Updated Fourplex with Private
New
For Sale
$850,000
2318 W 3650 S, West Valley City, UT 84119
Residential, West Valley City, UT
Property Size3,170 SF
Lot Size0.26 Acres
Price / SF$268.14
Days on Market2
Property Features for 2318 W 3650 S
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Zoning description
R-1-8
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 4, Bedroom 3, Bedroom 4, Bedroom 6, Bathroom 3, Bathroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 1
Parking
12
Parking features
Open
Window features
Blinds
Patio and Porch features
Patio, Porch
Interior features
Disposal, Range/Oven: Free Stdng., Vaulted Ceilings
Exterior features
Double Pane Windows, Lighting, Patio: Covered, Porch: Open, Sliding Glass Doors, Storm Doors, Patio: Open
Subdivision
TODD VILLA
Lot features
Cul-De-Sac, Curb & Gutter, Fenced: Full, Sidewalks, Sprinkler: Auto- Full, View: Mountain
Elementary school
Granger
Middle school
Eisenhower
High school
Granger
Elementary school district
Granite
Middle school district
Granite
High school district
Granite
Standard status
Active
APN
15-33-227-009
Size
3,170 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Annual Amount
4966
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central
Amenities
large private yards and patios
oversized individual storage units
Building Details
Year built
1964
Floors in Building
1
Number of units
4
Flooring type
Tile, Carpet, Laminate
Building materials
Brick, Cedar
Roof type
Asphalt, Rubber
Architectural style
Other
Listing Agency:
Utah Real Estate PC
(801) 673-3333
Listed By:
Joel Carson · License #5450582
(801) 453-1010
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 19 at 12:06PM
MLS# 2186163
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 1964-built fourplex contains two 2-bedroom units and two 1-bedroom units, offering a balanced mix for residential rental use. The property includes large private yards and patios, four individual storage units, a 2-car garage, and a 2-car carport. Brick and cedar construction, covered and open patio areas, double-pane windows, and a public sewer connection are among the existing features. The property is zoned Multi-Family and is offered at an approximate 4.6% cap rate.
Recent work includes a newer roof, newer windows and sliding doors, new garage doors, a new HVAC system in Unit 2, two new water heaters, nearly all new washers and dryers, updated flooring, new landscaping, gutters, and fresh exterior paint. The property is located on a quiet dead-end street with access to I-215 and Hwy 201, as well as Valley Fair Mall, Costco, the Maverik Center, shopping, dining, and downtown West Valley City.
Recent work includes a newer roof, newer windows and sliding doors, new garage doors, a new HVAC system in Unit 2, two new water heaters, nearly all new washers and dryers, updated flooring, new landscaping, gutters, and fresh exterior paint. The property is located on a quiet dead-end street with access to I-215 and Hwy 201, as well as Valley Fair Mall, Costco, the Maverik Center, shopping, dining, and downtown West Valley City.
Key Highlights
- Fourplex with two 2‑bedroom units and two 1‑bedroom units
- Approximate 4.6% cap rate
- 0.26‑acre lot with 3,170 square feet of property size
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
Yes
Paved road 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with varied layouts, covered parking, private outdoor areas, and recent building-system improvements.
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; Approximate 4.6% cap rate; 0.26‑acre lot with 3,170 square feet of property size
