Remodeled Ground-Level
For Sale
$244,000
1555 E 3900 South #Apt 112, Salt Lake City, UT 84124
One-bedroom condominium with in-unit laundry, covered parking, and stair-free entry near transit and major institutions.
Property Size603 SF
Price / SF$404.64
Days on Market9
Property Features for 1555 E 3900 South #Apt 112
General Information
Standard status
Active
Size
603 SF
Total Parking Spaces
1
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
updated cabinets
updated countertops
updated flooring
dishwasher
in-unit washer and dryer
central air conditioning
storage closet
Building Details
Year Built
1964
Listing Agency:
Summit Sotheby's International Realty
Listed By:
Laura Willis
(435) 731-5148
Source:
Laurawillisrealestate
Added: Sep 11
Changed: Sep 18
Last Checked: Sep 18 at 7:10AM
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 Summit Sotheby's International Realty
Investment Insights
Based on property information with market context.
This ground-level condominium offers 603 square feet with one bedroom and one bathroom in a 1964 residential income property. The unit has been remodeled with updated cabinetry, countertops, flooring, and appliances, including a dishwasher. Central air conditioning, an in-unit washer and dryer, a covered carport space, and a downstairs storage closet add practical functionality.
The property is located at 1555 E 3900 South #Apt 112 in Salt Lake City, near public transportation, the University of Utah, Millcreek Canyon, and St. Mark's Hospital. Its ground-level layout provides stair-free access, while the one-bedroom configuration offers a straightforward residential floor plan.
The property is located at 1555 E 3900 South #Apt 112 in Salt Lake City, near public transportation, the University of Utah, Millcreek Canyon, and St. Mark's Hospital. Its ground-level layout provides stair-free access, while the one-bedroom configuration offers a straightforward residential floor plan.
Key Highlights
- 603 SF ground‑level condominium with 1 bedroom and 1 bathroom
- Remodeled with updated cabinets, countertops, flooring, and appliances
- In‑unit washer and dryer plus central air conditioning
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
$7,470
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
3.06%
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%
$149,400
$149.4K
Cap Rate 7%
$106,714
$106.7K
Cap Rate 9%
$83,000
$83.0K
Market Conditions
NOI Build-Up for 603 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
$14.3K $23.76/SF
− Vacancy
−$745 −$1.24/SF
EGI
$13.6K $22.52/SF
− OpEx
−$6.1K −$10.14/SF
NOI
$7.5K $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%
$149,400
Cap Rate 7%
$106,714
Cap Rate 9%
$83,000
Alternative Uses
Best Use
Apartment 5plus
$106.7K
$93.4K – $124.5K
NOI $7,470 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$162.5K
$142.2K – $189.5K
NOI $11,372 @ 7.0% cap · market cap 4.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,044
Businesses Nearby
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Business Placement
Demographics for 84124, UT
22,872
Population
8,976
Households
2.5
Avg Household Size
38
Median Age
60%
College-Educated
98%
High-School Grad
7.7 sq mi
ZIP Area
2,970
Density / Sq Mi
$117,500
Median Household Income
$53,551
Median Earnings
$1,460
Median Rent
$704,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - One-bedroom condominium with in-unit laundry, covered parking, and stair-free entry near transit and major institutions.
Where is this residential income property located?
The property is located at 1555 E 3900 South #Apt 112 Salt Lake City, UT.
What is the asking price?
The asking price for this property is $244,000.
What are key features of this property?
This property features: 603 SF ground‑level condominium with 1 bedroom and 1 bathroom; Remodeled with updated cabinets, countertops, flooring, and appliances; In‑unit washer and dryer plus central air conditioning
