Apartment Building with 10
For Sale
$855,000
157 S 800 E, Salt Lake City, UT 84102
Licensed multi-unit rental property with updated interiors, shared amenities, and a high-efficiency boiler.
Property Size2 SF
Price / SF$142.76
Days on Market110
Property Features for 157 S 800 E
General Information
Standard status
Active
Size
2 SF
Property subtype
> 4 Units
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA, 8 x single room
Multifamily Units
10
Additional Details
Sprinkler System
Yes
Amenities
common kitchen area
Building Details
Building Size
2 SF
Year Built
1935
Tenancy
Multi
Listing Agency:
Masters Utah Real Estate
(801) 453-1010
Listed By:
Terry Cononelos · License #5460516-SA00
(801) 205-7019
Source:
Liftrealty
Added: May 22
Changed: Sep 7
Last Checked: Sep 8 at 6:10AM
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 Masters Utah Real Estate
Investment Insights
Based on property information with market context.
Built in 1935, this 5,989-square-foot apartment building is licensed for multi-unit rentals and accommodates up to 10 rental spaces. The main level contains one two-bedroom, one-bath apartment and one one-bedroom, one-bath apartment. The second floor offers eight single-room rentals with a shared kitchen and two and one-half full baths. Recent interior work includes new paint and carpet.
The property was originally constructed as an elderly care facility and retains its overhead water sprinkler system. A boiler installed within the past few years operates at more than 90% efficiency, while the roof is described as being in excellent condition. Its setting provides access to the U of U and downtown Salt Lake City. The existing configuration is also identified for potential use as apartments, a group home, hostel, or Airbnb.
The property was originally constructed as an elderly care facility and retains its overhead water sprinkler system. A boiler installed within the past few years operates at more than 90% efficiency, while the roof is described as being in excellent condition. Its setting provides access to the U of U and downtown Salt Lake City. The existing configuration is also identified for potential use as apartments, a group home, hostel, or Airbnb.
Key Highlights
- Licensed multi‑unit rental property with up to 10 doors
- 5,989‑square‑foot building constructed in 1935
- Main floor includes 2‑bedroom and 1‑bedroom apartments
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
8.68%
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 8.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,947 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
2,814
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Licensed multi-unit rental property with updated interiors, shared amenities, and a high-efficiency boiler.
Where is this apartment building located?
The property is located at 157 S 800 E Salt Lake City, UT.
What is the asking price?
The asking price for this property is $855,000.
What are key features of this property?
This property features: Licensed multi‑unit rental property with up to 10 doors; 5,989‑square‑foot building constructed in 1935; Main floor includes 2‑bedroom and 1‑bedroom apartments
