Duplex with Off-Street
For Sale
$898,000
3738 S 700 E Unit A-B, Salt Lake City, UT 84106
Nearly 4,700 sq ft duplex offers extensive off-street parking, including attached garages, with two units and existing income.
Property Size4,689 SF
Price / SF$191.51
Days on Market58
Property Features for 3738 S 700 E Unit A-B
General Information
Standard status
Active
Size
4,689 SF
Property subtype
Duplex
Building Details
Building Size
4,689 SF
Year Built
1948
Listing Agency:
Lift Realty
Listed By:
Spencer Clawson · License #6608967-PB00
(801) 636-8426
Source:
Liftrealty
Added: Jul 8
Changed: Sep 2
Last Checked: Sep 2 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 Lift Realty
Investment Insights
Based on property information with market context.
This nearly 4,700 sq ft duplex features two separate units in an income-producing residential structure with extensive off-street parking, including attached garages. The deep, tandem 2-car garage is accessed from the laundry room and provides substantial extra storage. Unit A (upstairs) is currently vacant and is move-in ready with new carpets, flooring, paint, window coverings, and a dishwasher, making it easy to show. Unit B (downstairs) is leased through August 31, 2026 and will be shown with an accepted offer.
The property is located along the 700 East–3900 South corridor in South Salt Lake, positioned within a surrounding mix of residential, commercial, and higher-density development. The driveway has been repaved, and a new roof and rain gutters were installed in 2021.
For current operating details provided with the listing, Unit B is leased for $2,295 per month plus a $75 flat rate for utilities covering water, sewer, and garbage, with electricity and gas paid by the tenant in their own names. Buyer to verify square footage and any setback measurements referenced from the county assessor’s website.
The property is located along the 700 East–3900 South corridor in South Salt Lake, positioned within a surrounding mix of residential, commercial, and higher-density development. The driveway has been repaved, and a new roof and rain gutters were installed in 2021.
For current operating details provided with the listing, Unit B is leased for $2,295 per month plus a $75 flat rate for utilities covering water, sewer, and garbage, with electricity and gas paid by the tenant in their own names. Buyer to verify square footage and any setback measurements referenced from the county assessor’s website.
Key Highlights
- Nearly 4,700 SF duplex built in 1948 with two units and existing rental income.
- Unit B (downstairs) leased for $2,295/month plus $75 flat rate utilities (water, sewer, garbage) through Aug 31, 2026.
- Unit A (upstairs) currently vacant, making it easy to show; last rented for $2,295/month through Jan 31, 2026.
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
$62,532
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
6.96%
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%
$1,250,640
$1.3M
Cap Rate 7%
$893,314
$893.3K
Cap Rate 9%
$694,800
$694.8K
Market Conditions
NOI Build-Up for 4,689 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
$94.5K $20.16/SF
− Vacancy
−$5.2K −$1.11/SF
EGI
$89.3K $19.05/SF
− OpEx
−$26.8K −$5.72/SF
NOI
$62.5K $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%
$1,250,640
Cap Rate 7%
$893,314
Cap Rate 9%
$694,800
Alternative Uses
Best Use
Multifamily LT 5
$893.3K
$781.7K – $1.04M
NOI $62,532 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$829.9K
$726.1K – $968.2K
NOI $58,090 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$1.26M
$1.11M – $1.47M
NOI $88,430 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,173
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?
Duplex - Nearly 4,700 sq ft duplex offers extensive off-street parking, including attached garages, with two units and existing income.
Where is this duplex located?
The property is located at 3738 S 700 E Unit A-B Salt Lake City, UT.
What is the asking price?
The asking price for this property is $898,000.
What are key features of this property?
This property features: Nearly 4,700 SF duplex built in 1948 with two units and existing rental income.; Unit B (downstairs) leased for $2,295/month plus $75 flat rate utilities (water, sewer, garbage) through Aug 31, 2026.; Unit A (upstairs) currently vacant, making it easy to show; last rented for $2,295/month through Jan 31, 2026.
