Duplex with
New
For Sale
$329,900
2389 S KEYS St W, West Valley City, UT 84119
Residential, West Valley City, UT
Property Size1,672 SF
Lot Size0.19 Acres
Price / SF$197.31
Days on Market3
Property Features for 2389 S KEYS St W
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Zoning description
1208
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 4
Parking
8
Parking features
Covered
Patio and Porch features
Patio
Interior features
Closet: Walk-In, Disposal, Range/Oven: Free Stdng.
Exterior features
Patio: Open
Subdivision
RIVERSIDE SUB #2
Lot features
Curb & Gutter, Fenced: Full, Road: Paved, Secluded, Sidewalks
Elementary school
Redwood
Middle school
Granite Park
High school
Granite Peaks
Elementary school district
Granite
Middle school district
Granite
High school district
Granite
Standard status
Active
APN
15-22-284-007
Size
1,672 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
2374
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Central, Forced Air
Amenities
fully fenced yards
carports
outside storage
Building Details
Year built
1977
Number of units
2
Flooring type
Tile, Carpet
Building materials
Brick, Frame
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Realtypath LLC (Utah)
(801) 386-5908
Listed By:
Sharon G Fila
(801) 755-4442
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 26 at 9:06AM
MLS# 2187302
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 1,672-square-foot duplex, built in 1977, includes walk-in closets, open patio space, carports, and outdoor storage. The square footage is a county-record estimate; independent measurement is advised. The property has structural issues requiring repair, and three licensed structural contractors have provided bids. It is offered as-is.
Updates include a roof installed in 2021, furnaces and central air conditioning installed less than 2 years ago, and a water heater replaced in one unit a few months ago. Much of the fencing was replaced in the last couple of years. The 0.19-acre property is zoned Multi-Family and has public sewer service.
Updates include a roof installed in 2021, furnaces and central air conditioning installed less than 2 years ago, and a water heater replaced in one unit a few months ago. Much of the fencing was replaced in the last couple of years. The 0.19-acre property is zoned Multi-Family and has public sewer service.
Key Highlights
- Duplex on a 0.19‑acre lot with Multi‑Family zoning
- 1,672 square feet per county records; independent measurement is advised
- Structural issues require repair; bids from 3 licensed structural contractors are available
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
$18,107
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
5.49%
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%
$362,140
$362.1K
Cap Rate 7%
$258,671
$258.7K
Cap Rate 9%
$201,189
$201.2K
Market Conditions
NOI Build-Up for 1,672 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
$27.1K $16.20/SF
− Vacancy
−$1.2K −$0.73/SF
EGI
$25.9K $15.47/SF
− OpEx
−$7.8K −$4.64/SF
NOI
$18.1K $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%
$362,140
Cap Rate 7%
$258,671
Cap Rate 9%
$201,189
Alternative Uses
Best Use
Multifamily LT 5
$258.7K
$226.3K – $301.8K
NOI $18,107 @ 7.0% cap · market cap 5.49%
Second Best
Apartment 5plus
$233.5K
$204.3K – $272.4K
NOI $16,344 @ 7.0% cap · market cap 4.95%
Theoretical Best
Office A
$478.7K
$418.8K – $558.5K
NOI $33,507 @ 7.0% cap · market cap 10.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,011
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Multi-family zoning, fenced yards, and outdoor storage complement the property’s covered parking.
Where is this duplex located?
The property is located at 2389 S KEYS St W West Valley City, UT.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Duplex on a 0.19‑acre lot with Multi‑Family zoning; 1,672 square feet per county records; independent measurement is advised; Structural issues require repair; bids from 3 licensed structural contractors are available
