Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    3981 S 500 E Millcreek, UT 84107

    Sponsored
    For Sale
    $720,000

    MULTI_FAMILY - Other - Millcreek, UT

    Property size:
    3,254 SF
    Lot size:
    0.34 Acres
    Days on Market:
    1
    Last Refresh:
    Feb 4 at 8:06 pm

    Property Features for 3981 S 500 E

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Window features
    Blinds
    Zoning
    Single-Family, Multi-Fami
    Rooms
    Bedroom 4, Bathroom 2, Bathroom 5, Bedroom 6, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bedroom 5, Bedroom 3, Bathroom 4
    Bedrooms
    6
    Bathrooms
    5
    APN
    16-31-430-013
    Parking
    14
    Parking features
    Covered
    Patio and Porch features
    Patio
    Interior features
    Kitchen: Updated, Granite Countertops
    Exterior features
    Double Pane Windows, Patio: Covered
    Size
    3,254 SF
    Lot size
    0.34 Acres

    Utilities

    Heating system
    Forced Air, Electric (Heating), Central, Natural Gas

    Building Details

    Year built
    1894
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Laminate, Tile, Carpet
    Building materials
    Aluminum, Brick, Concrete
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Ashley Rolfe

    Alliance Residential Real Estate (801) 330-0588

    Listing agent Ashley Rolfe (801) 268-2559

    Listing date Feb 4, 2026

    MLS# 2135029

    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.

    Learn more

    Property Insight Report

    Overview

    Remodeled Duplex Near Downtown Salt

    This remodeled duplex, centrally located with convenient access to I-15 and downtown Salt Lake, presents an opportunity for high rents and low vacancy. The property was completely remodeled in 2021, with updates including new HVAC in one unit and a new heat pump in the other, along with partially updated electrical and plumbing systems. New kitchen appliances and washer/dryers have been installed. High-end finishes are present throughout, including real wood cabinets, granite countertops in the kitchens, tile flooring, and recessed lighting. New flooring has been installed in both units: carpet in the north unit and LVP in the south. Both units feature open floor plans, tall vaulted ceilings, full kitchens, three bedrooms, two full bathrooms, and in-unit washer/dryers. Each unit opens to separate yard areas, with one featuring a covered patio space. The property includes an oversized two-car garage, two carport parking spaces, and driveway parking to accommodate at least eight additional vehicles. Both units are consistently rented, with rents increasing annually. The property is located in Millcreek, Utah, on a lot of 0.34 acres. The property size is 3254 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Millcreek
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.884
    Latitude
    40.6583

    Nearby Similar for Sale

    • $16,890,000
      43,985 SF

      New 32-Unit Millcreek Complex

      New 32-unit complex in Millcreek, near Salt Lake City.
      4350 S 900 E, Millcreek, UT 84124
      View Details
    • New
      $629,500
      2,048 SF

      Remodeled Duplex with Income Potential

      Updated duplex in Millcreek with potential for additional units.
      4401 S 700 E, Millcreek, UT 84107
      View Details
    • $575,900
      0.11 Acres

      Commercial Property in Millcreek, UT

      Commercial property for sale in Millcreek, Utah.
      1078 E 3300 S, Millcreek, UT 84106
      View Details
    • Contact for pricing
      6,610 SF

      Historic Millcreek Retail/Restaurant Opportunity

      6,610 SF building ideal for retail or restaurant use.
      Millcreek, UT 84106
      View Details
    • $495,000
      1,980 SF

      Charming Home with Bonus Room

      Well-maintained home with bonus room, spacious kitchen, and comfortable layout.
      1248 E Freshman Cir, Millcreek, UT 84117
      View Details
    • $1,200,000
      2,041 SF

      Class A Millcreek Medical Office Condo

      Prime Millcreek medical office, owner-user opportunity.
      999 Murray Holladay Rd, Millcreek, UT 84117
      View Details
    • $2,750,000
      11,000 SF

      Prime Millcreek Retail Showroom

      11,000 SF Storefront, $2.75M
      2827 2300, Millcreek, UT 84109
      View Details
    • $1,300,000
      0.30 Acres

      Prime Millcreek Retail Opportunity

      Established Montessori School, High Growth Potential
      2806 3300, Millcreek, UT 84109
      View Details
    • $800,000
      0.35 Acres

      1565 3900, Millcreek, UT 84124

      Office Properties & Spaces • 0.35 Acres
      1565 3900, Millcreek, UT 84124
      View Details

    FAQs

    What type of property is this?
    Duplex - Remodeled Millcreek duplex with high-end finishes and ample parking.
    Where is this duplex located?
    The property is located at 3981 S 500 E Millcreek, UT.
    What is the asking price?
    The asking price for this property is $720,000.
    What are key features of this property?
    This property features: - Remodeled duplex (2021) with updated HVAC, electrical, plumbing, appliances, and high-end finishes.; - Each unit features 3 bedrooms and 2 full bathrooms, full kitchen, and in-unit washer/dryer.; - Centrally located with easy access to I-15 and downtown Salt Lake.
    (801) 268-2559
    Request Owner's contact information
    3981 S 500 E Millcreek, UT 84107
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3981 S 500 E
    Millcreek, UT 84107
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3981 S 500 E Millcreek, UT 84107
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Ashley Rolfe
    (801) 268-2559
    Learn more
    Google sign-in failed. Please try again or use another login method.