22-Unit Apartment
227 N E Spencer Ct Salt Lake City, UT 84103
227 N E Spencer Ct, Salt Lake City, UT, 84103
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For Sale
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Spencer Court Apartments is a 22-unit multifamily community built as six smaller buildings within one property.
Property Size13,866 SF
Price / SF$259.63
Days on Market82
Property Features for 227 N E Spencer Ct
General Information
- Standard status
- Active
- Size
- 13,866 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1916
Listing agency
Investment Realty Advisors
(435) 485-7070
Listed by
Cory Waddoups · License #UT
Source
Crexi
Added: May 1 Updated: Jul 21 at 3:35AM Checked: Jul 21 at 3:35AM
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 Investment Realty Advisors
Investment Insights
Based on property information with market context.
Spencer Court Apartments is a 22-unit multifamily community composed of six smaller multi-family buildings. The property offers a proven operational history with strong rental performance and healthy NOI. The current offering includes an in-place cap rate and price-per-unit metrics, and buyers are advised to verify all information and obtain independent measurements.
The community is located in one of Salt Lake City’s most sought-after neighborhoods. Please do not disturb tenants.
As presented, the asset’s configuration is designed around multiple smaller buildings under a single ownership, creating a compact residential income property setup for prospective buyers.
The community is located in one of Salt Lake City’s most sought-after neighborhoods. Please do not disturb tenants.
As presented, the asset’s configuration is designed around multiple smaller buildings under a single ownership, creating a compact residential income property setup for prospective buyers.
Key Highlights
- 22‑unit multifamily property made up of six smaller multi‑family buildings within one site.
- Built in 1916 (22 units total).
- Offered with a 6.3% in‑place cap rate and strong rental performance based on the provided remarks.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $329.5k | $23.76 |
| − Vacancy | −$17.1k | −$1.24 |
| EGI | $312.3k | $22.52 |
| − OpEx | −$140.5k | −$10.14 |
| NOI | $171.8k | $12.39 |
13,866 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.15M – $2.86M
NOI $171,778 @ 7.0% cap · market cap 4.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.74M
$3.27M – $4.36M
NOI $261,499 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Stacy Phillips
Artist
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Spencer Court Apartments is a 22-unit multifamily community built as six smaller buildings within one property.
Where is this apartment building located?
The property is located at 227 N E Spencer Ct Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,599,999.
What are key features of this property?
This property features: 22‑unit multifamily property made up of six smaller multi‑family buildings within one site.; Built in 1916 (22 units total).; Offered with a 6.3% in‑place cap rate and strong rental performance based on the provided remarks.
