Updated
For Sale
$1,000,000
2330 E HERITAGE Way, Salt Lake City, UT 84109
Residential, Salt Lake City, UT
Property Size3,136 SF
Lot Size0.21 Acres
Price / SF$318.88
Days on Market93
Property Features for 2330 E HERITAGE Way
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Zoning description
R2-6.5
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 7, Bedroom 8, Bathroom 3, Bedroom 4, Bedroom 3, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6
Parking
7
Parking features
Covered
Window features
Blinds, Drapes
Patio and Porch features
Porch
Interior features
Alarm: Fire, Kitchen: Updated, Range: Gas, Range/Oven: Free Stdng.
Exterior features
Double Pane Windows, Porch: Open
Subdivision
RADIUS CURVE
Lot features
Corner Lot, Curb & Gutter, Fenced: Part, Road: Paved, Sidewalks, Terrain: Grad Slope, View: Mountain
Elementary school
Rosecrest
Middle school
Evergreen
High school
Olympus
Elementary school district
Granite
Middle school district
Granite
High school district
Granite
Standard status
Active
APN
16-27-201-043
Size
3,136 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
6125
Utilities
Heating system
Natural Gas, Central
Building Details
Year built
1949
Floors in Building
2
Number of units
4
Flooring type
Tile, Carpet, Laminate
Roof type
Asphalt
Architectural style
Other
Listing Agency:
EXP Realty, LLC
(801) 499-6087
Listed By:
Kimmi Shaw · License #6501849
(801) 349-9995
Added: Jun 10
Changed: Sep 5
Last Checked: Sep 10 at 7:06AM
MLS# 2164420
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Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 3,136 square feet on a 0.21-acre lot and carries Multi-Family zoning. Built in 1949, the building has updated kitchens, fresh paint, new carpet, double-pane windows, open porch space, and covered parking. Interior features include gas ranges, central heating, natural gas service, and a fire alarm system.
Located at 2330 E HERITAGE Way in Salt Lake City, the property sits directly across from Tanner Park with freeway access nearby. Hiking and biking trails, parks, restaurants, shopping, and entertainment are also within minutes. The unit configuration includes seven bedrooms and four bathrooms, with carpet, tile, and laminate flooring throughout.
Located at 2330 E HERITAGE Way in Salt Lake City, the property sits directly across from Tanner Park with freeway access nearby. Hiking and biking trails, parks, restaurants, shopping, and entertainment are also within minutes. The unit configuration includes seven bedrooms and four bathrooms, with carpet, tile, and laminate flooring throughout.
Key Highlights
- Four‑unit multifamily property with 3,136 square feet
- 0.21‑acre lot with Multi‑Family zoning
- Updated kitchens, fresh paint, and new carpet
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
$41,821
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
4.18%
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%
$836,420
$836.4K
Cap Rate 7%
$597,443
$597.4K
Cap Rate 9%
$464,678
$464.7K
Market Conditions
NOI Build-Up for 3,136 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
$63.2K $20.16/SF
− Vacancy
−$3.5K −$1.11/SF
EGI
$59.7K $19.05/SF
− OpEx
−$17.9K −$5.72/SF
NOI
$41.8K $13.34/SF
Area
Salt Lake City, UT
Vacancy
5.50%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
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%
$836,420
Cap Rate 7%
$597,443
Cap Rate 9%
$464,678
Alternative Uses
Best Use
Multifamily LT 5
$597.4K
$522.8K – $697.0K
NOI $41,821 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$555.0K
$485.6K – $647.5K
NOI $38,850 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$844.9K
$739.3K – $985.7K
NOI $59,142 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 84109, UT
24,768
Population
9,829
Households
2.5
Avg Household Size
37
Median Age
69%
College-Educated
99%
High-School Grad
57.0 sq mi
ZIP Area
435
Density / Sq Mi
$136,823
Median Household Income
$63,758
Median Earnings
$1,584
Median Rent
$679,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Four residential units feature refreshed interiors, covered parking, and access to Tanner Park and nearby freeway connections.
Where is this quadplex located?
The property is located at 2330 E HERITAGE Way Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: Four‑unit multifamily property with 3,136 square feet; 0.21‑acre lot with Multi‑Family zoning; Updated kitchens, fresh paint, and new carpet
