Windermere Real Estate (Draper)

Exceptional opportunity in the highly desirable Liberty Wells neighborhood, just minutes from downtown Salt Lake City and Sugar House. This charming 5-plex offers immediate income with significant upside potential. Current rents are below market due to long-term tenants, all on month-to-month leases, providing flexibility for a new owner to reposition and increase returns. The property features a well-maintained main house (built in 1902) with two one-bedroom units and one studio, plus a separate building with two additional one-bedroom apartments. Each unit offers functional layouts with kitchens or kitchenettes and individual heating systems (in main home, shared in back dwelling), appealing to a wide tenant base. Recent capital improvements include a new water line from the street to the home (2025), updated main house plumbing (2025), water heater replacement for the back building (2021), and new refrigerator in Unit #3 (2022)-reducing near-term maintenance concerns. Situated in a walkable location near restaurants, shopping, and entertainment, this property combines historic character with strong rental demand. Ideal for investors seeking a value-add asset with both immediate cash flow and long-term appreciation potential. Off street parking and conveinant on street parking. Buyer and buyer's agent to verify all information, including square footage. Estimated market rents (conservative Liberty Wells / Sugarhouse range): 1-bed units: ~$1,100$1,250 Studio: ~$900$1,000 Projected Stabilized Monthly Income (mid-range): (4 $1,175) + $950 = $5,650/month Projected Annual Income: $67,800 Projected NOI: $67,800 $11,448 = $56,352 Stabilized Cap Rate (at $850,000): 6.63%