Duplex with One Remodeled
For Sale
$725,000
1446 N MANDALAY Rd, Salt Lake City, UT 84116
MULTI_FAMILY - Other - Salt Lake City, UT
Property Size3,700 SF
Lot Size0.18 Acres
Price / SF$195.95
Days on Market68
Property Features for 1446 N MANDALAY Rd
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Single-Family
Zoning description
1107
Bedrooms
10
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 1, Bedroom 8, Bedroom 9, Bedroom 7, Bedroom 10
Parking
2
Parking features
Covered
Window features
Blinds
Interior features
Range/Oven: Free Stdng.
Subdivision
PARK
Lot features
Curb & Gutter, Fenced: Part, Road: Paved
Elementary school
None/Other
Middle school
None/Other
High school
None/Other
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Standard status
Active
APN
08-22-357-002
Size
3,700 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
2564
Utilities
Heating system
Forced Air
Building Details
Year built
1972
Number of units
2
Flooring type
Laminate, Carpet
Building materials
Frame
Roof type
Tar/Gravel
Architectural style
Other
Listing Agency:
KW Utah Realtors Keller Williams · Keller Williams Realty
(801) 858-0000
Listed By:
Cameron Burnside · License #5488326
(801) 858-0000
Added: Jun 5
Changed: Aug 2
Last Checked: Aug 11 at 9:06PM
MLS# 2163392
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Investment Insights
Based on property information with market context.
This duplex offers two spacious units, each with five bedrooms and two bathrooms, for a total of 10 bedrooms and 4 bathrooms. One unit has been recently remodeled and is described as move-in ready, while the second unit is tenant occupied for immediate income potential. Updates extend beyond the interiors as the entire exterior has been freshly painted, and the property includes a large yard to support tenant appeal and flexibility.
The property is a 1972-built, frame duplex with forced-air heating, laminate and carpet flooring, and a tar/gravel roof. Covered parking is provided. The site totals 0.18 acres and the building size is listed at 3,700 square feet.
Inside, units include a free-standing range/oven and multiple bedroom and bathroom spaces to support comfortable layouts for a range of household needs.
The property is a 1972-built, frame duplex with forced-air heating, laminate and carpet flooring, and a tar/gravel roof. Covered parking is provided. The site totals 0.18 acres and the building size is listed at 3,700 square feet.
Inside, units include a free-standing range/oven and multiple bedroom and bathroom spaces to support comfortable layouts for a range of household needs.
Key Highlights
- Duplex with two units, each featuring five bedrooms and two bathrooms
- One unit is recently remodeled and move‑in ready; second unit is tenant occupied
- Fresh exterior paint plus large yard for tenant appeal
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
$49,343
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
6.81%
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%
$986,860
$986.9K
Cap Rate 7%
$704,900
$704.9K
Cap Rate 9%
$548,256
$548.3K
Market Conditions
NOI Build-Up for 3,700 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
$74.6K $20.16/SF
− Vacancy
−$4.1K −$1.11/SF
EGI
$70.5K $19.05/SF
− OpEx
−$21.1K −$5.72/SF
NOI
$49.3K $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%
$986,860
Cap Rate 7%
$704,900
Cap Rate 9%
$548,256
Alternative Uses
Best Use
Multifamily LT 5
$704.9K
$616.8K – $822.4K
NOI $49,343 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$654.8K
$573.0K – $764.0K
NOI $45,837 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$996.8K
$872.2K – $1.16M
NOI $69,778 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 84116, UT
35,327
Population
14,487
Households
2.4
Avg Household Size
31
Median Age
24%
College-Educated
82%
High-School Grad
50.3 sq mi
ZIP Area
702
Density / Sq Mi
$69,604
Median Household Income
$38,492
Median Earnings
$1,280
Median Rent
$334,900
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 - Duplex featuring forced-air heat and covered parking, with one unit remodeled and move-in ready.
Where is this duplex located?
The property is located at 1446 N MANDALAY Rd Salt Lake City, UT.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Duplex with two units, each featuring five bedrooms and two bathrooms; One unit is recently remodeled and move‑in ready; second unit is tenant occupied; Fresh exterior paint plus large yard for tenant appeal
