Multifamily Community in Salt
227 N SPENCER Ct Salt Lake City, UT 84103
227 N SPENCER Ct, Salt Lake City, UT, 84103
$3,599,999
For Sale
$3,599,999
MULTI_FAMILY - Salt Lake City, UT
Property Size13,866 SF
Lot Size0.58 Acres
Price / SF$259.63
Days on Market100
Property Features for 227 N SPENCER Ct
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Multi-Family
- Bedrooms
- 30
- Bathrooms
- 22
- Rooms
- Bathroom 10, Bathroom 11, Bedroom 4, Bathroom 13, Bedroom 8, Bathroom 1, Bedroom 28, Bedroom 10, Bathroom 18, Bathroom 20, Bathroom 8, Bathroom 3, Bathroom 14, Bathroom 16, Bedroom 29, Bedroom 7, Bedroom 9, Bedroom 27, Bathroom 22, Bathroom 5, Bedroom 20, Bathroom 2, Bathroom 9, Bedroom 24, Bathroom 19, Bedroom 23, Bedroom 16, Bedroom 19, Bathroom 7, Bedroom 21, Bedroom 1, Bathroom 4, Bedroom 30, Bedroom 5, Bedroom 2, Bedroom 25, Bedroom 12, Bathroom 12, Bedroom 17, Bedroom 15, Bedroom 14, Bathroom 15, Bedroom 26, Bathroom 21, Bathroom 17, Bedroom 11, Bedroom 13, Bedroom 6, Bedroom 22, Bedroom 3, Bedroom 18, Bathroom 6
- Parking
- 1
- Parking features
- Covered
- Window features
- Blinds
- Standard status
- Active
- APN
- 09-31-333-007
- Size
- 13,866 SF
- Lot size
- 0.58 Acres
Taxes and HOA fees
- Tax Annual Amount
- 15787
Utilities
- Sewer type
- Public Sewer
Building Details
- Year built
- 1916
- Number of units
- 22
- Flooring type
- Concrete, Hardwood, Tile
- Building materials
- Brick, Stucco
- Roof type
- Asphalt, Membrane
Listing Agency
Investment Realty Advisors LLC
(435) 485-7070
411 W 7200 S Ste 201, Salt Lake City, UT
Listed by
Porter Criddle
(801) 694-5291
Added: Apr 10 Checked: Jul 18 at 10:06 am
MLS# 2149702
Listing URL
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.
Spencer Court Apartments is a 22-unit multifamily community consisting of six smaller multi-family buildings. It is located in one of Salt Lake City's most sought-after neighborhoods. The property has a proven operational history with strong rental performance and healthy net operating income. It is offered at a 6.3% in-place cap rate. There is opportunity to improve asset quality, push rents, and drive meaningful appreciation. The property size is 13866 square feet and the lot size is 0.58 acres. The zoning is Multi-Family.
Key Highlights
- Spencer Court Apartments is a 22‑unit multifamily community made up of six smaller multi‑family buildings
- Offered at a 6.3% in‑place cap rate, with healthy NOI noted in the remarks
- Built in 1916 with brick and stucco construction materials
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $329.5k | $23.76 |
| − Vacancy | −$17.1k | −$1.24 |
| EGI | $312.3k | $22.52 |
| − OpEx | −$140.5k | −$10.14 |
| NOI | $171.8k | $12.39 |
13,866 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.15M – $2.86M
NOI $171,778 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,499 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Stacy Phillips
Artist
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 22-unit multifamily community in Salt Lake City's sought-after neighborhood.
Where is this apartment building located?
The property is located at 227 N SPENCER Ct Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,599,999.
What are key features of this property?
This property features: Spencer Court Apartments is a 22‑unit multifamily community made up of six smaller multi‑family buildings; Offered at a 6.3% in‑place cap rate, with healthy NOI noted in the remarks; Built in 1916 with brick and stucco construction materials
