If you’re looking for a solid investment opportunity, this Utah Investment Property for Sale is definitely worth considering. With four buildings and 112 units, this property offers a lot of potential for generating rental income.
One thing to be aware of is that the buildings were renovated in 1995 and are currently part of the Low Income Housing Tax Credit Program (LIHTC). This means that all tenants must qualify as low income, and there are restrictions on how much rent can be charged. However, the property management team is allowed to increase rent each year during lease renewals, and historically, the property has received increases in the maximum allowable rents. This means that there is still room for rent increases, providing an opportunity for buyers to continue generating income from the property.
Another thing to consider is that in May 2020, one of the buildings, Embassy Apartments, suffered a fire that left 32 units unrentable. However, the current owners purchased the building and began construction to rebuild the burned units, which were completed in July of 2022. As part of the reconstruction, extensive renovations were completed, including new flooring, paint, plumbing, and electrical updates, among others. These improvements not only make the units more livable and desirable for tenants but also increase the potential rental income that can be generated.
Overall, this Utah Investment Property for Sale offers a unique opportunity for investors looking to generate rental income. With 112 units spread across four buildings, there is a lot of potential for generating consistent cash flow. And with the recent renovations and improvements, the property is in excellent condition and ready to start generating income immediately. If you’re interested in learning more about this investment opportunity, be sure to contact the seller and schedule a tour.
278 E 100, Salt Lake City, UT 84111