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416 E Scott Ave Salt Lake City, UT 84115
Listing Courtesy of: UTAH REAL ESTATE / Pathway Properties, LLC

  416 E Scott Ave Salt Lake City, UT 84115

Active (19 Days)
$2,180,000
18
BED
12
BATH
8,663
SQFT

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.

MLS #:
2070610
Taxes
$13,326
Lot Size
0.66 acres
Type
Single-Family Home
Year Built
1953
Views
False
County
Salt Lake County

Listed By

David a Galant, Pathway Properties, LLC
Source
UTAH REAL ESTATE
Last checked Apr 2 2025 at 1:31 PM MDT
Bathroom Details
School Information
  • Elementary School: None/Other
  • Middle School: None/Other
  • High School: None/Other
Stories
  • 0
Living Area
  • 8,663 sqft
Location
   
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Estimated Monthly Mortgage Payment

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Disclaimer: Copyright 2025 Utah Real Estate MLS. All rights reserved. This information is deemed reliable, but not guaranteed. The information being 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. Data last updated 4/2/25 06:31