Remodeled
For Sale
$712,864
1145 Kensington Ave, Salt Lake City, UT 84105
Two-unit property with refreshed kitchens, renovated bathrooms, new flooring, and upgraded fixtures throughout.
Property Size2,597 SF
Price / SF$274.50
Days on Market25
Property Features for 1145 Kensington Ave
General Information
Standard status
Active
Size
2,597 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Building Details
Year Built
1892
Buildings
1
Listing Agency:
Unite Real Estate
Listed By:
Kelly Ercanbrack
(801) 372-4747
Source:
Chancehammock
Added: Aug 9
Changed: Aug 31
Last Checked: Sep 1 at 10:15PM
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 Unite Real Estate
Investment Insights
Based on property information with market context.
This 2,597-square-foot duplex, built in 1892, combines a two-unit layout with extensive interior updates. Both units have refreshed kitchens, updated bathrooms, new flooring, and upgraded fixtures, while original character remains part of the property’s presentation. The configuration supports either owner occupancy or placement within a rental portfolio, as described for the property.
Located at 1145 Kensington Ave in Salt Lake City’s Sugar House area, the property sits on a quiet, tree-lined street. Westminster College is within walking distance, while shopping, dining, parks, public transit, the University of Utah, and SLCC are identified as nearby area amenities or destinations. Outdoor recreation is also accessible from the surrounding area.
Located at 1145 Kensington Ave in Salt Lake City’s Sugar House area, the property sits on a quiet, tree-lined street. Westminster College is within walking distance, while shopping, dining, parks, public transit, the University of Utah, and SLCC are identified as nearby area amenities or destinations. Outdoor recreation is also accessible from the surrounding area.
Key Highlights
- 2,597 SF duplex built in 1892
- Both units feature refreshed kitchens and updated bathrooms
- New flooring and upgraded fixtures throughout
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
$34,633
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
4.86%
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%
$692,660
$692.7K
Cap Rate 7%
$494,757
$494.8K
Cap Rate 9%
$384,811
$384.8K
Market Conditions
NOI Build-Up for 2,597 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
$52.4K $20.16/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$49.5K $19.05/SF
− OpEx
−$14.8K −$5.72/SF
NOI
$34.6K $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%
$692,660
Cap Rate 7%
$494,757
Cap Rate 9%
$384,811
Alternative Uses
Best Use
Multifamily LT 5
$494.8K
$432.9K – $577.2K
NOI $34,633 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$459.6K
$402.2K – $536.2K
NOI $32,173 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$699.7K
$612.2K – $816.3K
NOI $48,977 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
815
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with refreshed kitchens, renovated bathrooms, new flooring, and upgraded fixtures throughout.
Where is this duplex located?
The property is located at 1145 Kensington Ave Salt Lake City, UT.
What is the asking price?
The asking price for this property is $712,864.
What are key features of this property?
This property features: 2,597 SF duplex built in 1892; Both units feature refreshed kitchens and updated bathrooms; New flooring and upgraded fixtures throughout
