$1,128,000
$1,150,000
1.9%For more information regarding the value of a property, please contact us for a free consultation.
8 Beds
4 Baths
4,284 SqFt
SOLD DATE : 07/19/2024
Key Details
Sold Price $1,128,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 4,284 sqft
Price per Sqft $263
MLS Listing ID 1993234
Sold Date 07/19/24
Style Stories: 2
Bedrooms 8
Construction Status Blt./Standing
HOA Y/N No
Year Built 1970
Annual Tax Amount $4,413
Lot Size 0.300 Acres
Acres 0.3
Lot Dimensions 0.0x0.0x0.0
Property Description
**Do not disturb tenants** 640 Vine St is a well-located fourplex right on the southwest intersection of Vine St and 5300 S in Murray. The property has significant value-add potential, as only one of the units has been renovated and the rents are well below market. That renovated unit has been left vacant so that someone can "house-hack" the property or live in the unit while renting the other three to help pay for the mortgage. The property was built in 1970. The units are all desirable 2BD/1.5BA units with stackable washer and dryers. They are large 2-story units that are roughly 1,036 SF. There are 6 covered parking stalls and 4 storage units for the tenants. There is also a shed on site, with electrical power, that an owner can use for storage or rent to tenants for auxiliary income. The average rent is $1,514/month. The average rent of similar units in the area is $1,795. There is therefore a value-add opportunity available by taking the rents to market. An investor can also charge for utility reimbursement, storage, and parking. 640 Vine is conveniently located just minutes from I-15 and I-215. Murray City offers freeway access at two entrance/exits on I-15 and three entrance/exits on I-215. There are three TRAX light rail stations, and the UTA FrontRunner goes through Murray as well. Many retail destinations are very close to the property including Costco, the Oakwood Village Shopping Center and the very popular Sports Mall. The Sports Mall is a premier athletic and tennis club that has tennis courts, sand volleyball courts, indoor basketball courts, swimming pools, fitness classes and much more. World class skiing can be found only 30 minutes from the property at Snowbird, Solitude, Brighton and just a little further is Park City.
Location
State UT
County Salt Lake
Area Murray; Taylorsvl; Midvale
Interior
Fireplace false
Exterior
Waterfront No
View Y/N No
Present Use Residential
Private Pool false
Building
New Construction No
Construction Status Blt./Standing
Schools
Elementary Schools None/Other
Middle Schools None/Other
High Schools None/Other
Others
Senior Community No
Tax ID 22-07-486-001
Horse Property No
Financing Conventional
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