278 E 100 S

Salt Lake City, UT, 84111

$16,950,000

$290 per ft²
$16,950,000
$290 per ft²
Pending
Pending
 - For Sale
beds
54 Beds
baths
112 Baths
carpenters-square
58,400 ft²
property_type
Residential
calendar
Built 1907
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.
MLS® ID:
1827699
Listed:
7/11/22
Updated:
9/30/22
Keller Williams Real Estate
The Stern Team

Interior Features

Total Bedrooms
54
Total Bathrooms
112
Interior Features
Alarm: Fire, Range/Oven: Free Stdng
Floor Description
Carpet, Hardwood
Heating
Hot Water, Steam

Exterior/Building Features

Lot Size
0.9 acres lot
Exterior Features
Balcony
Architectural Style
Other/See Remarks
Lot Details
Corner Lot, Curb Gutter, Road: Paved, Sidewalks
Sewer
Sewer: Connected, Sewer: Public

School Information

School District
Salt Lake
High School
East
Middle/Jr High
Bryant
Elementary School
Wasatch

Other Property Details

Area Name
Salt Lake City; So. Salt Lake
Taxes
$37059
Tax Frequency
per YEAR
Garage
No
Parking
N
View
N
County
Salt Lake
Utilities
Natural Gas Connected, Electricity Connected, Sewer Connected, Sewer: Public, Water Connected
Water Source
Culinary
Pool
No

Property History

Date
Event
Price
Value
9/30/22
Pending
-
-

 

Courtesy of Investment Realty Advisors LLC

Based on information from the Wasatch Front Regional Multiple Listing Service, Inc. as of 7:26 PM UTC, 9/30/22. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information deemed reliable but not guaranteed and should be independently verified. Properties may or may not be listed by the office/agent presenting the information. The information provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor The Stern Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

©2022 Wasatch Front Regional MLS, Inc. All rights reserved.

Keller Williams Real Estate
The Stern Team
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