Updated 4-Unit Multifamily
For Sale
$1,000,000
2330 Heritage Way, Salt Lake City, UT 84109
Updated kitchens, fresh paint, and new carpet support a clean, functional residential income property.
Property Size3,136 SF
Price / SF$318.88
Days on Market109
Property Features for 2330 Heritage Way
General Information
Standard status
Active
Size
3,136 SF
Property subtype
Residential / Quadruplex
Zoning
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,125
Amenities
No
Gas: Central
Carpet, Laminate, Tile
Yes
8
4
Blinds, Drapes
Electric Dryer Hookup
Alarm: Fire, Kitchen: Updated, Range: Gas, Range/Oven: Free Stdng.
Asphalt, Pitched
Double Pane Windows, Porch: Open
Porch: Open
Building Details
Year Built
1949
Listing Agency:
EXP Realty, LLC
(801) 349-9995
Listed By:
Kimmi Shaw · License #6501849
(801) 349-9995
Source:
Compass
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 at 6:38PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 4-unit multifamily property contains 3,136 SF and was built in 1949. Recent improvements include updated kitchens, fresh paint, and new carpet, along with laminate and tile flooring, gas ranges, central gas heating, double-pane windows, and an open porch. The property is zoned Multi-Family and includes fire alarms, blinds, drapes, and an electric dryer hookup.
Located at 2330 Heritage Way in Salt Lake City, the property sits directly across from Tanner Park and seconds from freeway access. Hiking and biking trails, additional parks, restaurants, shopping, and entertainment are all within minutes. The exterior includes asphalt and pitched roofing, with an additional open porch feature.
Located at 2330 Heritage Way in Salt Lake City, the property sits directly across from Tanner Park and seconds from freeway access. Hiking and biking trails, additional parks, restaurants, shopping, and entertainment are all within minutes. The exterior includes asphalt and pitched roofing, with an additional open porch feature.
Key Highlights
- 4‑unit multifamily property with 3,136 SF
- Updated kitchens, fresh paint, and new carpet
- Multi‑Family zoning
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
$41,821
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
4.18%
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%
$836,420
$836.4K
Cap Rate 7%
$597,443
$597.4K
Cap Rate 9%
$464,678
$464.7K
Market Conditions
NOI Build-Up for 3,136 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
$63.2K $20.16/SF
− Vacancy
−$3.5K −$1.11/SF
EGI
$59.7K $19.05/SF
− OpEx
−$17.9K −$5.72/SF
NOI
$41.8K $13.34/SF
Area
Salt Lake City, UT
Vacancy
5.50%
Lease Rate
$20.16 /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%
$836,420
Cap Rate 7%
$597,443
Cap Rate 9%
$464,678
Alternative Uses
Best Use
Multifamily LT 5
$597.4K
$522.8K – $697.0K
NOI $41,821 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$555.0K
$485.6K – $647.5K
NOI $38,850 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$844.9K
$739.3K – $985.7K
NOI $59,142 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
234
Businesses Nearby
Explore this area
Business Placement
Demographics for 84109, UT
24,768
Population
9,829
Households
2.5
Avg Household Size
37
Median Age
69%
College-Educated
99%
High-School Grad
57.0 sq mi
ZIP Area
435
Density / Sq Mi
$136,823
Median Household Income
$63,758
Median Earnings
$1,584
Median Rent
$679,000
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?
Quadplex - Updated kitchens, fresh paint, and new carpet support a clean, functional residential income property.
Where is this quadplex located?
The property is located at 2330 Heritage Way Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 4‑unit multifamily property with 3,136 SF; Updated kitchens, fresh paint, and new carpet; Multi‑Family zoning
