Remodeled
New
For Sale
$1,275,000
412 E Van Ness Pl S, Salt Lake City, UT 84111
Updated electrical and roofing improvements complement refreshed residential units near the University of Utah.
Property Size3,426 SF
Price / SF$372.15
Days on Market5
Property Features for 412 E Van Ness Pl S
General Information
Standard status
Active
Size
3,426 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$81,000
Multifamily Units
4
Building Details
Year Built
1906
Year Renovated
2012
Listing Agency:
Coldwell Banker Realty
(385) 335-0618
Listed By:
The Evans Team
(385) 335-0618
Source:
Evansteamutah
Added: Aug 25
Changed: Aug 28
Last Checked: Aug 28 at 7:05PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This four-unit residential property offers 3,426 square feet of living space, with all units remodeled in 2012 and refreshed again between 2022 and 2025. The improvements included electrical work and roof upgrades, while tenants are responsible for all utilities.
Built in 1906, the property is located at 412 E Van Ness Pl S in Salt Lake City’s Liberty Park area, near the University of Utah. Its four-unit configuration provides an established multifamily layout in a central Salt Lake City setting.
Built in 1906, the property is located at 412 E Van Ness Pl S in Salt Lake City’s Liberty Park area, near the University of Utah. Its four-unit configuration provides an established multifamily layout in a central Salt Lake City setting.
Key Highlights
- Four‑unit residential property with 3,426 square feet
- All four units remodeled in 2012
- Unit refreshes completed between 2022 and 2025
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
$45,689
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
3.58%
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%
$913,780
$913.8K
Cap Rate 7%
$652,700
$652.7K
Cap Rate 9%
$507,656
$507.7K
Market Conditions
NOI Build-Up for 3,426 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
$69.1K $20.16/SF
− Vacancy
−$3.8K −$1.11/SF
EGI
$65.3K $19.05/SF
− OpEx
−$19.6K −$5.72/SF
NOI
$45.7K $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%
$913,780
Cap Rate 7%
$652,700
Cap Rate 9%
$507,656
Alternative Uses
Best Use
Multifamily LT 5
$652.7K
$571.1K – $761.5K
NOI $45,689 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$606.3K
$530.5K – $707.4K
NOI $42,443 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$923.0K
$807.6K – $1.08M
NOI $64,611 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,785
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 electrical and roofing improvements complement refreshed residential units near the University of Utah.
Where is this quadplex located?
The property is located at 412 E Van Ness Pl S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,275,000.
What are key features of this property?
This property features: Four‑unit residential property with 3,426 square feet; All four units remodeled in 2012; Unit refreshes completed between 2022 and 2025
