22-Unit Apartment
For Sale
$3,599,999
227 N SPENCER Ct, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size13,866 SF
Lot Size0.58 Acres
Price / SF$259.63
Days on Market147
Property Features for 227 N SPENCER Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
SR-1A
Bedrooms
30
Bathrooms
22
Full bathrooms
22
Rooms
Bedroom 25, Bathroom 13, Bedroom 24, Bathroom 15, Bedroom 20, Bathroom 5, Bedroom 23, Bedroom 27, Bathroom 20, Bedroom 10, Bedroom 2, Bedroom 17, Bedroom 22, Bathroom 14, Bedroom 4, Bathroom 10, Bedroom 3, Bathroom 17, Bedroom 5, Bedroom 9, Bedroom 30, Bathroom 9, Bathroom 19, Bathroom 7, Bathroom 1, Bathroom 3, Bedroom 13, Bedroom 15, Bedroom 29, Bathroom 18, Bathroom 12, Bathroom 16, Bathroom 2, Bathroom 11, Bedroom 21, Bedroom 1, Bedroom 8, Bedroom 16, Bathroom 4, Bathroom 22, Bathroom 6, Bedroom 26, Bedroom 6, Bedroom 14, Bedroom 28, Bedroom 12, Bedroom 19, Bedroom 11, Bathroom 21, Bedroom 7, Bathroom 8, Bedroom 18
Parking
1
Parking features
Covered
Window features
Blinds
Lot features
View: Mountain
Elementary school
Ensign
Middle school
Clayton
High school
West
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City: Avenues Area
Standard status
Active
APN
09-31-333-007
Size
13,866 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Annual Amount
15787
Utilities
Sewer type
Public Sewer
Building Details
Year built
1916
Number of units
22
Flooring type
Tile, Concrete, Hardwood
Building materials
Brick, Stucco
Roof type
Membrane, Asphalt
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Porter Criddle
(801) 694-5291
Added: Apr 10
Changed: Sep 2
Last Checked: Sep 3 at 6:06AM
MLS# 2149702
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 22-unit apartment community spans six smaller buildings on a 0.58-acre site and contains 13,866 square feet. Built in 1916, the property features brick and stucco construction, tile, hardwood, and concrete flooring, along with covered parking. Asphalt and membrane roofing are in place, and the property is served by public sewer.
Located at 227 N Spencer Ct in Salt Lake City, the property carries Multi-Family zoning. The offering is presented at a 6.3% in-place cap rate. Unit interiors include bedrooms and bathrooms across the apartment buildings, with the detailed configuration subject to independent verification.
Located at 227 N Spencer Ct in Salt Lake City, the property carries Multi-Family zoning. The offering is presented at a 6.3% in-place cap rate. Unit interiors include bedrooms and bathrooms across the apartment buildings, with the detailed configuration subject to independent verification.
Key Highlights
- 22‑unit multifamily community across six buildings
- 13,866 square feet on 0.58 acres
- 6.3% in‑place cap rate
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
Property Profile
Current Use
Lease Details
22
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six-building multifamily property with covered parking and Multi-Family zoning.
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 community across six buildings; 13,866 square feet on 0.58 acres; 6.3% in‑place cap rate
