Renovated 15-Unit Apartment
For Sale
$4,450,000
120 G St, Salt Lake City, UT 84103
Renovated multifamily property with one- and two-bedroom units.
Property Size13,077 SF
Days on Market119
Property Features for 120 G St
General Information
Standard status
Active
Size
13,077 SF
Class
C
Property subtype
Multi-Family
Units
Unit Mix
12 x 2BR, 3 x 1BR
Multifamily Units
15
Building Details
Building Size
13,077 SF
Year Built
1969
Year Renovated
2023
Units
15
Listing Agency:
Investment Realty Advisors
Listed By:
Porter Criddle
(435) 485-7070
Source:
Commercialcafe
Added: May 8
Changed: Aug 30
Last Checked: Sep 2 at 1:57PM
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 Investment Realty Advisors
Investment Insights
Based on property information with market context.
This 15-unit apartment property was built in 1969 and received significant renovations in 2023. The unit mix includes 12 two-bedroom apartments and 3 one-bedroom apartments, providing a defined configuration within the building. The property is classified under RMF-35 zoning and is offered for sale.
Located at 120 G St in Salt Lake City, Utah, the asset combines an established multifamily building with a recently updated condition. The renovation work and unit composition are the primary physical characteristics of the property.
Located at 120 G St in Salt Lake City, Utah, the asset combines an established multifamily building with a recently updated condition. The renovation work and unit composition are the primary physical characteristics of the property.
Key Highlights
- 15‑unit apartment property in Salt Lake City
- Unit mix includes 12 two‑bedroom and 3 one‑bedroom apartments
- 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 - Renovated multifamily property with one- and two-bedroom units.
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 in Salt Lake City; Unit mix includes 12 two‑bedroom and 3 one‑bedroom apartments; Significant renovations completed in 2023
