Capitol Hill Apartments | 323 N Center St
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Capitol Hill Apartments 323 N Center St
24 Unit Apartment Building $5,100,000 ($212,500/Unit) 5.67% Cap Rate Salt Lake City, UT 84103
Investment Highlights
- 13,205 net rentable sq. ft.
- Occupancy: 95.8%
- 24 units total
- Cap Rate: 5.67% (Broker Pro Forma)
Executive Summary
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Capitol Hill Apartments (the “Property”), a boutique 24-unit, three-story apartment building located in the desirable Capitol Hill neighborhood of Salt Lake City, Utah. Originally constructed in 1970 on a 0.49-acre site, the Property has been meticulously maintained by the seller throughout its 20 years of continuous ownership.
During this period, Capitol Hill Apartments has undergone significant updates, including the replacement of the mansard roof,
upgrades to balconies, parking lot moisture protection, new fencing, sidewalk replacement, and a façade renovation. Additionally, select units have received bathroom and kitchen upgrades, providing a roadmap for the next investor to continue enhancements, and unlock
further value.
All units feature central air conditioning and include either a balcony or a patio. Twelve of the units also have gas-powered fireplaces.
Lastly, each floor has a shared laundry facility.
Capitol Hill Apartments offers a compelling value-add opportunity, and well-designed, efficient units, all set in one of the most sought-after cities in the Mountain West. These attributes make the Property a standout apartment community for both residents and investors alike.
During this period, Capitol Hill Apartments has undergone significant updates, including the replacement of the mansard roof,
upgrades to balconies, parking lot moisture protection, new fencing, sidewalk replacement, and a façade renovation. Additionally, select units have received bathroom and kitchen upgrades, providing a roadmap for the next investor to continue enhancements, and unlock
further value.
All units feature central air conditioning and include either a balcony or a patio. Twelve of the units also have gas-powered fireplaces.
Lastly, each floor has a shared laundry facility.
Capitol Hill Apartments offers a compelling value-add opportunity, and well-designed, efficient units, all set in one of the most sought-after cities in the Mountain West. These attributes make the Property a standout apartment community for both residents and investors alike.
Property Facts
| Price | $5,100,000 | Building Class | B |
| Price Per Unit | $212,500 | Lot Size | 0.49 AC |
| Sale Type | Investment | Building Size | 13,205 SF |
| Cap Rate | 5.67% | Average Occupancy | 96% |
| No. Units | 24 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.51/1,000 SF |
| Apartment Style | Low Rise |
| Price | $5,100,000 |
| Price Per Unit | $212,500 |
| Sale Type | Investment |
| Cap Rate | 5.67% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.49 AC |
| Building Size | 13,205 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built | 1970 |
| Parking Ratio | 1.51/1,000 SF |
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Smoke Free
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | $950.00 | 633 |
| 2+1 | 12 | $1,400 | 759 |
Walk Score ®
Very Walkable (70)
Bike Score ®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 08-36-428-008-0000 | Improvements Assessment | $2,768,900 |
| Land Assessment | $1,270,900 | Total Assessment | $4,039,800 |
PROPERTY TAXES
Parcel Number
08-36-428-008-0000
Land Assessment
$1,270,900
Improvements Assessment
$2,768,900
Total Assessment
$4,039,800
zoning
| Zoning Code | SR-1A (SR-1A (Special Development Pattern Residential)) |
| SR-1A (SR-1A (Special Development Pattern Residential)) |
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Power Broker Kip Paul -
Michael King -
JT Redd -
Christopher Fiander-Carr -
Cushman & Wakefield
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Capitol Hill Apartments | 323 N Center St
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