12-Unit Apartment
For Sale
$5,899,000
2689 S 500 E, Salt Lake City, UT 84106
New construction offers a varied residential configuration with dedicated covered parking and elevator access.
Property Size2 SF
Price / SF$391.65
Days on Market10
Property Features for 2689 S 500 E
General Information
Standard status
Active
Size
2 SF
Class
Class A
Total Parking Spaces
12
Elevators
Yes
Property subtype
> 4 Units
Units
Unit Mix
5 x Brownstone Units w/ separate walk-out basement, 4 x Penthouse condos (ADA adaptive), 3 x Garden-style townhomes
Multifamily Units
12
Additional Details
Sprinkler System
Yes
Amenities
elevator
fire sprinklers
bike parking
interior mail delivery
Building Details
Building Size
2 SF
Year Built
2026
Buildings
1
Listing Agency:
Christie's International Real Estate VUE (Christies VUE Salt Lake)
(801) 557-5627
Listed By:
Cherie M Major · License #6608967-PB00
(801) 557-5627
Source:
Liftrealty
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 1 at 6:27PM
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 Christie's International Real Estate VUE (Christies VUE Salt Lake)
Investment Insights
Based on property information with market context.
This 12-unit apartment property was built in 2026 and includes a mix of five brownstone units with separate walk-out basements, four penthouse condos with ADA-adaptive features, and three garden-style townhomes. The residential units are separately parceled. Building improvements include 12 covered carport spaces, dedicated bike parking, an elevator, interior mail delivery, skylights, and an all-electric design. Building systems include gypcrete sound insulation, zoned mini-split HVAC, fire sprinklers, Panasonic WhisperGreen ventilation, and Google Fiber.
The property is located at 2689 S 500 E in Salt Lake City’s Sugar House submarket. A separate commercial condo is available for purchase but is not part of the multi-unit sale and is platted as its own parcel.
The property is located at 2689 S 500 E in Salt Lake City’s Sugar House submarket. A separate commercial condo is available for purchase but is not part of the multi-unit sale and is platted as its own parcel.
Key Highlights
- 12 residential units built in 2026
- Unit mix includes 5 brownstone units, 4 penthouse condos, and 3 garden‑style townhomes
- 12 covered carport spaces plus dedicated bike parking
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
$186,595
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
3.16%
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%
$3,731,900
$3.7M
Cap Rate 7%
$2,665,643
$2.7M
Cap Rate 9%
$2,073,278
$2.1M
Market Conditions
NOI Build-Up for 15,062 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
$357.9K $23.76/SF
− Vacancy
−$18.6K −$1.24/SF
EGI
$339.3K $22.52/SF
− OpEx
−$152.7K −$10.14/SF
NOI
$186.6K $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%
$3,731,900
Cap Rate 7%
$2,665,643
Cap Rate 9%
$2,073,278
Alternative Uses
Best Use
Apartment 5plus
$2.67M
$2.33M – $3.11M
NOI $186,595 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.06M
$3.55M – $4.73M
NOI $284,054 @ 7.0% cap · market cap 4.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 84106, UT
35,892
Population
16,782
Households
2.1
Avg Household Size
35
Median Age
57%
College-Educated
97%
High-School Grad
6.0 sq mi
ZIP Area
5,982
Density / Sq Mi
$94,452
Median Household Income
$56,358
Median Earnings
$1,576
Median Rent
$529,100
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?
Apartment building - New construction offers a varied residential configuration with dedicated covered parking and elevator access.
Where is this apartment building located?
The property is located at 2689 S 500 E Salt Lake City, UT.
What is the asking price?
The asking price for this property is $5,899,000.
What are key features of this property?
This property features: 12 residential units built in 2026; Unit mix includes 5 brownstone units, 4 penthouse condos, and 3 garden‑style townhomes; 12 covered carport spaces plus dedicated bike parking
