Remodeled 6-Unit Apartment
New
For Sale
$1,299,000
120 E UTOPIA AVE S, Salt Lake City, UT 84105
Residential apartment property with covered parking, separate utility metering, and shared coin-operated laundry.
Property Size3 SF
Price / SF$278.46
Days on Market6
Property Features for 120 E UTOPIA AVE S
General Information
Standard status
Active
Size
3 SF
Property subtype
> 4 Units
Units
Unit Mix
6 x 2BR/1BA
Multifamily Units
6
Parking per Unit
1
Amenities
coin-operated laundry
Building Details
Building Size
3 SF
Year Built
1972
Year Renovated
2021
Buildings
1
Stories
3
Listing Agency:
Conrad Cruz Real Estate Services, LLC
Listed By:
Matt B Strong
(801) 244-3888
Source:
Liftrealty
Added: Sep 14
Changed: Sep 17
Last Checked: Sep 18 at 6:49AM
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 Conrad Cruz Real Estate Services, LLC
Investment Insights
Based on property information with market context.
This six-unit apartment property contains six matching 2-bed/1-bath residences arranged in two three-story stacks. The 4,665-square-foot building was remodeled in 2021 and includes a lower-level shared coin-operated laundry area. Each apartment has a dedicated covered carport space, while gas and electric service are separately metered.
Built in 1972, the property is located in Salt Lake City with freeway access and proximity to downtown. The combination of consistent unit layouts, individual utility metering, covered parking, and on-site laundry provides a straightforward multifamily configuration.
Built in 1972, the property is located in Salt Lake City with freeway access and proximity to downtown. The combination of consistent unit layouts, individual utility metering, covered parking, and on-site laundry provides a straightforward multifamily configuration.
Key Highlights
- Six 2‑bed/1‑bath apartment units
- 4,665 SF building remodeled in 2021
- Two three‑story stacks with matching layouts
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
$57,792
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
4.45%
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%
$1,155,840
$1.2M
Cap Rate 7%
$825,600
$825.6K
Cap Rate 9%
$642,133
$642.1K
Market Conditions
NOI Build-Up for 4,665 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
$110.8K $23.76/SF
− Vacancy
−$5.8K −$1.24/SF
EGI
$105.1K $22.52/SF
− OpEx
−$47.3K −$10.14/SF
NOI
$57.8K $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%
$1,155,840
Cap Rate 7%
$825,600
Cap Rate 9%
$642,133
Alternative Uses
Best Use
Apartment 5plus
$825.6K
$722.4K – $963.2K
NOI $57,792 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.26M
$1.10M – $1.47M
NOI $87,977 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,532
Businesses Nearby
Explore this area
Business Placement
Demographics for 84105, UT
22,856
Population
10,953
Households
2.1
Avg Household Size
35
Median Age
66%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
7,373
Density / Sq Mi
$94,145
Median Household Income
$52,785
Median Earnings
$1,482
Median Rent
$632,200
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 - Residential apartment property with covered parking, separate utility metering, and shared coin-operated laundry.
Where is this apartment building located?
The property is located at 120 E UTOPIA AVE S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Six 2‑bed/1‑bath apartment units; 4,665 SF building remodeled in 2021; Two three‑story stacks with matching layouts
