Four-Unit Multifamily
New
For Sale
$775,000
223 S MONTGOMERY St, Salt Lake City, UT 84104
Residential, Salt Lake City, UT
Property Size3,448 SF
Lot Size0.16 Acres
Price / SF$224.77
Days on Market3
Property Features for 223 S MONTGOMERY St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Zoning description
RMF-45
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 1, Bedroom 8, Bedroom 6, Bathroom 2, Bedroom 7, Bedroom 2
Parking
8
Parking features
Covered
Interior features
Disposal, Kitchen: Updated, Range/Oven: Free Stdng., Dishwasher: Built-In
Subdivision
PARK
Lot features
Curb & Gutter, Road: Paved, Sidewalks
Elementary school
Edison
Middle school
Glendale
High school
East
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Standard status
Active
APN
15-03-260-002
Size
3,448 SF
Lot size
0.16 Acres
Taxes and HOA fees
Tax Annual Amount
4143
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central, Forced Air
Building Details
Year built
2009
Floors in Building
2
Number of units
4
Flooring type
Tile
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Equity Real Estate (Solid)
(801) 208-5872
Listed By:
He Johnny Jiang
(801) 281-1777
Added: Aug 27
Changed: Aug 28
Last Checked: Aug 29 at 1:06AM
MLS# 2181430
Copyright © 2026 UtahRealEstate.com. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,448-square-foot quadplex was built in 2009 and contains four residential units. The property is fully rented, with unit interiors described as well maintained. Updated kitchens include built-in dishwashers, freestanding ranges, and disposals, while tile flooring and covered parking add practical features for residents. Heating is provided by a natural gas central forced-air system, and the property is served by public sewer.
The parcel encompasses 0.16 acres and carries Multi-Family zoning. The building's configuration includes eight bedrooms and four bathrooms, supporting its four-unit residential layout. Asphalt roofing completes the primary building improvements.
The parcel encompasses 0.16 acres and carries Multi-Family zoning. The building's configuration includes eight bedrooms and four bathrooms, supporting its four-unit residential layout. Asphalt roofing completes the primary building improvements.
Key Highlights
- Four‑unit quadplex with 3,448 square feet
- Fully rented property with a documented history of rental occupancy
- Built in 2009 on a 0.16‑acre parcel
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
$45,982
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
5.93%
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%
$919,640
$919.6K
Cap Rate 7%
$656,886
$656.9K
Cap Rate 9%
$510,911
$510.9K
Market Conditions
NOI Build-Up for 3,448 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
$69.5K $20.16/SF
− Vacancy
−$3.8K −$1.11/SF
EGI
$65.7K $19.05/SF
− OpEx
−$19.7K −$5.72/SF
NOI
$46.0K $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%
$919,640
Cap Rate 7%
$656,886
Cap Rate 9%
$510,911
Alternative Uses
Best Use
Multifamily LT 5
$656.9K
$574.8K – $766.4K
NOI $45,982 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$610.2K
$533.9K – $711.9K
NOI $42,715 @ 7.0% cap · market cap 5.51%
Theoretical Best
Office A
$928.9K
$812.8K – $1.08M
NOI $65,026 @ 7.0% cap · market cap 8.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
Explore this area
Business Placement
Demographics for 84104, UT
23,487
Population
8,452
Households
2.8
Avg Household Size
31
Median Age
22%
College-Educated
78%
High-School Grad
21.6 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,326
Median Household Income
$35,013
Median Earnings
$1,235
Median Rent
$318,100
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?
Quadplex - Fully occupied property with updated kitchens, covered parking, and central forced-air heating.
Where is this quadplex located?
The property is located at 223 S MONTGOMERY St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Four‑unit quadplex with 3,448 square feet; Fully rented property with a documented history of rental occupancy; Built in 2009 on a 0.16‑acre parcel
