278 E 100 S, Salt Lake City, UT 84111

$16,950,000
54
BD
112
BA
58,400
SqFt
List Price
$16,950,000
Status
UNDER CONTRACT
MLS#
1827699
Days on Market
80
Foreclosure
Yes
Year Built
1907
Bedrooms
54
Bathrooms
112
Square Feet
58,400
Parcel Number
16-06-129-014
Acres
0.9
Terms
Cash, Conventional
County
Salt Lake
Region
Salt Lake City; So. Salt Lake
Subdivision
Plat A

Property Description

This sale includes 4 buildings and 112 units. After the buildings were renovated in 1995 Pauline Downs became a part of the Low Income Housing Tax Credit Program (LIHTC), which requires all tenants to qualify as 'low income'. The commitment at the time was for 99 years, leaving 72 years left. The max allowable rents are released each year by HUD. Property management conducts rent increases each year during lease renewals. The subject property has historically received increases in the max allowable rents which provides an opportunity for buyers to continue to achieve rent increases each year. In May 2020 a fire burned down the Embassy Apartments, the building located at 120 S 300 E which included 32 units. It left the units unrentable. When the current owners purchased the building, they began construction to rebuild the burned units which were completed in July of 2022. As part of the construction extensive renovations were completed including: New flooring, New paint, Entire 4th floor gutted to studs and rebuilt, New plumbing throughout, Some updates to electrical throughout, All new electric on 4th floor, New shower surrounds, New shower hardware, New light fixtures, New toilets, New vanities in all bathrooms, New cabinets in all kitchens, New granite counters in all kitchens, New stainless steel appliances, Exterior paint, New boiler system installed prior to fire and reactivated after construction, All new roof structure and roof with upgraded seismic strapping for roof system. Includes Tax ID's: 16-06-129-014, 16-06-129-015, 16-06-129-016, and 16-06-129-017.

Additional Information

Taxes
$37,059
Exterior Features
Balcony
Interior Features
Alarm: Fire, Range/Oven: Free Stdng.
Floor
Carpet, Hardwood
Heating
Hot Water, Steam
School District
Salt Lake
Elementary School
Wasatch
Middle School
Bryant
High School
East
Style
Other/See Remarks
Living Area
58,400

Mortgage Calculator

Amount of Loan
Annual Interest Rate
%
Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Investment Realty Advisors LLC.