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Seth Marcus
Summit Sotheby's International Realty
Summit Sotheby's International Realty home

278 100
278 100 Salt Lake City, Utah 84111 United States

$16,950,000
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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...

Investment Realty Advisors LLC

  • Real Estate Professional
1260 E. Stringham Ave.
Suite 100 Salt Lake City, Utah 84106 United States
Listing Courtesy of Investment Realty Advisors LLC
$16,950,000
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54
Bedrooms
58,400 Sq Ft.
Interior
.9 Acres
Exterior
Single Family Homes
Property type
1907
Year Built
1827699
Web Id
PLAT A
Subdivision
Salt Lake City
School District
Wasatch
Elementary
Bryant
Middle
East
High
36
days ago

About 278 100

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.

Listing Courtesy of Investment Realty Advisors LLC ,WFR MLS

Amenities

  • Alarm
  • Balcony
  • Carpet
  • Hardwood Floors
  • Steam Room

features

cooling
Electric
lot description
Corner Lot
Community
Sidewalks
Style
Brick

PROPERTY INFORMATION

Heating
Hot Water, Steam
Sewer
Sewer: Connected, Sewer: Public
Water
Culinary

EXTERIOR

Exterior Features
Balcony
Lot Description
Corner Lot, Curb & Gutter, Road: Paved, Sidewalks

INTERIOR

Flooring
Carpet, Hardwood
Interior Features
Alarm: Fire, Range/Oven: Free Stdng.

ADDITIONAL INFORMATION

Number of Units
112
Listing Courtesy of Investment Realty Advisors LLC

Investment Realty Advisors LLC

Seth Marcus
  • Real Estate Professional
1260 E. Stringham Ave.
Suite 100 Salt Lake City, Utah 84106 United States
Listing Courtesy of Investment Realty Advisors LLC
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