Brick Quadplex with Fenced
For Sale
$799,900
385 N 1200 W, Salt Lake City, UT 84116
Four occupied units include two recently renovated interiors and separate outdoor areas.
Property Size3,350 SF
Price / SF$238.78
Days on Market196
Property Features for 385 N 1200 W
General Information
Standard status
Active
Size
3,350 SF
Property subtype
Fourplex
Amenities
Vinyl, Laminate, Carpet
Disposal, Range/Oven Free Standing
Double Pane
3
Window Blinds
Asphalt
Partial
Covered
Sprinkler System. Fenced Yard.
4 Parking Spaces. Covered.
Brick
Sprinkler System
0.0x0.0x0.0
Curb & Gutter, Landscaped. Curbs & gutters.
Building Details
Year Built
1960
Listing Agency:
Oakwood Realty & Property Management 8 Corp
(801) 916-0771
Listed By:
Russ James
(801) 916-0771
Source:
Xome
Added: Feb 15
Changed: Aug 29
Last Checked: Aug 29 at 8:20PM
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 Oakwood Realty & Property Management 8 Corp
Investment Insights
Based on property information with market context.
This four-unit residential income property occupies a 0.38-acre corner lot in Salt Lake City. The building was constructed in 1960 with an all-brick exterior, vinyl double-pane windows, landscaped grounds, and separate yards. Two units have recently received full interior renovations, including new flooring and paint. The west-end unit at 1215 includes a private fenced yard and its own off-street parking area.
The property is located at 385 N 1200 W and offers views of the capitol building. On-site improvements include four covered parking spaces, a sprinkler system, curb and gutter, and a mix of vinyl, laminate, and carpet flooring. All units are occupied, and the property includes range/oven appliances, disposals, and window blinds.
The property is located at 385 N 1200 W and offers views of the capitol building. On-site improvements include four covered parking spaces, a sprinkler system, curb and gutter, and a mix of vinyl, laminate, and carpet flooring. All units are occupied, and the property includes range/oven appliances, disposals, and window blinds.
Key Highlights
- Four‑unit property on a 0.38‑acre corner lot
- All‑brick building constructed in 1960
- Two units recently fully renovated with new flooring and paint
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
$44,675
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
5.59%
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%
$893,500
$893.5K
Cap Rate 7%
$638,214
$638.2K
Cap Rate 9%
$496,389
$496.4K
Market Conditions
NOI Build-Up for 3,350 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
$67.5K $20.16/SF
− Vacancy
−$3.7K −$1.11/SF
EGI
$63.8K $19.05/SF
− OpEx
−$19.1K −$5.72/SF
NOI
$44.7K $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%
$893,500
Cap Rate 7%
$638,214
Cap Rate 9%
$496,389
Alternative Uses
Best Use
Multifamily LT 5
$638.2K
$558.4K – $744.6K
NOI $44,675 @ 7.0% cap · market cap 5.59%
Second Best
Apartment 5plus
$592.9K
$518.8K – $691.7K
NOI $41,501 @ 7.0% cap · market cap 5.19%
Theoretical Best
Office A
$902.5K
$789.7K – $1.05M
NOI $63,178 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
Explore this area
Business Placement
Demographics for 84116, UT
35,327
Population
14,487
Households
2.4
Avg Household Size
31
Median Age
24%
College-Educated
82%
High-School Grad
50.3 sq mi
ZIP Area
702
Density / Sq Mi
$69,604
Median Household Income
$38,492
Median Earnings
$1,280
Median Rent
$334,900
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 - Four occupied units include two recently renovated interiors and separate outdoor areas.
Where is this quadplex located?
The property is located at 385 N 1200 W Salt Lake City, UT.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: Four‑unit property on a 0.38‑acre corner lot; All‑brick building constructed in 1960; Two units recently fully renovated with new flooring and paint
