Remodeled Quadplex with Shared
New
For Sale
$925,000
359 E 900 S, Salt Lake City, UT 84111
Updated multifamily property with shared fenced yard, off-street parking, and tankless water heating.
Property Size2,306 SF
Price / SF$401.13
Days on Market4
Property Features for 359 E 900 S
General Information
Standard status
Active
Size
2,306 SF
Property subtype
Quadruplex
Building Details
Building Size
2,306 SF
Year Built
1931
Listing Agency:
Salt Lake Improvement Initiative LLC
(801) 556-9483
Listed By:
Carl Armknecht
(801) 556-9483
Source:
Liftrealty
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 6:01AM
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 Salt Lake Improvement Initiative LLC
Investment Insights
Based on property information with market context.
This 2,306-square-foot quadplex contains four residential units and was built in 1931. Two units were remodeled this year, while the remaining two have received recent updates. One unit includes laundry, with the possibility of adding laundry facilities to the others. A tankless water heater serves the property, and residents share access to a fenced private yard. Parking includes one off-street space per unit and three additional guest spaces.
The property is located at 359 E 900 S in Salt Lake City’s Maven District, near cafes, shops, restaurants, and Liberty Park. Public transit provides access toward the University of Utah. Two leases are currently month to month and are scheduled for renewal with rent increases.
The property is located at 359 E 900 S in Salt Lake City’s Maven District, near cafes, shops, restaurants, and Liberty Park. Public transit provides access toward the University of Utah. Two leases are currently month to month and are scheduled for renewal with rent increases.
Key Highlights
- 2,306‑square‑foot quadplex with four residential units
- Two units remodeled this year; two additional units updated recently
- Fenced private yard shared by all tenants
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
$30,752
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
3.32%
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%
$615,040
$615.0K
Cap Rate 7%
$439,314
$439.3K
Cap Rate 9%
$341,689
$341.7K
Market Conditions
NOI Build-Up for 2,306 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
$46.5K $20.16/SF
− Vacancy
−$2.6K −$1.11/SF
EGI
$43.9K $19.05/SF
− OpEx
−$13.2K −$5.72/SF
NOI
$30.8K $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%
$615,040
Cap Rate 7%
$439,314
Cap Rate 9%
$341,689
Alternative Uses
Best Use
Multifamily LT 5
$439.3K
$384.4K – $512.5K
NOI $30,752 @ 7.0% cap · market cap 3.32%
Second Best
Apartment 5plus
$408.1K
$357.1K – $476.1K
NOI $28,568 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$621.3K
$543.6K – $724.8K
NOI $43,489 @ 7.0% cap · market cap 4.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,770
Businesses Nearby
Explore this area
Business Placement
Demographics for 84111, UT
12,162
Population
8,635
Households
1.4
Avg Household Size
34
Median Age
55%
College-Educated
95%
High-School Grad
1.4 sq mi
ZIP Area
8,687
Density / Sq Mi
$57,188
Median Household Income
$49,490
Median Earnings
$1,294
Median Rent
$423,000
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 multifamily property with shared fenced yard, off-street parking, and tankless water heating.
Where is this quadplex located?
The property is located at 359 E 900 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: 2,306‑square‑foot quadplex with four residential units; Two units remodeled this year; two additional units updated recently; Fenced private yard shared by all tenants
