Updated Fourplex with Private
For Sale
$850,000
2318 W 3650 S, West Valley City, UT 84119
Four-unit property with varied layouts, outdoor space, storage, and covered parking in an accessible West Valley City setting.
Property Size3,170 SF
Days on Market10
Property Features for 2318 W 3650 S
General Information
Standard status
Active
Size
3,170 SF
Total Parking Spaces
4
Property subtype
Quadruplex
Units
Unit Mix
2 x 2BR, 2 x 1BR
Multifamily Units
4
Additional Details
Cap Rate
4.6%
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,966
Amenities
large private yards and patios
oversized individual storage units
quiet residential setting
Building Details
Building Size
3,170 SF
Year Built
1964
Buildings
1
Listing Agency:
Utah Real Estate PC
Listed By:
Joel Carson · License #5450582
(801) 673-3333
Source:
Acresutah
Added: Sep 18
Changed: Sep 25
Last Checked: Sep 26 at 3:26PM
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 Utah Real Estate PC
Investment Insights
Based on property information with market context.
Built in 1964, this 3,170-square-foot quadplex includes two 2-bedroom apartments and two 1-bedroom apartments. Each unit offers access to a private yard and patio, while the property also provides four individual storage units, a 2-car garage, and a 2-car carport. Recent work includes a newer roof, windows, sliding doors, garage doors, gutters, landscaping, exterior paint, flooring, two water heaters, and an HVAC system in Unit 2. Nearly all washers and dryers have also been replaced.
The property is located at 2318 W 3650 S in West Valley City, with access to I-215 and Hwy 201. Valley Fair Mall, Costco, the Maverik Center, shopping, dining, and downtown West Valley City are also identified nearby. The rental history reflects little to no downtime between tenants, and the property carries an approximate 4.6% cap rate.
The property is located at 2318 W 3650 S in West Valley City, with access to I-215 and Hwy 201. Valley Fair Mall, Costco, the Maverik Center, shopping, dining, and downtown West Valley City are also identified nearby. The rental history reflects little to no downtime between tenants, and the property carries an approximate 4.6% cap rate.
Key Highlights
- Fourplex with two 2‑bedroom units and two 1‑bedroom units
- 3,170 SF property built in 1964
- 4.6% approximate cap rate and history of little to no tenant downtime
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
$34,330
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
4.04%
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%
$686,600
$686.6K
Cap Rate 7%
$490,429
$490.4K
Cap Rate 9%
$381,444
$381.4K
Market Conditions
NOI Build-Up for 3,170 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
$51.4K $16.20/SF
− Vacancy
−$2.3K −$0.73/SF
EGI
$49.0K $15.47/SF
− OpEx
−$14.7K −$4.64/SF
NOI
$34.3K $10.83/SF
Area
West Valley City, UT
Vacancy
4.50%
Lease Rate
$16.20 /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%
$686,600
Cap Rate 7%
$490,429
Cap Rate 9%
$381,444
Alternative Uses
Best Use
Multifamily LT 5
$490.4K
$429.1K – $572.2K
NOI $34,330 @ 7.0% cap · market cap 4.04%
Second Best
Apartment 5plus
$442.7K
$387.3K – $516.4K
NOI $30,986 @ 7.0% cap · market cap 3.65%
Theoretical Best
Office A
$907.5K
$794.1K – $1.06M
NOI $63,527 @ 7.0% cap · market cap 7.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,038
Businesses Nearby
Explore this area
Business Placement
Demographics for 84119, UT
54,143
Population
16,811
Households
3.2
Avg Household Size
31
Median Age
16%
College-Educated
79%
High-School Grad
11.5 sq mi
ZIP Area
4,708
Density / Sq Mi
$66,616
Median Household Income
$35,676
Median Earnings
$1,418
Median Rent
$341,800
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 - Four-unit property with varied layouts, outdoor space, storage, and covered parking in an accessible West Valley City setting.
Where is this quadplex located?
The property is located at 2318 W 3650 S West Valley City, UT.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Fourplex with two 2‑bedroom units and two 1‑bedroom units; 3,170 SF property built in 1964; 4.6% approximate cap rate and history of little to no tenant downtime
