Renovated 15-Unit Apartment
For Sale
$4,450,000
425 S 900 E, Salt Lake City, UT 84102
Residential, Salt Lake City, UT
Property Size13,128 SF
Lot Size0.31 Acres
Price / SF$338.97
Days on Market118
Property Features for 425 S 900 E
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
RMF-35
Bedrooms
27
Bathrooms
15
Full bathrooms
15
Rooms
Bathroom 1, Bedroom 10, Bedroom 18, Bedroom 8, Bedroom 21, Bathroom 7, Bathroom 6, Bedroom 4, Bedroom 1, Bedroom 2, Bedroom 5, Bedroom 6, Bedroom 7, Bedroom 14, Bedroom 16, Bedroom 12, Bedroom 24, Bathroom 4, Bathroom 9, Bedroom 11, Bathroom 2, Bathroom 13, Bedroom 27, Bedroom 25, Bathroom 3, Bedroom 19, Bedroom 26, Bathroom 11, Bathroom 12, Bathroom 5, Bathroom 14, Bedroom 22, Bathroom 10, Bedroom 9, Bedroom 20, Bedroom 15, Bathroom 15, Bedroom 13, Bathroom 8, Bedroom 3, Bedroom 17, Bedroom 23
Parking features
Covered
Window features
Blinds
Patio and Porch features
Patio
Exterior features
Patio: Covered, Secured Building, Sliding Glass Doors
Subdivision
PLAT B
Lot features
Sprinkler: Auto- Full
Elementary school
Wasatch
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
16-05-332-024
Size
13,128 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
20597
Utilities
Heating system
Forced Air
Building Details
Year built
1971
Floors in Building
2
Number of units
15
Flooring type
Hardwood, Tile
Building materials
Brick
Architectural style
Other
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Porter Criddle
(801) 694-5291
Added: Apr 28
Changed: Aug 22
Last Checked: Aug 23 at 8:06AM
MLS# 2153765
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 15-unit apartment property in Salt Lake City includes twelve two-bedroom, one-bath residences and three one-bedroom, one-bath residences. Current ownership completed a comprehensive renovation in 2022, including cabinetry, countertops, flooring, paint, appliances, and HVAC systems. Brick construction, hardwood and tile flooring, forced-air heating, covered patios, secured building access, and covered parking add to the physical profile. The property contains 13,128 square feet on 0.31 acres and was built in 1971.
Located at 425 S 900 E, the building is near the University of Utah, hospital systems, and downtown Salt Lake City. Its Multi-Family zoning supports the apartment configuration, while the varied one- and two-bedroom layouts provide a clear residential unit mix.
Located at 425 S 900 E, the building is near the University of Utah, hospital systems, and downtown Salt Lake City. Its Multi-Family zoning supports the apartment configuration, while the varied one- and two-bedroom layouts provide a clear residential unit mix.
Key Highlights
- 15‑unit apartment building with twelve 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units
- Comprehensively renovated in 2022 with updated cabinetry, countertops, flooring, paint, appliances, and HVAC systems
- 13,128 square feet on 0.31 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
$162,636
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
3.65%
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%
$3,252,720
$3.3M
Cap Rate 7%
$2,323,371
$2.3M
Cap Rate 9%
$1,807,067
$1.8M
Market Conditions
NOI Build-Up for 13,128 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
$311.9K $23.76/SF
− Vacancy
−$16.2K −$1.24/SF
EGI
$295.7K $22.52/SF
− OpEx
−$133.1K −$10.14/SF
NOI
$162.6K $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%
$3,252,720
Cap Rate 7%
$2,323,371
Cap Rate 9%
$1,807,067
Alternative Uses
Best Use
Apartment 5plus
$2.32M
$2.03M – $2.71M
NOI $162,636 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.54M
$3.09M – $4.13M
NOI $247,581 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
2,412
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 - Updated multifamily property with covered patios, secured entry, and covered parking near the University of Utah.
Where is this apartment building located?
The property is located at 425 S 900 E Salt Lake City, UT.
What is the asking price?
The asking price for this property is $4,450,000.
What are key features of this property?
This property features: 15‑unit apartment building with twelve 2‑bedroom/1‑bath units and three 1‑bedroom/1‑bath units; Comprehensively renovated in 2022 with updated cabinetry, countertops, flooring, paint, appliances, and HVAC systems; 13,128 square feet on 0.31 acres
