Brick Triplex with Covered
For Sale
$559,000
1131 W ARAPAHOE Ave, Salt Lake City, UT 84104
MULTI_FAMILY - Other - Salt Lake City, UT
Property Size2,230 SF
Lot Size0.14 Acres
Price / SF$250.67
Days on Market62
Property Features for 1131 W ARAPAHOE Ave
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning description
R15000
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 3, Bedroom 4, Bedroom 5, Bathroom 1
Parking
7
Parking features
Covered
Window features
Blinds
Interior features
Range/Oven: Free Stdng.
Exterior features
Basement Entrance
Subdivision
J H WHALON'S ADD
Lot features
Curb & Gutter, Road: Paved, Sidewalks
Elementary school
Franklin
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
15-11-126-025
Size
2,230 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
2648
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas, Forced Air
Building Details
Year built
1962
Number of units
3
Flooring type
Vinyl, Carpet
Building materials
Brick, Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Porter Criddle
(801) 694-5291
Added: Jun 11
Changed: Aug 10
Last Checked: Aug 11 at 9:06PM
MLS# 2164743
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 1962 triplex contains 2,230 square feet on a 0.14-acre lot and offers a practical unit mix: two two-bedroom, one-bath residences and one one-bedroom, one-bath residence. One unit is vacant, while the other two are occupied. Interior finishes include vinyl and carpet flooring, with freestanding range/oven appliances. The building combines brick and frame construction and includes a basement entrance.
Property systems include central forced-air heating powered by natural gas, an asphalt roof, public sewer service, and covered parking. Located at 1131 W Arapahoe Ave in Salt Lake City, the property is within ZIP Code 84104.
Property systems include central forced-air heating powered by natural gas, an asphalt roof, public sewer service, and covered parking. Located at 1131 W Arapahoe Ave in Salt Lake City, the property is within ZIP Code 84104.
Key Highlights
- Three‑unit property with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit
- 2,230 square feet on a 0.14‑acre lot
- 1962 construction with brick and frame materials
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
$29,739
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
5.32%
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%
$594,780
$594.8K
Cap Rate 7%
$424,843
$424.8K
Cap Rate 9%
$330,433
$330.4K
Market Conditions
NOI Build-Up for 2,230 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
$45.0K $20.16/SF
− Vacancy
−$2.5K −$1.11/SF
EGI
$42.5K $19.05/SF
− OpEx
−$12.7K −$5.72/SF
NOI
$29.7K $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%
$594,780
Cap Rate 7%
$424,843
Cap Rate 9%
$330,433
Alternative Uses
Best Use
Multifamily LT 5
$424.8K
$371.7K – $495.7K
NOI $29,739 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$394.7K
$345.3K – $460.4K
NOI $27,626 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$600.8K
$525.7K – $700.9K
NOI $42,056 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Explore this area
Business Placement
Demographics for 84104, UT
23,487
Population
8,452
Households
2.8
Avg Household Size
31
Median Age
22%
College-Educated
78%
High-School Grad
21.6 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,326
Median Household Income
$35,013
Median Earnings
$1,235
Median Rent
$318,100
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?
Triplex - Three-unit residential income property with a mixed two-bedroom and one-bedroom layout.
Where is this triplex located?
The property is located at 1131 W ARAPAHOE Ave Salt Lake City, UT.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom, 1‑bath units and one 1‑bedroom, 1‑bath unit; 2,230 square feet on a 0.14‑acre lot; 1962 construction with brick and frame materials
