UT > Salt Lake City
Salt Lake City, UT 84115,416 E SCOTT AVE
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Salt Lake City, UT 84115,416 E SCOTT AVE
Salt Lake City, UT 84115,416 E SCOTT AVE
Salt Lake City, UT 84115,416 E SCOTT AVE
Salt Lake City, UT 84115,416 E SCOTT AVE
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Doug Cary

Doug Cary

+1(801) 450-0997
$ 2,180,000
Est. payment /mo
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416 E SCOTT AVE Salt Lake City, UT 84115

18 Beds

12 Baths

8,663 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type > 4 Units

Listing Status Active

Purchase Type For Sale

Square Footage 8,663 sqft

Price per Sqft $251

MLS Listing ID 2070610

Style Stories: 2

Bedrooms 18

Construction Status Blt./Standing

HOA Y/N No

Year Built 1953

Annual Tax Amount $13,326

Lot Size 0.660 Acres

Acres 0.66

Lot Dimensions 0.0x0.0x0.0

Property Sub-Type > 4 Units

Property Description

416 Scott Ave presents a rare opportunity to acquire a wellmaintained, low-density multifamily asset with oversized units and significant value-add potential. This six-unit property comprises: Unit A: A recently renovated 1,387 SF single-family home (3BD/2BA), featuring new flooring, appliances, cabinetry, carpeting, wood siding, fresh paint, upgraded lighting, switches, and outlets. The home also offers a spacious front and side yard for outdoor enjoyment. Unit B: A 1,092 SF single-family home (3BD/1BA) sharing a carport with Unit A. The roof for both homes was replaced in 2024. This unit is in good condition with updated appliances and a fenced backyard. Units C, D, E & F: Four large duplex units (each 1,546 SF) built in 1996 and 1998, designed in a desirable townhome-style layout with 3BD/2BA and attached two-car garages. Each duplex appraised for $725,000 in April 2024. While all units have been wellmaintained, Unit D underwent a full renovation in 2024, including new flooring, paint, carpeting, updated lighting fixtures and more. The properties are situated on three separate parcels, providing the opportunity for a buyer to secure residential financing. VALUE-ADD POTENTIAL This property offers multiple opportunities to increase revenue and maximize returns: Rent Optimization: Current rents are significantly below market rates. The average market rent for 3BD/2BA units in the area is approximately $2,500, while current in-place rents average $1,572, representing a $928+ per unit upside. The 3BD/1BA unit currently rents for $1,486, while market rates are $2,200, creating an additional $714 per unit opportunity. Utility Reimbursement: The owner currently covers water, sewer, and trash expenses. Implementing a utility reimbursement program would further enhance NOI. Additional Revenue Streams: The property features ample unused land, which could be leveraged for storage unit development or additional tenant amenities to improve retention and increase income.

Location

State UT

County Salt Lake

Area Salt Lake City; So. Salt Lake

Interior

Fireplace No

Exterior

View Y/N No

Present Use Residential

Private Pool No

Building

New Construction No

Construction Status Blt./Standing

Schools

Elementary Schools None/Other

Middle Schools None/Other

High Schools None/Other

Others

Senior Community No

Tax ID 16-31-205-056

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Listed by Pathway Properties, LLC
agent

Doug Cary

Broker Associate | License ID: 6004248

+1(801) 450-0997

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