8-Unit Apartment
For Sale
$2,300,000
1162 E 400 S, Salt Lake City, UT 84102
Residential, Salt Lake City, UT
Property Size9,563 SF
Lot Size0.27 Acres
Price / SF$240.51
Days on Market113
Property Features for 1162 E 400 S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
R-2
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 2, Bathroom 8, Bedroom 8, Bedroom 3, Bathroom 3, Bedroom 9, Bedroom 2, Bedroom 15, Bedroom 5, Bedroom 6, Bedroom 1, Bedroom 10, Bedroom 13, Bathroom 4, Bedroom 4, Bedroom 14, Bedroom 7, Bathroom 1, Bathroom 6, Bedroom 11, Bathroom 7, Bedroom 16, Bathroom 5, Bedroom 12
Parking
12
Parking features
Covered
Window features
Blinds
Interior features
Disposal, Range/Oven: Free Stdng.
Subdivision
PLAT F
Lot features
Sidewalks, Sprinkler: Auto- Full, View: Mountain
Elementary school
Bennion (M Lynn)
Middle school
Bryant
High school
East
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Standard status
Active
APN
16-05-408-055
Size
9,563 SF
Lot size
0.27 Acres
Taxes and HOA fees
Tax Annual Amount
12164
Utilities
Heating system
Natural Gas, Central
Building Details
Year built
1973
Floors in Building
3
Number of units
8
Flooring type
Laminate, Carpet, Vinyl
Building materials
Brick
Roof type
Membrane
Architectural style
Other
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Porter Criddle
(801) 694-5291
Added: May 4
Changed: Aug 20
Last Checked: Aug 24 at 6:06PM
MLS# 2155284
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 8-unit apartment property at 1162 E 400 S includes approximately 9,563 square feet on a 0.27-acre lot. The building was constructed in 1973 with brick exterior construction, membrane roofing, central natural-gas heating, and covered parking. Each apartment is configured with approximately 1,100 square feet, two bedrooms, and one bathroom. Interior finishes include laminate, carpet, and vinyl flooring, along with a freestanding range/oven and disposal in each unit.
The property is within walking distance of the University of Utah, public transit, and downtown Salt Lake City. Its zoning is Multi-Family. The existing apartment layouts support conventional leasing, while the location also accommodates student-oriented rental strategies. Cosmetic improvements and changes to leasing operations may provide avenues for repositioning the property.
The property is within walking distance of the University of Utah, public transit, and downtown Salt Lake City. Its zoning is Multi-Family. The existing apartment layouts support conventional leasing, while the location also accommodates student-oriented rental strategies. Cosmetic improvements and changes to leasing operations may provide avenues for repositioning the property.
Key Highlights
- 8 apartment units with approximately 1,100 square feet each
- Two‑bedroom, one‑bathroom layout in each unit
- 9,563 square feet on 0.27 acres
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
$118,471
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
5.15%
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%
$2,369,420
$2.4M
Cap Rate 7%
$1,692,443
$1.7M
Cap Rate 9%
$1,316,344
$1.3M
Market Conditions
NOI Build-Up for 9,563 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
$227.2K $23.76/SF
− Vacancy
−$11.8K −$1.24/SF
EGI
$215.4K $22.52/SF
− OpEx
−$96.9K −$10.14/SF
NOI
$118.5K $12.39/SF
Area
Salt Lake City, UT
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$2,369,420
Cap Rate 7%
$1,692,443
Cap Rate 9%
$1,316,344
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,471 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.25M – $3.01M
NOI $180,349 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,623
Businesses Nearby
Explore this area
Business Placement
Demographics for 84102, UT
18,857
Population
11,348
Households
1.7
Avg Household Size
29
Median Age
56%
College-Educated
94%
High-School Grad
1.9 sq mi
ZIP Area
9,925
Density / Sq Mi
$50,040
Median Household Income
$32,432
Median Earnings
$1,305
Median Rent
$487,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with covered parking, central heating, and proximity to the University of Utah.
Where is this apartment building located?
The property is located at 1162 E 400 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 8 apartment units with approximately 1,100 square feet each; Two‑bedroom, one‑bathroom layout in each unit; 9,563 square feet on 0.27 acres
