Salt Lake City Multifamily
For Sale
Contact for pricing
Pending
1155 E 200 S, Salt Lake City, UT 84102
Multifamily asset near the University of Utah.
Property Size15,916 SF
Days on Market180
Property Features for 1155 E 200 S
General Information
Standard status
Pending
Size
15,916 SF
Class
B
Property subtype
Multifamily
Zoning
RMF 35
Investment Type
Value Add
Net Operating Income
$238,200
Building Details
Year Built
1971
Buildings
1
Stories
3
Units
23
Listing Agency:
Marcus & Millichap - Salt Lake City
Listed By:
Jake Miles · License #UT 11449836-SA00
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 11 at 10:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Salt Lake City
Investment Insights
Based on property information with market context.
Monterey Apartments presents an opportunity to acquire a multifamily asset located near the University of Utah in Salt Lake City. The property, totaling 15,916 square feet, is situated in an established rental corridor. This property offers a value-add investment with potential upside through interior renovations. Located in a high-demand area of Salt Lake City, Monterey benefits from tenant demand due to its proximity to employment, higher education, and healthcare. With the potential to capture approximately $250 rent premiums through interior upgrades, Monterey presents a value-add opportunity in a market known for its economic resilience and renter demand.
Key Highlights
- Value‑add investment opportunity with potential for ~$250 rent premiums through interior upgrades.
- Located near the University of Utah in a high‑demand rental corridor.
- Benefits from durable tenant demand due to proximity to major employment, higher education, and healthcare.
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
$197,175
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
4.02%
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%
$3,943,500
$3.9M
Cap Rate 7%
$2,816,786
$2.8M
Cap Rate 9%
$2,190,833
$2.2M
Market Conditions
NOI Build-Up for 15,916 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
$378.2K $23.76/SF
− Vacancy
−$19.7K −$1.24/SF
EGI
$358.5K $22.52/SF
− OpEx
−$161.3K −$10.14/SF
NOI
$197.2K $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%
$3,943,500
Cap Rate 7%
$2,816,786
Cap Rate 9%
$2,190,833
Alternative Uses
Best Use
Apartment 5plus
$2.82M
$2.46M – $3.29M
NOI $197,175 @ 7.0% cap · market cap 4.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.29M
$3.75M – $5.00M
NOI $300,160 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,824
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily asset near the University of Utah.
Where is this apartment building located?
The property is located at 1155 E 200 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: Value‑add investment opportunity with potential for ~$250 rent premiums through interior upgrades.; Located near the University of Utah in a high‑demand rental corridor.; Benefits from durable tenant demand due to proximity to major employment, higher education, and healthcare.
