Renovated 15-Unit Apartment
For Sale
$4,450,000
120 G St, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size13,077 SF
Lot Size0.31 Acres
Price / SF$340.29
Days on Market128
Property Features for 120 G St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
RMF-35
Bedrooms
27
Bathrooms
15
Full bathrooms
15
Rooms
Bedroom 23, Bedroom 8, Bedroom 9, Bedroom 13, Bedroom 17, Bedroom 21, Bathroom 2, Bathroom 13, Bathroom 6, Bathroom 12, Bedroom 7, Bathroom 10, Bedroom 2, Bedroom 1, Bedroom 20, Bathroom 7, Bedroom 18, Bedroom 15, Bedroom 6, Bedroom 4, Bedroom 3, Bedroom 22, Bedroom 19, Bedroom 11, Bathroom 9, Bathroom 1, Bathroom 3, Bathroom 11, Bedroom 26, Bedroom 12, Bathroom 14, Bedroom 14, Bedroom 5, Bedroom 25, Bedroom 10, Bathroom 5, Bathroom 4, Bedroom 16, Bathroom 8, Bedroom 27, Bedroom 24, Bathroom 15
Parking features
Covered
Window features
Blinds
Interior features
Closet: Walk-In, Disposal, Kitchen: Updated
Exterior features
Balcony, Sliding Glass Doors
Lot features
Curb & Gutter, Fenced: Part, Road: Paved, Sidewalks, View: Mountain
Elementary school
Wasatch
Middle school
Bryant
High school
West
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City: Avenues Area
Standard status
Active
APN
09-31-478-005
Size
13,077 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
18235
Utilities
Heating system
Forced Air
Building Details
Year built
1969
Floors in Building
2
Number of units
15
Flooring type
Tile, Hardwood
Building materials
Brick
Architectural style
Other
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Porter Criddle
(801) 694-5291
Added: Apr 28
Changed: Sep 1
Last Checked: Sep 2 at 1:06AM
MLS# 2153730
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 15-unit apartment property at 120 G St in Salt Lake City includes 12 two-bedroom units and 3 one-bedroom units. The 13,077-square-foot building occupies 0.31 acres and was built in 1969, with significant renovations completed in 2023. Updated kitchens, walk-in closets, disposals, hardwood and tile flooring, and forced-air heating are among the interior features. Balconies, sliding glass doors, brick construction, and covered parking add to the physical profile.
Located in Salt Lake City, the property is identified by ZIP Code 84103 in Salt Lake County. The unit mix provides a clear multifamily configuration, while the recent renovation work and range of apartment features contribute to a current residential income property offering.
Located in Salt Lake City, the property is identified by ZIP Code 84103 in Salt Lake County. The unit mix provides a clear multifamily configuration, while the recent renovation work and range of apartment features contribute to a current residential income property offering.
Key Highlights
- 15‑unit apartment property with 12 two‑bedroom units and 3 one‑bedroom units
- 13,077 square feet on a 0.31‑acre parcel
- Significant renovations completed in 2023
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
$162,004
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
3.64%
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%
$3,240,080
$3.2M
Cap Rate 7%
$2,314,343
$2.3M
Cap Rate 9%
$1,800,044
$1.8M
Market Conditions
NOI Build-Up for 13,077 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
$310.7K $23.76/SF
− Vacancy
−$16.2K −$1.24/SF
EGI
$294.6K $22.52/SF
− OpEx
−$132.5K −$10.14/SF
NOI
$162.0K $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%
$3,240,080
Cap Rate 7%
$2,314,343
Cap Rate 9%
$1,800,044
Alternative Uses
Best Use
Apartment 5plus
$2.31M
$2.03M – $2.70M
NOI $162,004 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.52M
$3.08M – $4.11M
NOI $246,619 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
Location Intelligence
Trade Area within ½ mile
3,241
Businesses Nearby
Explore this area
Business Placement
Demographics for 84103, UT
22,788
Population
13,528
Households
1.7
Avg Household Size
36
Median Age
66%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
1,112
Density / Sq Mi
$81,386
Median Household Income
$54,787
Median Earnings
$1,374
Median Rent
$710,700
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 - Brick multifamily property with updated kitchens, covered parking, balconies, and hardwood and tile flooring.
Where is this apartment building located?
The property is located at 120 G St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $4,450,000.
What are key features of this property?
This property features: 15‑unit apartment property with 12 two‑bedroom units and 3 one‑bedroom units; 13,077 square feet on a 0.31‑acre parcel; Significant renovations completed in 2023
