Historic 5-Plex with Conversion
For Sale
$1,600,000
128 S 1000 E, Salt Lake City, UT 84102
Well-maintained 5-plex with vaulted ceilings, stained glass, and heated flooring; tenant occupied with 24-hour notice.
Property Size4,900 SF
Price / SF$326.53
Days on Market63
Property Features for 128 S 1000 E
General Information
Standard status
Active
Size
4,900 SF
Property subtype
> 4 Units
Additional Details
Multifamily Units
5
Building Details
Building Size
4,900 SF
Year Built
1910
Tenancy
Multi
Listing Agency:
Rum Real Estate
(801) 449-0119
Listed By:
Curtis Rumel · License #6608967-PB00
(801) 449-0119
Source:
Liftrealty
Added: Jul 2
Changed: Aug 31
Last Checked: Sep 1 at 5:21PM
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 Rum Real Estate
Investment Insights
Based on property information with market context.
This beautifully built, well-maintained 5-plex features historic charm with vaulted ceilings, stained glass, and heated flooring. Interior details include quality finishes, wooden Pella doors and windows, and a WOLF range. The property is described as capable of converting into a 3- or 4-plex.
Located at 128 S 1000 E in Salt Lake City, UT 84102, the building is currently tenant occupied. Please allow 24-hour notice for all showings. A Matterport tour is available prior to requesting a showing.
Located at 128 S 1000 E in Salt Lake City, UT 84102, the building is currently tenant occupied. Please allow 24-hour notice for all showings. A Matterport tour is available prior to requesting a showing.
Key Highlights
- 1910‑built well‑maintained 5‑plex with historic charm
- Property can be converted into a 3‑plex or 4‑plex
- Interior features include vaulted ceilings
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
$60,703
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
3.79%
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%
$1,214,060
$1.2M
Cap Rate 7%
$867,186
$867.2K
Cap Rate 9%
$674,478
$674.5K
Market Conditions
NOI Build-Up for 4,900 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
$116.4K $23.76/SF
− Vacancy
−$6.1K −$1.24/SF
EGI
$110.4K $22.52/SF
− OpEx
−$49.7K −$10.14/SF
NOI
$60.7K $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%
$1,214,060
Cap Rate 7%
$867,186
Cap Rate 9%
$674,478
Alternative Uses
Best Use
Apartment 5plus
$867.2K
$758.8K – $1.01M
NOI $60,703 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,409 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,273
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 - Well-maintained 5-plex with vaulted ceilings, stained glass, and heated flooring; tenant occupied with 24-hour notice.
Where is this apartment building located?
The property is located at 128 S 1000 E Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 1910‑built well‑maintained 5‑plex with historic charm; Property can be converted into a 3‑plex or 4‑plex; Interior features include vaulted ceilings
