8-Unit Apartment Building Near
For Sale
$2,300,000
1162 E 400 S, Salt Lake City, UT 84102
Eight two-bedroom apartments offer a uniform residential layout near the University of Utah.
Property Size9,563 SF
Days on Market122
Property Features for 1162 E 400 S
General Information
Standard status
Active
Size
9,563 SF
Property subtype
> 4 Units
Property Condition
Severity
Repairs Needed
Evidence
cosmetic value-add potential
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,164
Building Details
Building Size
9,563 SF
Year Built
1973
Listing Agency:
Investment Realty Advisors LLC
Listed By:
Porter Criddle
(435) 485-7070
Source:
Acresutah
Added: May 4
Changed: Aug 31
Last Checked: Sep 2 at 12:13AM
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 Investment Realty Advisors LLC
Investment Insights
Based on property information with market context.
This apartment property contains eight units, each measuring approximately 1,100 square feet with a two-bedroom, one-bathroom configuration. Built in 1973, the building offers a consistent unit layout suited to established residential leasing and student-oriented rental arrangements.
The property is located at 1162 E 400 S in Salt Lake City, within walking distance of the University of Utah, public transit, and downtown Salt Lake City. Its historic operation under multiple leasing structures provides documented flexibility in how the apartments have been rented, subject to buyer verification.
The property is located at 1162 E 400 S in Salt Lake City, within walking distance of the University of Utah, public transit, and downtown Salt Lake City. Its historic operation under multiple leasing structures provides documented flexibility in how the apartments have been rented, subject to buyer verification.
Key Highlights
- Eight‑unit apartment property near the University of Utah
- Each unit is approximately 1,100 square feet
- All eight apartments feature 2 bedrooms and 1 bathroom
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
$118,471
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
5.15%
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%
$2,369,420
$2.4M
Cap Rate 7%
$1,692,443
$1.7M
Cap Rate 9%
$1,316,344
$1.3M
Market Conditions
NOI Build-Up for 9,563 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
$227.2K $23.76/SF
− Vacancy
−$11.8K −$1.24/SF
EGI
$215.4K $22.52/SF
− OpEx
−$96.9K −$10.14/SF
NOI
$118.5K $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%
$2,369,420
Cap Rate 7%
$1,692,443
Cap Rate 9%
$1,316,344
Alternative Uses
Best Use
Apartment 5plus
$1.69M
$1.48M – $1.97M
NOI $118,471 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.58M
$2.25M – $3.01M
NOI $180,349 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
1,623
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 - Eight two-bedroom apartments offer a uniform residential layout near the University of Utah.
Where is this apartment building located?
The property is located at 1162 E 400 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Eight‑unit apartment property near the University of Utah; Each unit is approximately 1,100 square feet; All eight apartments feature 2 bedrooms and 1 bathroom
