Bungalow Duplex with
For Sale
$650,000
464 E 10th Ave, Salt Lake City, UT 84103
Legal second-apartment configuration offers flexibility for owner occupancy or separate residential use.
Property Size1,456 SF
Price / SF$446.43
Days on Market39
Property Features for 464 E 10th Ave
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1940
Buildings
1
Construction
bungalow
Listing Agency:
REDFIN CORPORATION
Listed By:
Dean Cotter
(801) 913-4696
Source:
Redsign
Added: Jul 26
Changed: Aug 28
Last Checked: Sep 1 at 10:44PM
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 REDFIN CORPORATION
Investment Insights
Based on property information with market context.
This 1940 bungalow contains a legally established mother-in-law apartment within a 1456-square-foot residential property. The two-unit layout supports several occupancy arrangements, including living in one portion while using the other separately, or occupying the full property as a residence.
The property is located at 464 E 10th Ave in Salt Lake City’s Avenues area. Downtown and Memory Grove are described as minutes away, while LDS Hospital, the Avenues branch of the city library, and Smith's Grocery are within walking distance.
The property is located at 464 E 10th Ave in Salt Lake City’s Avenues area. Downtown and Memory Grove are described as minutes away, while LDS Hospital, the Avenues branch of the city library, and Smith's Grocery are within walking distance.
Key Highlights
- Duplex classification with a legally built mother‑in‑law apartment
- 1456 square feet of residential property
- Built in 1940
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 - Legal second-apartment configuration offers flexibility for owner occupancy or separate residential use.
Where is this duplex located?
The property is located at 464 E 10th Ave 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: Duplex classification with a legally built mother‑in‑law apartment; 1456 square feet of residential property; Built in 1940
