299 E 2nd Ave, Salt Lake City

$1,100,000

7 Beds
4 Baths
4,632 Sqft
.13 Acre
0 Garage

**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.

Essential Information
MLS® #2008804
Price$1,100,000
Bedrooms7
Bathrooms4.00
Square Footage4,632
Acres0.13
Year Built1906
TypeResidential
Sub-TypeQuadruplex
StyleStories: 3
StatusActive
Community Information
Address299 E 2nd Ave
AreaSalt Lake City: Avenues Area
CitySalt Lake City
CountySalt Lake
StateUT
Zip Code84103
School Information
ElementaryNone/Other
MiddleNone/Other
HighNone/Other
Additional Information
Date ListedJuly 1st, 2024
Days on Market20
Listing Details
AgentDavid A Galant
OfficePathway Properties, LLC
Contact Details385-423-8589
LISTING MAP

Get directions to this property:

Properties for Sale Similar to 299 E 2nd Ave, Salt Lake City, UT

Photo of Listing #2011561
New Listing

1488 S 400 E 1-4, Salt Lake City

$1,150,000 - 8 Beds, 8 Baths, 3,960 Sf

MLS® # 2011561

Lucy Chico Century 21 Harman Realty 801-224-2010
Photo of Listing #2010747

603 E First Ave N, Salt Lake City

$1,229,000 - 11 Beds, 4 Baths, 5,099 Sf

MLS® # 2010747

Jill Stringham Berkshire Hathaway HomeServices Utah Properties (Salt Lake) 801-990-0400
Photo of Listing #2005924

433 S Douglas St, Salt Lake City

$1,150,000 - 6 Beds, 4 Baths, 2,550 Sf

MLS® # 2005924

Whitney Averett Fautin Summit Sotheby's International Realty 801-467-2100

Terms Of Use

Information deemed reliable but not guaranteed accurate. Buyer to verify all information.

The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2024 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved.

The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.