416 E Scott Ave Salt Lake City, UT 84115
Property details
About 416 E Scott Ave
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.
Highlights
Summary
- MLS Number: 2070610
- MLS Name: UtahRealEstate.com
- Office Name: Pathway Properties, LLC
- Office Phone: (385) 423-8589
- Listing Agent: David A Galant
Based on information from UtahRealEstate.com All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or the MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information deemed reliable but not guaranteed accurate. The compilation of listings and each individual listing are Copyright © 2025 UtahRealEstate.com All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/15/2025, 3:20:50 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$2,180,000
416 E Scott Ave
$10,000
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Price information
Property sales
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Tax history
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Nearby schools
4
Lincoln Elementary School
Public District KG-5
0.4 mi
•450 E 3700 S
4
Olene Walker Elementary School
Public District KG-5
0.7 mi
•3225 S 800 E
4
Mill Creek Elementary School
Public District PK-5
1.2 mi
•3761 S 1100 E
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $36,806. Residents of Salt Lake City, UT typically earn less than $<35k each year. The majority of families are single, no kids. Typical level of education for residents in this area is high school diploma.
This home is located at 416 E Scott Ave in Salt Lake City, UT and zip code 84115. This 8,663 square foot home, which was built in 1953, sits on a 0.66 acre lot. Features: 18 bedrooms, 12 bathrooms. It has been listed on Rocket Homes since March 15, 2025 and is currently priced at $2,180,000.
In February 2025 in Salt Lake City, UT there were 45% more homes for sale than in January. Listings spent 69 days on the market in February 2025, and had a median list price of $469,000 during the same period.