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$ 2,500,000
Est. payment | /mo
1.44 Acres Lot
$ 2,500,000
Est. payment | /mo
1.44 Acres Lot
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
MLS Listing ID 2183928
Construction Status Blt./Standing
HOA Y/N No
Year Built 1979
Annual Tax Amount $9,151
Lot Size 1.440 Acres
Acres 1.44
Lot Dimensions 0.0x0.0x0.0
Property Sub-Type Retail
Property Description
Generational land-banking and premier urban infill redevelopment opportunity positioned directly in the path of the 2034 Olympic legacy expansion. Encompassing 1.44 contiguous acres (62,726 Total Lot Square Feet)($39.83 per sq ft), this premier land parcel features an unmatched location profile: the south edge sits on a commanding corner lot at 4800 W Cougar Lane and Stone Ledge Cove, while the entire north border directly aligns with the beautiful city park next door to the world-renowned Utah Olympic Oval. Offered at an attractive land basis of $39.83 per square foot ($1,736,111 per acre), this rare gateway site represents the ultimate "Covered Land Play." The property is currently zoned as residential multifamily and features two homes with 5934 S & 5930 S with 6 updated condo style units encompassing a total of 10 bedrooms and 12 bathrooms, complemented by two substantial outdoor two-level storage units. This turnkey configuration is fully occupied and generates a steady $11,500 in monthly gross revenue ($138,000 annualized). This reliable, in-place cash flow allows an incoming developer to comfortably absorb the property's standard operating outlays and carrying costs, while navigating the engineering and municipal zoning and entitlement phases. Conceptual architectural design drawings to scale the site into a high-density mixed use / residential multifamily condo complex have earlier been discussed with municipal planning officials, receiving enthusiastic preliminary interest and pro-growth support for community housing revitalization. Review the attached conceptual drawings to see the immense potential for an expansive multi-use retail / condominium block or high-density luxury townhome footprint that blends seamlessly with the adjacent park. Flat, clear topography perfectly suited for the global spotlight of the 2034 Olympic cycle, with rapid logistical access to 5400 South, South Valley Regional Airport, and Salt Lake City International Airport. Owner agent. Property is actively occupied and requires at least 24 hours showing notice; please do not disturb tenants. Square footage figures are provided as a courtesy estimate only and was obtained from County. Buyer to verify all info, and is also advised to obtain an independent measurement.
Location
State UT
County Salt Lake
Area Magna; Taylrsvl; Wvc; Slc
Interior
Fireplace No
Exterior
View Y/N No
Present Use Commercial,Retail,Office
Private Pool No
Building
Faces East
New Construction No
Construction Status Blt./Standing
Others
Senior Community No
Tax ID 20-13-426-067
Listed by Platinum Place Realty
NEARBY SCHOOL & BUSINESS