Occupied Fourplex with Covered
For Sale
$1,075,000
116 N B St E, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size3,750 SF
Lot Size0.17 Acres
Price / SF$286.67
Days on Market220
Property Features for 116 N B St E
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Zoning description
RMF-35
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 5, Bathroom 4, Bedroom 4, Bedroom 5, Bathroom 3, Bedroom 6, Bathroom 6, Bedroom 1, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Parking
5
Parking features
Covered
Window features
Blinds, Drapes
Exterior features
Balcony, Lighting
Lot features
Fenced: Full, Road: Paved, Private
Elementary school
Wasatch
Middle school
Bryant
High school
West
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City: Avenues Area
Standard status
Active
APN
09-31-451-005
Size
3,750 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
5590
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating), Radiant
Building Details
Year built
1891
Floors in Building
2
Number of units
4
Flooring type
Carpet, Hardwood, Tile
Building materials
Brick, Stone, Stucco
Roof type
Asphalt, Flat
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(801) 499-6087
Listed By:
Tobin Prince
(801) 618-3030
Added: Jan 13
Changed: Aug 20
Last Checked: Aug 21 at 8:06AM
MLS# 2130517
Copyright © 2026 UtahRealEstate.com. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fourplex contains 3,750 square feet on a 0.17-acre parcel, with all four units currently occupied. The 1891 building features brick, stone, and stucco construction, along with carpet, hardwood, and tile flooring. Individual property features include balconies, lighting, covered parking, an asphalt and flat roof, and public sewer service. Heating is provided through natural gas, hot water, and radiant systems.
The property is located at 116 N B St E in Salt Lake City’s Avenues area, near downtown, LDS Hospital, the University of Utah, and public transit. Its four-unit configuration and existing occupancy provide a clearly defined multifamily asset in a central setting.
The property is located at 116 N B St E in Salt Lake City’s Avenues area, near downtown, LDS Hospital, the University of Utah, and public transit. Its four-unit configuration and existing occupancy provide a clearly defined multifamily asset in a central setting.
Key Highlights
- Fourplex with 3,750 square feet of property size
- All four units are currently occupied
- 0.17‑acre parcel in Salt Lake City’s Avenues area
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,750
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.81%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,035,000
$1.0M
Cap Rate 7%
$739,286
$739.3K
Cap Rate 9%
$575,000
$575.0K
Market Conditions
NOI Build-Up for 3,750 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$90.0K $24.00/SF
− Vacancy
−$7.2K −$1.92/SF
EGI
$82.8K $22.08/SF
− OpEx
−$31.1K −$8.28/SF
NOI
$51.8K $13.80/SF
Area
Salt Lake City, UT
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,035,000
Cap Rate 7%
$739,286
Cap Rate 9%
$575,000
Alternative Uses
Best Use
Mixed Use
$739.3K
$646.9K – $862.5K
NOI $51,750 @ 7.0% cap · market cap 4.81%
Second Best
Multifamily LT 5
$714.4K
$625.1K – $833.5K
NOI $50,009 @ 7.0% cap · market cap 4.65%
Theoretical Best
Office A
$1.01M
$884.0K – $1.18M
NOI $70,721 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,365
Businesses Nearby
Explore this area
Business Placement
Demographics for 84103, UT
22,788
Population
13,528
Households
1.7
Avg Household Size
36
Median Age
66%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
1,112
Density / Sq Mi
$81,386
Median Household Income
$54,787
Median Earnings
$1,374
Median Rent
$710,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - All four units are occupied, with access to downtown, public transit, and nearby institutions.
Where is this quadplex located?
The property is located at 116 N B St E Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Fourplex with 3,750 square feet of property size; All four units are currently occupied; 0.17‑acre parcel in Salt Lake City’s Avenues area
