Murray's Fireclay redevelopment and the State Street corridor have both drawn investor attention over the past few years, and the rent yield story that made this area attractive isn't quite as simple as it was when the first wave of investors moved in. If you're looking at rental property along this corridor now, the math needs a fresh look, not an assumption based on what worked a few years back.
Why This Corridor Drew Investors in The First Place
Fireclay's redevelopment brought new mixed-use construction and renewed interest to a stretch of Murray that had been undervalued relative to its central location, close to both downtown Salt Lake and the southern suburbs, with strong transit access along the way. State Street's older multifamily stock offered lower entry prices with steady rental demand from that same central location advantage.
What's Changed About the Yield Math
As purchase prices along this corridor have risen to reflect the redevelopment and renewed interest, the spread between acquisition cost and achievable rent has tightened. Properties that penciled out easily a few years ago now require more careful underwriting to confirm the numbers still work, especially after accounting for current financing costs.
Where the Opportunity Still Exists
Older, unrenovated multifamily buildings along State Street that haven't been repriced to reflect the newer Fireclay development nearby can still offer a real value gap, particularly for investors willing to put money into updates that bring rents up to current market rates. This takes more work than buying something turnkey, but the numbers can still make sense.
What I Recommend Before You Buy Here
Run current rent comps for the specific block, not the corridor broadly, since Fireclay's newer development and State Street's older stock command genuinely different rents even within a few blocks of each other. We'll pull real numbers together before you commit to a purchase price.
Frequently Asked Questions
Is the Fireclay Area in Murray Still a Good Investment?
It can be, but the easy value gap that existed early in the redevelopment has narrowed. We look closely at specific properties rather than assuming the whole corridor performs the same.
Are Older State Street Multifamily Buildings a Better Value than Newer Fireclay Properties?
Often yes on entry price, though they typically require more capital investment to bring rents up to current market levels. It depends on your renovation budget and timeline.
How Do I Know What Rent I Can Actually Charge in This Corridor?
We pull current comps for the specific block and property type, since rents vary meaningfully even within short distances along this corridor.
If you're evaluating rental property along Murray's Fireclay and State Street corridor, let's run the real numbers together before you make an offer.
