Duplex Bungalow with Basement
For Sale
$650,000
464 E 10TH Ave N, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size1,456 SF
Lot Size0.11 Acres
Price / SF$446.43
Days on Market57
Property Features for 464 E 10TH Ave N
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi-Family
Zoning description
1205
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Basement, Bedroom 1
Parking
5
Parking features
Covered
Window features
Blinds
Patio and Porch features
Patio
Interior features
Basement Apartment, Disposal, Kitchen: Second, Mother-in-Law Apt., Oven: Gas, Range/Oven: Free Stdng., Dishwasher: Built-In
Exterior features
Basement Entrance, Walkout, Patio: Open
Lot features
Curb & Gutter, Fenced: Part, Road: Paved, Sidewalks, Sprinkler: Auto- Full, Terrain: Grad Slope, View: Mountain
Elementary school
Ensign
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
09-31-277-003
Size
1,456 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
2969
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air, Central
Building Details
Year built
1940
Number of units
2
Flooring type
Carpet, Tile
Building materials
Cedar
Roof type
Asphalt
Architectural style
Other
Additional Structures
Other
Listing Agency:
REDFIN CORPORATION
(801) 613-7062
Listed By:
Dean Cotter
(801) 913-4696
Added: Jun 28
Changed: Aug 21
Last Checked: Aug 23 at 9:06AM
MLS# 2172458
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.
Built in 1940, this 1,456-square-foot cedar bungalow includes a legally constructed mother-in-law apartment in the basement, creating a two-part residential layout within a 0.11-acre parcel. The home offers three bedrooms, two bathrooms, a second kitchen, basement entry, walkout access, and an open patio. Natural-gas forced-air heat, central air, carpet and tile flooring, and a covered parking area are among the existing features. Public sewer serves the property, which is zoned Multi-Family.
The property is positioned in Salt Lake City’s Avenues area, with downtown and Memory Grove nearby. LDS Hospital, the Avenues branch of the city library, and Smith's Grocery are within walking distance. The separate lower-level quarters provide flexibility for owner occupancy, extended household use, or rental use, subject to applicable requirements.
The property is positioned in Salt Lake City’s Avenues area, with downtown and Memory Grove nearby. LDS Hospital, the Avenues branch of the city library, and Smith's Grocery are within walking distance. The separate lower-level quarters provide flexibility for owner occupancy, extended household use, or rental use, subject to applicable requirements.
Key Highlights
- 1,456‑square‑foot bungalow on a 0.11‑acre parcel
- Legally built mother‑in‑law apartment with a second kitchen
- Three bedrooms and two bathrooms
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
$19,417
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
2.99%
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%
$388,340
$388.3K
Cap Rate 7%
$277,386
$277.4K
Cap Rate 9%
$215,744
$215.7K
Market Conditions
NOI Build-Up for 1,456 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
$29.4K $20.16/SF
− Vacancy
−$1.6K −$1.11/SF
EGI
$27.7K $19.05/SF
− OpEx
−$8.3K −$5.72/SF
NOI
$19.4K $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%
$388,340
Cap Rate 7%
$277,386
Cap Rate 9%
$215,744
Alternative Uses
Best Use
Multifamily LT 5
$277.4K
$242.7K – $323.6K
NOI $19,417 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$257.7K
$225.5K – $300.6K
NOI $18,038 @ 7.0% cap · market cap 2.78%
Theoretical Best
Office A
$392.3K
$343.2K – $457.7K
NOI $27,459 @ 7.0% cap · market cap 4.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,046
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
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 - Classic bungalow with separate living quarters, walkout access, and covered parking.
Where is this duplex located?
The property is located at 464 E 10TH Ave N Salt Lake City, UT.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 1,456‑square‑foot bungalow on a 0.11‑acre parcel; Legally built mother‑in‑law apartment with a second kitchen; Three bedrooms and two bathrooms
