Duplex with Backyard
For Sale
$599,999
Pending
1460 S RICHARDS ST W, Salt Lake City, UT 84115
Two-unit property with hardwood floors, private garages, and a sizable backyard near shops and restaurants.
Property Size1,640 SF
Days on Market90
Property Features for 1460 S RICHARDS ST W
General Information
Standard status
Pending
Size
1,640 SF
Total Parking Spaces
2
Property subtype
Duplex
Additional Details
Multifamily Units
2
Building Details
Building Size
1,640 SF
Year Built
1938
Listing Agency:
PRIME RESIDENTIAL BROKERS
Listed By:
Brady Tanner
(801) 916-3542
Source:
Liftrealty
Added: Jun 5
Changed: Aug 31
Last Checked: Aug 31 at 2:56PM
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 PRIME RESIDENTIAL BROKERS
Investment Insights
Based on property information with market context.
This duplex contains 1,640 square feet and was built in 1938. Both units feature hardwood flooring, while each side has a garage positioned in the backyard. The property also includes a large outdoor area that can accommodate gatherings or provide private open-air space.
Located at 1460 S Richards St W in Salt Lake City, the duplex is within walking distance of shops and restaurants. Its two-unit configuration and separate backyard garages support residential use with additional utility for parking, storage, or workshop space.
Located at 1460 S Richards St W in Salt Lake City, the duplex is within walking distance of shops and restaurants. Its two-unit configuration and separate backyard garages support residential use with additional utility for parking, storage, or workshop space.
Key Highlights
- 1,640‑square‑foot duplex built in 1938
- Hardwood floors in both units
- Garage serving each unit in the backyard
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
$21,871
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
3.65%
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%
$437,420
$437.4K
Cap Rate 7%
$312,443
$312.4K
Cap Rate 9%
$243,011
$243.0K
Market Conditions
NOI Build-Up for 1,640 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
$33.1K $20.16/SF
− Vacancy
−$1.8K −$1.11/SF
EGI
$31.2K $19.05/SF
− OpEx
−$9.4K −$5.72/SF
NOI
$21.9K $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%
$437,420
Cap Rate 7%
$312,443
Cap Rate 9%
$243,011
Alternative Uses
Best Use
Multifamily LT 5
$312.4K
$273.4K – $364.5K
NOI $21,871 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$290.2K
$254.0K – $338.6K
NOI $20,317 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$441.8K
$386.6K – $515.5K
NOI $30,929 @ 7.0% cap · market cap 5.15%
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
1,561
Businesses Nearby
Explore this area
Business Placement
Demographics for 84115, UT
27,588
Population
13,899
Households
2
Avg Household Size
33
Median Age
33%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
4,523
Density / Sq Mi
$61,505
Median Household Income
$43,785
Median Earnings
$1,263
Median Rent
$396,200
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 hardwood floors, private garages, and a sizable backyard near shops and restaurants.
Where is this duplex located?
The property is located at 1460 S RICHARDS ST W Salt Lake City, UT.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: 1,640‑square‑foot duplex built in 1938; Hardwood floors in both units; Garage serving each unit in the backyard
