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$1,915,000

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4 BD

2 BA

2,880 SqFt

Active

1884 E SHEPARD LN #0181 Lake Point, UT 84074

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Element Real Estate Brokers

admin@elementreb.com +1(435) 200-1991

UPDATED:

08/03/2024 08:02 PM

Key Details

Property Type Multi-Family

Sub Type Duplex

Listing Status Active

Purchase Type For Sale

Square Footage 2,880 sqft

Price per Sqft $664

Subdivision Haleville

MLS Listing ID 2006857

Style Stories: 1

Bedrooms 4

Construction Status Blt./Standing

HOA Y/N No

Year Built 2001

Annual Tax Amount $3,600

Lot Size 1.100 Acres

Acres 1.1

Lot Dimensions 0.0x0.0x0.0

Property Description

CHARMING RURAL DUPLEX. NO HOA. HORSE PROPERTY. AN INVESTOR'S DREAM! This duplex is being sold as a commercial property at 2% capitalization rate, as there are no residential comparables for this rare property. Due to this, we are turning to the commercial way of valuing this investment opportunity. It is being sold at a 2 cap (lower than prevailing cap rates right now) because it is unlike any other duplex currently for sale in the state. It is on 1.10 acres, with horse property, so homeowner can live in one side and have horses in their backyard. In addition, this has a great add-value potential by finishing the basements and increasing the rent (once again, quite rare for a duplex to have this). Unfinished basement with washer/dryer hookups and plenty of extra space for storage, with exterior stairwells andexterior doors on each side for easy access to basement. One-car garages with street parking. Central air and heating.Kinetico filtered drinking waterspout on kitchen sinks, and a water softener servicing both units. Lots of land for kids to play and explore. Bus stop for kids less than half block away. Close to Lake Point Park and other services. Lots of land to park your horse trailers, or to have general outside storage. Sellers are the original owners who built it in 2001 and have been the only owners for 23 years. Owners also currently live on the same street as the rental, so eyes are always on the place and any issues have been and are dealt with immediately. Rental has been in high demand almost continuously for 23 years, even with very tough screening measures. Gross Annual Income: $44,400.00. NOI: $38,727.70 to the end of 2024. Sellers have kept detailed NOI since 2021, tax returns confirm this as well. NOI each year has shown increases with organic rent growth increases. Agent has detailed spreadsheet upon request. Horse Property: We have stock water that allows for two large animals (horses, cows, etc.) and small farm animals like chickens (small animals don't count against the water right). This is a super clean, well-maintained property in a quiet and established residential neighborhood with no other duplexes on the street. There are only about five total duplexes in Lake Point that have all been grandfathered in after the moratorium on duplex builds was enacted in the early 2000's. Newest Updates: In 2019, a new high-wind resistant roof was installed with Duration Shingles by Owens Corning. New hot water heaters were installed on both units (2021 and 2022, respectively.) In 2022, a new well pump was installed. In 2022, a new furnace was installed on Unit 1. Built in 2001, so2 no worries on main water or sewer line for many years to come. This property is on a well. The water right for the duplex are separated into two different water numbers: 1)#15-5055 is 0.55 acre-feet (irrigation for landscaping) 2)#15-3899 is 0.984 acre-feet (culinary and stock water) Both water rights will be transferred to new owner on the real estate contract. This duplex must be sold together with the 0.18-acre build-lot that is located around the corner MLS #2006857, list price $275,000. This land is also a rare find in Lake Point, as nearly all built lots in the town are under developer contracts and HOA, this is independently owned. This double sale is part of a 1031 exchange. This sale also has great potential as an opportunity for parents to live close to their kids and grandkids in a safe, rural, and quiet area away from the noise and crime of city life. Most empty land and investment opportunities in Lake Point are passed down from generation to generation, so a sale of this unique nature may not ever come along again.MUST BE PRUCHASED WITH 206812 this is a 1031 EXCHANGE.

Location

State UT

County Tooele

Area Grantsville; Tooele; Erda; Stanp

Zoning Multi-Family

Interior

Interior Features Disposal, Floor Drains, Range/Oven: Free Stdng., Dishwasher: Built-In

Heating Forced Air, Gas: Central

Flooring Carpet, Tile

Inclusions Microwave, Range, Refrigerator

Fireplace No

Window Features Blinds

Laundry Electric Dryer Hookup

Exterior

Exterior Feature Bay Box Windows, Double Pane Windows, Walkout

Garage Spaces 2.0

Utilities Available Natural Gas Connected, Electricity Connected, Sewer Connected, Water Connected

Waterfront No

View Y/N Yes

View Mountain(s)

Roof Type Asbestos Shingle

Present Use Residential

Topography Sprinkler: Auto-Full, Terrain: Mountain, View: Mountain

Total Parking Spaces 2

Private Pool false

Building

Lot Description Sprinkler: Auto-Full, Terrain: Mountain, View: Mountain

Faces North

Sewer Sewer: Connected

Water Culinary, Rights: Owned

Structure Type Aluminum,Brick,Frame

New Construction No

Construction Status Blt./Standing

Schools

Elementary Schools Stansbury

Middle Schools Tooele

High Schools Tooele

School District Tooele

Others

Senior Community No

Tax ID 10-027-C-0018

Acceptable Financing Cash, Conventional, Exchange

Listing Terms Cash, Conventional, Exchange

Listed by Realtypath LLC (Tooele Valley)

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Element Real Estate Brokers

Broker | License ID: 13589667-CN00

+1(435) 200-1991

Element Real Estate Brokers

1884 E SHEPARD LN #0181 Lake Point, UT 84074

Element Real Estate Brokers

Key Details

Location

Interior

Exterior

Building

Schools

Others

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1884 E SHEPARD LN #0181