Turn-of-Century Fourplex with Detached
For Sale
$764,900
1631 S 500 E, Salt Lake City, UT 84105
Legal non-conforming fourplex includes a newly completed roof, detached garage with storage, and extensive on-site parking.
Property Size2,532 SF
Price / SF$302.09
Days on Market112
Property Features for 1631 S 500 E
General Information
Standard status
Active
Size
2,532 SF
Property subtype
Quadruplex
Occupancy
75%
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Building Size
2,532 SF
Year Built
1902
Tenancy
Multi
Listing Agency:
MJA Real Estate, LLC
Listed By:
Leilani Cole
(385) 800-8574
Source:
Liftrealty
Added: May 22
Changed: Sep 9
Last Checked: Sep 9 at 6:19AM
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 MJA Real Estate, LLC
Investment Insights
Based on property information with market context.
Turn-of-the-century legal non-conforming fourplex offered for sale at 1631 S 500 E, Salt Lake City, UT 84105. The property has a brand-new roof completed over the Memorial Day weekend. All four units have an established rental history described as having virtually no vacancy over the past 10+ years. The home also features a large detached garage with additional storage space, which may support additional income opportunities. Parking is available both at the back of the home and in the area adjacent to the backyard.
According to the provided remarks, the property is located just blocks from Liberty Park with access to downtown, freeway connections, dining, shopping, and everyday conveniences.
Three units are tenant occupied and may be shown only upon receipt of an accepted offer. Offers are subject to inspection, and buyers are advised to obtain an independent measurement; square footage figures are provided as a courtesy estimate and were obtained from an appraiser measurement completed in May 2026.
According to the provided remarks, the property is located just blocks from Liberty Park with access to downtown, freeway connections, dining, shopping, and everyday conveniences.
Three units are tenant occupied and may be shown only upon receipt of an accepted offer. Offers are subject to inspection, and buyers are advised to obtain an independent measurement; square footage figures are provided as a courtesy estimate and were obtained from an appraiser measurement completed in May 2026.
Key Highlights
- Legal non‑conforming fourplex built in 1902 with a newly completed roof (completed over Memorial Day weekend)
- Four units have an outstanding rental history with virtually no vacancy over the past 10+ years
- Large detached garage includes additional storage space and potential added income
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
$33,766
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
4.41%
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%
$675,320
$675.3K
Cap Rate 7%
$482,371
$482.4K
Cap Rate 9%
$375,178
$375.2K
Market Conditions
NOI Build-Up for 2,532 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
$51.0K $20.16/SF
− Vacancy
−$2.8K −$1.11/SF
EGI
$48.2K $19.05/SF
− OpEx
−$14.5K −$5.72/SF
NOI
$33.8K $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%
$675,320
Cap Rate 7%
$482,371
Cap Rate 9%
$375,178
Alternative Uses
Best Use
Multifamily LT 5
$482.4K
$422.1K – $562.8K
NOI $33,766 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$448.1K
$392.1K – $522.8K
NOI $31,368 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$682.2K
$596.9K – $795.9K
NOI $47,751 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
945
Businesses Nearby
Explore this area
Business Placement
Demographics for 84105, UT
22,856
Population
10,953
Households
2.1
Avg Household Size
35
Median Age
66%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
7,373
Density / Sq Mi
$94,145
Median Household Income
$52,785
Median Earnings
$1,482
Median Rent
$632,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Legal non-conforming fourplex includes a newly completed roof, detached garage with storage, and extensive on-site parking.
Where is this quadplex located?
The property is located at 1631 S 500 E Salt Lake City, UT.
What is the asking price?
The asking price for this property is $764,900.
What are key features of this property?
This property features: Legal non‑conforming fourplex built in 1902 with a newly completed roof (completed over Memorial Day weekend); Four units have an outstanding rental history with virtually no vacancy over the past 10+ years; Large detached garage includes additional storage space and potential added income
