48 E 200 N
Salt Lake City, UT 84103
MLS #2028030

Triplex for Sale

INVEST OR OCCUPY! SCHEDULE A SHOWING TODAY! SUBMIT AN OFFER! OWN IN THE CAPITOL HILL HISTORIC DISTRICT! Steps from Capitol Hill discover The Moroni Heber Kimball House at 48 East 2nd North. The timeless original features, impeccable condition, and unimaginable location make this a fantastic property to own. Modernize or preserve? Choose your path and desired cosmetic upgrades to make this property the envy of many. Formerly owned by Heber Kimball, a leader in the early Latter Day Saint movement who served as one of the original twelve apostles; then sold to William Spry who was the third governor of the State of Utah and the U.S. Marshal for Utah. This income-generating triplex has exceptional tenant retention and represents an incredible investment opportunity. 48 East 2nd North is also an irreplaceable component of The Capitol Hill Historic District. This Folk Victorian property is estimated to be built circa 1888 in an esteemed neighborhood of incredible landmarks. Long tenured tenants, some of whom have called this place home for decades, drive consistent revenue and low operating expenses making this one an obvious choice. Zoned RMF-75, there is optionality as a multi-family, single-family, or short-term rental. Additional features include a laundry room on the south side of the building along with individual gas and electricity meters. All other expenses are allotted pro-rata to each unit paid by the tenants for easy management. The monthly rental charges for each one-bedroom unit at The Moroni Heber Kimball House are gross amounts of $1,053, $993, and $1,223, which includes a trash valet subscription fee, property tax fee, a media package fee, and additional charges based on monthly water usage. Almost $40,000 in stable gross yearly revenue with the ability for rental income growth potential consistent with the averages in The Capitol Hill neighborhood for one bedroom rentals which average between $1,400 and $1,600 depending on the source. All leases expire in September 2025 each with historically strong leasing periods. All of the tenants have parking passes directly behind the house. Tenants have everything: parking; trash valet, beautiful big windows; two-single-level-living floorplans; vaulted ceiling in the upstairs apartment; individual meters; updated features; and historic charm. The Heber Kimball floorplans are an outstanding feature not many historic properties contain because they feature great ceiling height and very little obsolescent unfunctional spaces. This property truly stands out as a rarity with no sales history in Utah's online multiple listing service records, making this a once-in-a-lifetime chance to own a piece of Salt Lake City's rich history. The property is also listed as a single-family residence, subject to county-approved conversion as an additional option to its future owner see MLS #2028035. Don't miss out on this extraordinary opportunity to own a historic, revenue-generating property in one of Salt Lake City's most coveted areas. Only a handful of historic buildings are listed each year in The Capitol Hill Historic District, and each one offers something unique, this treasured triplex may just become your favorite acquisition yet. Upon request, a rental income statement is available. Contact the listing agent for more details or your agent today.