5-Unit Apartment
For Sale
$1,600,000
128 S 1000 E, Salt Lake City, UT 84102
Residential, Salt Lake City, UT
Property Size4,900 SF
Lot Size0.15 Acres
Price / SF$326.53
Days on Market62
Property Features for 128 S 1000 E
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
MF
Bedrooms
7
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 7, Bedroom 5, Bedroom 3, Bathroom 4, Bathroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 2, Bathroom 3, Bathroom 2, Bedroom 4
Parking
8
Parking features
Covered, Secured
Window features
Blinds, Drapes
Patio and Porch features
Deck, Patio
Interior features
Bar: Wet, Disposal, Floor Drains, French Doors, Gas Log, Great Room, Jetted Tub, Kitchen: Updated, Oven: Double, Oven: Gas, Range: Countertop, Range: Down Vent, Range: Gas, Range/Oven: Built-In, Vaulted Ceilings, Granite Countertops, Dishwasher: Built-In
Exterior features
Awning(s), Balcony, Basement Entrance, Bay Box Windows, Deck; Covered, Double Pane Windows, Entry (Foyer), Out Buildings, Lighting, Patio: Covered, Secured Parking, Skylights, Stained Glass Windows, Walkout, Patio: Open
Fireplace
1
Lot features
Curb & Gutter, Fenced: Full, Road: Paved, Secluded, Sidewalks, Sprinkler: Auto- Full, View: Mountain
Elementary school
Wasatch
Middle school
Bryant
High school
East
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City; So. Salt Lake
Standard status
Active
APN
16-05-135-017
Size
4,900 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
7984
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Radiant Floor, Natural Gas, Forced Air
Building Details
Year built
1910
Number of units
5
Flooring type
Tile, Hardwood
Building materials
Brick, Cedar, Stone
Roof type
Wood
Architectural style
Other
Additional Structures
Workshop
Listing Agency:
Rum Real Estate
(801) 449-0119
Listed By:
Curtis Rumel
(801) 449-0119
Added: Jul 2
Changed: Sep 1
Last Checked: Sep 1 at 9:06PM
MLS# 2169501
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.
Built in 1910, this 4,900-square-foot apartment property occupies 0.15 acres and is configured as a five-unit building. The structure combines brick, cedar, and stone construction with hardwood and tile flooring, wood roofing, and a mix of natural gas radiant, radiant-floor, and forced-air heating. Interior features include an updated kitchen, granite countertops, a wet bar, vaulted ceilings, French doors, built-in appliances, and multiple bathrooms. A fireplace, jetted tub, skylights, stained glass windows, bay box windows, and a walkout add further detail to the improvements.
Exterior amenities include balconies, covered and open patios, a deck, awnings, an exterior basement entrance, outbuildings, and secured covered parking. The property has public sewer service and is zoned Multi-Family. Located at 128 S 1000 E in Salt Lake City, the asset offers a distinctive residential building with established interior and exterior features.
Exterior amenities include balconies, covered and open patios, a deck, awnings, an exterior basement entrance, outbuildings, and secured covered parking. The property has public sewer service and is zoned Multi-Family. Located at 128 S 1000 E in Salt Lake City, the asset offers a distinctive residential building with established interior and exterior features.
Key Highlights
- 5‑unit apartment property with 4,900 square feet of building area
- 0.15‑acre site with Multi‑Family zoning
- Originally constructed in 1910
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
Location Intelligence
Trade Area within ½ mile
2,031
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 - Multi-Family zoning supports the property’s residential apartment configuration with secured covered parking.
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: 5‑unit apartment property with 4,900 square feet of building area; 0.15‑acre site with Multi‑Family zoning; Originally constructed in 1910
