Brick Apartment
For Sale
$1,999,000
653 E 300 S, Salt Lake City, UT 84102
Residential, Salt Lake City, UT
Property Size11,564 SF
Lot Size0.22 Acres
Price / SF$172.86
Days on Market90
Property Features for 653 E 300 S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
RMF 45
Bedrooms
18
Bathrooms
14
Full bathrooms
14
Rooms
Bathroom 10, Bedroom 13, Bathroom 5, Bedroom 7, Bedroom 3, Bedroom 6, Bathroom 7, Bedroom 5, Bedroom 17, Bedroom 18, Bedroom 16, Bedroom 11, Bathroom 12, Bathroom 3, Bathroom 6, Bathroom 4, Bathroom 2, Bathroom 9, Bathroom 1, Bedroom 10, Bedroom 12, Bedroom 14, Bedroom 1, Bathroom 11, Bathroom 13, Bedroom 15, Bathroom 14, Bedroom 8, Bedroom 9, Bathroom 8, Bedroom 4, Bedroom 2
Parking
9
Patio and Porch features
Patio
Exterior features
Patio: Covered
Subdivision
PLAT B
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
16-05-153-009
Size
11,564 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
14400
Utilities
Sewer type
Public Sewer
Heating system
Steam
Building Details
Year built
1913
Floors in Building
3
Number of units
14
Flooring type
Hardwood, Carpet
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Realtypath LLC (Preferred)
(801) 386-5908
Listed By:
Michael Lund
(801) 889-8724
Added: Jun 6
Changed: Sep 3
Last Checked: Sep 3 at 4:06PM
MLS# 2163456
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 11,564-square-foot apartment property contains 14 units: four two-bedroom apartments and ten one-bedroom apartments. Built in 1913, the building has brick construction, carpet and hardwood flooring, steam heating, an asphalt roof, and a covered patio. Public sewer serves the property, which occupies 0.22 acres at 653 E 300 S in Salt Lake City.
The property is positioned in the downtown Salt Lake City area, with dining, entertainment, shopping, and a Trax station identified nearby. Its established multifamily layout and Multi-Family zoning provide a defined residential income-property configuration.
The property is positioned in the downtown Salt Lake City area, with dining, entertainment, shopping, and a Trax station identified nearby. Its established multifamily layout and Multi-Family zoning provide a defined residential income-property configuration.
Key Highlights
- 14‑unit apartment property with four 2‑bedroom and ten 1‑bedroom apartments
- 11,564 Square Feet on 0.22 acres
- Built in 1913 with brick construction
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
$143,260
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
7.17%
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%
$2,865,200
$2.9M
Cap Rate 7%
$2,046,571
$2.0M
Cap Rate 9%
$1,591,778
$1.6M
Market Conditions
NOI Build-Up for 11,564 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
$274.8K $23.76/SF
− Vacancy
−$14.3K −$1.24/SF
EGI
$260.5K $22.52/SF
− OpEx
−$117.2K −$10.14/SF
NOI
$143.3K $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%
$2,865,200
Cap Rate 7%
$2,046,571
Cap Rate 9%
$1,591,778
Alternative Uses
Best Use
Apartment 5plus
$2.05M
$1.79M – $2.39M
NOI $143,260 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.12M
$2.73M – $3.63M
NOI $218,086 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
3,857
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 - Multi-Family zoning supports the existing apartment configuration with covered patio space and durable brick construction.
Where is this apartment building located?
The property is located at 653 E 300 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: 14‑unit apartment property with four 2‑bedroom and ten 1‑bedroom apartments; 11,564 Square Feet on 0.22 acres; Built in 1913 with brick construction
