278 E 100 S, Salt Lake City, UT

$16,950,000

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54

Beds

112

Baths

58,400

Square feet

0.90

Acres

About 278 E 100 S

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.

Features of 278 E 100 S

MLS® # 1827699
Price $16,950,000
Bedrooms 54
Bathrooms 112.00
Square Footage 58,400
Acres 0.90
Year Built 1907
Type Residential
Sub-Type > 4 Units
Style Other/See Remarks
Status Active

Community Information

Address 278 E 100 S
Area Salt Lake City; So. Salt Lake
Subdivision PLAT A
City Salt Lake City
County Salt Lake
State UT
Zip Code 84111

Amenities

Utilities Natural Gas Connected,Electricity Connected,Sewer Connected,Sewer: Public,Water Connected
Is Waterfront No
Has Pool No

Interior

Interior Carpet,Hardwood
Interior Features Alarm: Fire,Range/Oven: Free Stdng.
Heating Hot Water,Steam
Fireplace No

Exterior

Exterior Features Balcony
Lot Description Corner Lot,Curb & Gutter,Road: Paved,Sidewalks
Windows None
Construction Brick

School Information

District Salt Lake
Elementary Wasatch
Middle Bryant
High East

Additional Information

Date Listed July 12th, 2022
Days on Market 34
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentCory Waddoups
OfficeInvestment Realty Advisors LLC
Contact Info801-971-2542

Listing Map

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