Historic Three-Unit
For Sale
$684,000
48 E 200 N, Salt Lake City, UT 84103
Three one-bedroom residences occupy a walkable downtown setting near civic, cultural, dining, and outdoor destinations.
Property Size2 SF
Lot Size0.10 Acres
Price / SF$360.38
Days on Market169
Property Features for 48 E 200 N
General Information
Standard status
Active
Size
2 SF
Lot size
0.10 Acres
Property subtype
Triplex
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Building Size
2 SF
Year Built
1888
Listing Agency:
Align Complete Real Estate Services LLC
(801) 214-8033
Listed By:
Jody Jones · License #UT 9333926-SA0
(801) 577-2175
Source:
Liftrealty
Added: Mar 20
Changed: Sep 3
Last Checked: Sep 2 at 5:00PM
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 Align Complete Real Estate Services LLC
Investment Insights
Based on property information with market context.
This triplex contains three separate one-bedroom, one-bath units within an 1,898-square-foot property built in 1888. The building sits on a 0.10-acre lot in Salt Lake City’s Capitol Hill Historic District, combining a documented historic setting with a compact multifamily configuration.
The property is located at 48 E 200 N, near downtown Salt Lake City, the State Capitol, Memory Grove, City Creek Canyon, restaurants, cafes, and cultural attractions. Its surrounding neighborhood is described as highly walkable, with a broad mix of civic, recreational, dining, and entertainment destinations nearby.
The property is located at 48 E 200 N, near downtown Salt Lake City, the State Capitol, Memory Grove, City Creek Canyon, restaurants, cafes, and cultural attractions. Its surrounding neighborhood is described as highly walkable, with a broad mix of civic, recreational, dining, and entertainment destinations nearby.
Key Highlights
- Three separate 1‑bedroom, 1‑bath units
- 1,898‑square‑foot triplex built in 1888
- Situated on a 0.10‑acre lot
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
$25,311
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
3.70%
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%
$506,220
$506.2K
Cap Rate 7%
$361,586
$361.6K
Cap Rate 9%
$281,233
$281.2K
Market Conditions
NOI Build-Up for 1,898 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
$38.3K $20.16/SF
− Vacancy
−$2.1K −$1.11/SF
EGI
$36.2K $19.05/SF
− OpEx
−$10.8K −$5.72/SF
NOI
$25.3K $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%
$506,220
Cap Rate 7%
$361,586
Cap Rate 9%
$281,233
Alternative Uses
Best Use
Multifamily LT 5
$361.6K
$316.4K – $421.9K
NOI $25,311 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$335.9K
$293.9K – $391.9K
NOI $23,513 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$511.3K
$447.4K – $596.6K
NOI $35,794 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,073
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?
Triplex - Three one-bedroom residences occupy a walkable downtown setting near civic, cultural, dining, and outdoor destinations.
Where is this triplex located?
The property is located at 48 E 200 N Salt Lake City, UT.
What is the asking price?
The asking price for this property is $684,000.
What are key features of this property?
This property features: Three separate 1‑bedroom, 1‑bath units; 1,898‑square‑foot triplex built in 1888; Situated on a 0.10‑acre lot
