Apartment Building with Boarding
New
For Sale
$875,000
800 E 157 S, Salt Lake City, UT 84102
Licensed single-room boarding home with apartment kitchens, shared bathrooms, and overhead water sprinklers.
Property Size5,989 SF
Price / SF$146.10
Days on Market2
Property Features for 800 E 157 S
General Information
Standard status
Active
Size
5,989 SF
Property subtype
Multi-Family
Additional Details
Sprinkler System
Yes
Amenities
common area kitchen
common bathrooms
Building Details
Year Built
1935
Tenancy
Multi
Listing Agency:
Masters Utah Real Estate
Listed By:
Terry Cononelos · License #5460516-SA00
Source:
Thehonorgrouputah
Added: Sep 1
Last Checked: Sep 1 at 8:43PM
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 Masters Utah Real Estate
Investment Insights
Based on property information with market context.
This 5,989-square-foot apartment building was constructed in 1935 and is currently licensed and used as a single-room boarding home. The main level includes a two-bedroom apartment and a one-bedroom apartment, with a kitchen in each; the two-bedroom unit has a three-quarter bath, while the one-bedroom apartment has a full bath. Additional rooms share common bath facilities, and the upper level provides two common full bathrooms and a shared kitchen area.
The property retains overhead water sprinklers associated with its original use as an elderly care facility. A boiler installed a couple of years ago serves the building. The existing configuration combines private apartment space with shared facilities and is offered in its current form.
The property retains overhead water sprinklers associated with its original use as an elderly care facility. A boiler installed a couple of years ago serves the building. The existing configuration combines private apartment space with shared facilities and is offered in its current form.
Key Highlights
- 5,989‑square‑foot apartment building constructed in 1935
- Currently licensed and used as a single‑room boarding home
- Main level includes a two‑bedroom apartment and a one‑bedroom apartment, each with a kitchen
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
$74,195
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
8.48%
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%
$1,483,900
$1.5M
Cap Rate 7%
$1,059,929
$1.1M
Cap Rate 9%
$824,389
$824.4K
Market Conditions
NOI Build-Up for 5,989 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
$142.3K $23.76/SF
− Vacancy
−$7.4K −$1.24/SF
EGI
$134.9K $22.52/SF
− OpEx
−$60.7K −$10.14/SF
NOI
$74.2K $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%
$1,483,900
Cap Rate 7%
$1,059,929
Cap Rate 9%
$824,389
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$927.4K – $1.24M
NOI $74,195 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,947 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,127
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 - Licensed single-room boarding home with apartment kitchens, shared bathrooms, and overhead water sprinklers.
Where is this apartment building located?
The property is located at 800 E 157 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 5,989‑square‑foot apartment building constructed in 1935; Currently licensed and used as a single‑room boarding home; Main level includes a two‑bedroom apartment and a one‑bedroom apartment, each with a kitchen
