The Park Spring 778 N 300 W 23 Unit Apartment Building $7,919,533 CAD ($344,328 CAD/Unit) 5.17% Cap Rate Salt Lake City, UT 84103

The sale of The Park Spring Apartments offers a rare opportunity to acquire a well-maintained multifamily property in the highly desirable Marmalade / Capitol Hill area of Salt Lake City, Utah.
This asset has been extremely well-maintained and managed, with a true long-term owner perspective. The current owner is only the 3rd owner since the property was built. A new owner can take comfort in the fact that all major andnecessary capital expenditures have been attended to.
Positioned in the Marmalade Hill neighborhood at the corner of quiet Wall Street and ease-of-access 300 West, and across from beautiful Warm Springs Park, this investment benefits from very strong tenant demand and longevity, driven by a vibrant community feel and proximity to key employers, higher education, and financial and tech business
districts.
The Park Spring Apartments presents investors a combination of strong rental performance, proven cash flow, long-term tenancy, and consistent value appreciation.
A new owner can either easily step into the management role and seamlessly take over a very professionally run owner/manager role with long-term, high-quality, reliable vendor relationships; or hire a third-party property management company who will step into this well-managed opportunity with ease.
With the premier location of The Park Spring, a new owner can add value through exterior renovations, interior upgrades and expansion of “Other Income” collected.
Salt Lake City multifamily is driven by market resilience, continued growth potential, a robust economy, strong overall demographics, and stabilized supply dynamics. While the market has seen some softening in rents the past couple of years, underlying fundamentals of The Park Spring remained strong and experienced growth, as a testament to the solid reputation of The Park Spring community, the high-quality and maintenance of the apartments and its ideal location. The Salt Lake City rental market is starting to heat up again as construction and supply hit a five-year low, with overall market rents starting to strengthen, and rent growth projected to return to 3% by year-end.
Utah’s landlord-friendly regulations, including efficient eviction processes and fair property taxes, undoubtedly enhance returns and provide peace of mind and ease of management, in a time where many other major cities have tenant-friendly regulations. Buy-and-hold strategies thrive in the Utah multifamily sector and they are nationally sought after due to high occupancy, great property appreciation, and solid and consistent rent growth.