIT
$250,000
PRICE / SF
$342.26
CAP RATE
5.17%
PRO FORMA CAP RATE
6.19%
THE OPPORTUNITY
Prime Location With Strong History of Rental Demand: Located in the desirable and vibrant Marmalade/Capitol Hill neighborhood, across from Warm Springs Park, and near major employers, universities and business districts, this property benefits from strong tenant demand and retention from graduate students, U of U employees, and finance, tech and healthcare professionals.
Capital Improvements: Owners have taken a true long-term owner mentality investing in extensive capital improvements including electrical, plumbing, central HVAC systems in each apartment and new exterior walkways and stairwells.
Value Add Potential: The Park Spring presents growing in-place cash flows, as well as significant upside potential through unit upgrades, mark-to-market rents, and ancillary income streams such as parking and media packages.
