Duplex With Separate Lower
For Sale
$499,900
644 S Grand, Salt Lake City, UT 84102
Two-unit property with independent laundry, kitchen appliances, and a lower-level entrance.
Property Size1,344 SF
Price / SF$371.95
Days on Market24
Property Features for 644 S Grand
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Multi-Family
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Amenities
washer/dryer in unit
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Urban Utah Homes & Estates, LLC
Listed By:
Babs De Lay
(801) 201-8824
Source:
Brreutah
Added: Aug 11
Changed: Aug 28
Last Checked: Sep 1 at 9:52PM
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 Urban Utah Homes & Estates, LLC
Investment Insights
Based on property information with market context.
Built in 1948, this 1,344-square-foot duplex contains an upper home and a lower mother-in-law apartment. The downstairs unit has its own entrance, while both units include a washer and dryer. Two stoves and two refrigerators support the separate living areas. Utilities are shared through a single meter and one thermostat.
The property is located at 644 S Grand in Salt Lake City, just below the University of Utah, with access to bus routes and a TRAX stop. The lot extends substantially behind the home, creating a secluded rear area. The property has been used as a rental for decades and offers a two-unit residential configuration near the university.
The property is located at 644 S Grand in Salt Lake City, just below the University of Utah, with access to bus routes and a TRAX stop. The lot extends substantially behind the home, creating a secluded rear area. The property has been used as a rental for decades and offers a two-unit residential configuration near the university.
Key Highlights
- Two‑unit property with 1,344 square feet of living area
- Lower apartment has a separate entrance
- Each unit includes its own washer and dryer
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
$17,923
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
3.59%
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%
$358,460
$358.5K
Cap Rate 7%
$256,043
$256.0K
Cap Rate 9%
$199,144
$199.1K
Market Conditions
NOI Build-Up for 1,344 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
$27.1K $20.16/SF
− Vacancy
−$1.5K −$1.11/SF
EGI
$25.6K $19.05/SF
− OpEx
−$7.7K −$5.72/SF
NOI
$17.9K $13.34/SF
Area
Salt Lake City, UT
Vacancy
5.50%
Lease Rate
$20.16 /SF/Yr
Expense Ratio
30.00%
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%
$358,460
Cap Rate 7%
$256,043
Cap Rate 9%
$199,144
Alternative Uses
Best Use
Multifamily LT 5
$256.0K
$224.0K – $298.7K
NOI $17,923 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$237.9K
$208.1K – $277.5K
NOI $16,650 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$362.1K
$316.8K – $422.5K
NOI $25,347 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,679
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?
Duplex - Two-unit property with independent laundry, kitchen appliances, and a lower-level entrance.
Where is this duplex located?
The property is located at 644 S Grand Salt Lake City, UT.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two‑unit property with 1,344 square feet of living area; Lower apartment has a separate entrance; Each unit includes its own washer and dryer
