17-Unit Two-Building Apartment
New
For Sale
$3,000,000
35 O St, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size12,495 SF
Lot Size0.43 Acres
Price / SF$240.10
Days on Market2
Property Features for 35 O St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
SR-1
Bedrooms
23
Bathrooms
17
Full bathrooms
17
Rooms
Bathroom 13, Bedroom 7, Bedroom 12, Bedroom 23, Bathroom 7, Bedroom 21, Bathroom 17, Bedroom 20, Bedroom 10, Bathroom 9, Bedroom 19, Bedroom 15, Bedroom 22, Bathroom 1, Bathroom 16, Bedroom 8, Bedroom 6, Bedroom 5, Bathroom 3, Bedroom 17, Bedroom 4, Bedroom 11, Bedroom 3, Bathroom 5, Bathroom 11, Bathroom 8, Bathroom 10, Bedroom 18, Bathroom 2, Bedroom 2, Bathroom 12, Bedroom 9, Bedroom 16, Bathroom 4, Bathroom 6, Bedroom 13, Bathroom 14, Bedroom 1, Bathroom 15, Bedroom 14
Parking features
Covered
Window features
Blinds
Lot features
Corner Lot, Curb & Gutter, Sprinkler: Auto- Full, View: Mountain
Elementary school
Wasatch
Middle school
Bryant
High school
West
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City: Avenues Area
Standard status
Active
APN
09-32-386-010
Size
12,495 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Annual Amount
16043
Utilities
Heating system
Radiant, Radiant Floor
Building Details
Year built
1953
Floors in Building
2
Number of units
17
Flooring type
Vinyl, Hardwood, Tile
Building materials
Brick
Architectural style
Other
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Porter Criddle
(801) 694-5291
Added: Sep 29
Last Checked: Sep 30 at 8:06PM
MLS# 2188158
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.
Located at 25 and 35 O Street, the property comprises two apartment buildings with 17 residences across 12,495 square feet on 0.43 acres. Built in 1953, the buildings have brick exteriors and a combined 19 covered parking stalls. The unit mix includes six two-bedroom, one-bathroom apartments at 25 O Street and eleven one-bedroom, one-bathroom apartments at 35 O Street.
The property is in Salt Lake City’s Avenues neighborhood, with proximity to downtown, the University of Utah, employment centers, dining, shopping, and recreation. Flooring includes vinyl, hardwood, and tile; heating is radiant.
The property is in Salt Lake City’s Avenues neighborhood, with proximity to downtown, the University of Utah, employment centers, dining, shopping, and recreation. Flooring includes vinyl, hardwood, and tile; heating is radiant.
Key Highlights
- Two apartment buildings with 17 units across 12,495 square feet
- Unit mix: six 2‑bedroom/1‑bath units and eleven 1‑bedroom/1‑bath units
- 19 covered parking stalls: nine at 25 O Street and ten at 35 O Street
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
$154,794
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
5.16%
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%
$3,095,880
$3.1M
Cap Rate 7%
$2,211,343
$2.2M
Cap Rate 9%
$1,719,933
$1.7M
Market Conditions
NOI Build-Up for 12,495 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
$296.9K $23.76/SF
− Vacancy
−$15.4K −$1.24/SF
EGI
$281.4K $22.52/SF
− OpEx
−$126.6K −$10.14/SF
NOI
$154.8K $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%
$3,095,880
Cap Rate 7%
$2,211,343
Cap Rate 9%
$1,719,933
Alternative Uses
Best Use
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,794 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.37M
$2.95M – $3.93M
NOI $235,643 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
17
Residential units
Location Intelligence
Trade Area within ½ mile
1,634
Businesses Nearby
Explore this area
Business Placement
Demographics for 84103, UT
22,788
Population
13,528
Households
1.7
Avg Household Size
36
Median Age
66%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
1,112
Density / Sq Mi
$81,386
Median Household Income
$54,787
Median Earnings
$1,374
Median Rent
$710,700
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?
Apartment building - Brick construction, covered parking, and a mix of one- and two-bedroom residences characterize the property.
Where is this apartment building located?
The property is located at 35 O St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Two apartment buildings with 17 units across 12,495 square feet; Unit mix: six 2‑bedroom/1‑bath units and eleven 1‑bedroom/1‑bath units; 19 covered parking stalls: nine at 25 O Street and ten at 35 O Street
