22-Unit Apartment
For Sale
$3,599,999
227 N SPENCER CT, Salt Lake City, UT 84103
Spencer Court Apartments is a 22-unit multifamily community built as six smaller buildings within one property.
Property Size13,866 SF
Days on Market154
Property Features for 227 N SPENCER CT
General Information
Standard status
Active
Size
13,866 SF
Property subtype
> 4 Units
Financials
Cap Rate
6.3%
Business Included
Yes
Additional Details
Multifamily Units
22
Taxes and HOA fees
Annual Taxes
$15,787
Building Details
Building Size
13,866 SF
Year Built
1916
Listing Agency:
Investment Realty Advisors LLC
Listed By:
Porter Criddle
(435) 485-7070
Source:
Acresutah
Added: Apr 10
Changed: Sep 8
Last Checked: Sep 10 at 7:32AM
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 LLC
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.
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
$171,778
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
4.77%
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%
$3,435,560
$3.4M
Cap Rate 7%
$2,453,971
$2.5M
Cap Rate 9%
$1,908,644
$1.9M
Market Conditions
NOI Build-Up for 13,866 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
$329.5K $23.76/SF
− Vacancy
−$17.1K −$1.24/SF
EGI
$312.3K $22.52/SF
− OpEx
−$140.5K −$10.14/SF
NOI
$171.8K $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%
$3,435,560
Cap Rate 7%
$2,453,971
Cap Rate 9%
$1,908,644
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 authorities.
Property Analytics
Current Use
Lease Details
22
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,598
Businesses Nearby
Explore this area
Business Placement
Demographics for 84103, UT
22,788
Population
13,528
Households
1.7
Avg Household Size
36
Median Age
66%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
1,112
Density / Sq Mi
$81,386
Median Household Income
$54,787
Median Earnings
$1,374
Median Rent
$710,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
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 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.
