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145 MICRO UNITS - THE GRANARY DISTRICT - SALT LAKE CITY, UTAH
GP WEST TEMPLE MICRO UNITS deliver a new type of Multi-Fam-ily Investment Offering for the Downtown Salt Lake City, Utah real estate market.
As young professionals continue to flock to Salt Lake City due to its quality of life and world-class outdoor lifestyle, the demand for affordable housing in premium locations is stronger than ever.
Located in the City’s most sought-after, up-and-coming area, The Granary District, GP WEST TEMPLE is surrounded by an electric atmosphere of restaurants, breweries, coffee shops, and creative office space. Furthermore, West Temple allows residents to access everything downtown has to offer within minutes.
PROPERTY INFORMATIONAddress: 844, 850, & 856 S. West Temple Street
Salt Lake City, Utah
Building Size: 34,255 sq. ft.
Unit Mix: 145 Micro-Units (218-295 sq. ft.)
Total Site Size: 0.39 acres
Age: 2019
Zoning: FB-UN2 (Form Based, Urban Neighborhood)
Percentage Leased: 82.1% (as of mid-October)
Percentage Occupied: 79.3% (as of mid-October)
Est. Stabilization Date: December 2020
Average Lease Rate: In Place: $697/mo. ($2.94 psf)Market: $702/mo. ($2.96 psf)
Stabilized Net Operating Income:
$907,895
Sales Price: $19,113,000 ($131,814/unit)
Cap Rate 4.75%
HIGHLIGHTS INCLUDE:• Lease-up began in March 2020 and has remained strong throughout
COVID-19 with an average absorption of 17 units per month, demonstrating the durability of the Micro Unit product in all market conditions
• Affordable, efficient units will always be in significant demand delivering durable cash flow with consistently full occupancy
• Offers single, young professionals an achievable urban lifestyle in the most vibrant area of downtown
• The Granary District is one of the most attractive areas for new development with $1 Billion of value created over the next five years
• Transit-oriented location with TRAX Light Rail station one block west; encourages excellent walkability and car-free lifestyle
• With an average resident age of 27 years and an affordability ratio of 23%, the Micro Units deliver attainable entry price points for downtown living, and offer significant room long-term rent growth
• Average market rent of $702/mo. ($2.96 psf) is 45% more affordable than Class-A Studio Units in the downtown area
• Strong visibility along West Temple, a primary entrance into the heart of downtown
• Immediate access to 900 South, the City’s premier corridor for new development
GP WEST TEMPLEAPARTMENTS
Exclusively Marketed by
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected]
Rhett Bue Director - Investment [email protected]
Jorgi Paul Senior Associate - Investment Sales801-303-5570 [email protected]
INVESTMENT OFFERING
1580
80
80
80
215215
TRAX S-LineTRAX S-Line
LibertyPark
Sugar HousePark
TRAX Red Line
TRAX Red Line TRAX Main Line
TRAX Main Line
400 South200 South
North Temple Street
South Temple Street
Main Street
State Street
West Temple Street
900 South
1300 South
toPark City
Intermodal Intermodal HubHub
TRAXTRAX
Blue Line
Blue Line
UTA FrontRunner
UTA FrontRunner
CBD and CBD and PeripheryPeriphery
The AvenuesThe Avenues
Granary Granary DistrictDistrict
FUTURE
HistoricTrolley Square
GP WEST TEMPLE
39 MinuteDrivetime(approx.)40 Minute
Drivetime(approx.)
39 MinuteDrivetime(approx.)
9th & 9thDistrict
Sugar House
Imagery: Google Earth/Landsat/Copernicus
Exclusively Marketed by
Rhett Bue Director - Investment [email protected]
Jorgi Paul Senior Associate - Investment Sales801-303-5570 [email protected]
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected] 170 South Main Street, Suite 1600
Salt Lake City, Utah 84101Tel 801-322-2000 Fax 801-322-2040cushmanwakefield.com
©2020 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPER-TY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFOR-MATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. path: 1- Projects/Paul, K/1 - Flyers/844_850_856sWestTempleSt
GP WEST TEMPLE APARTMENTS
