Historic Triplex Near
For Sale
Contact for pricing
48 East 200 North, Salt Lake City, UT 84103
Three separately configured residences on a walkable Salt Lake City parcel zoned RMF75.
Property Size2,200 SF
Lot Size0.10 Acres
Price / SF$310.91
Days on Market155
Property Features for 48 East 200 North
General Information
Standard status
Active
Size
2,200 SF
Lot size
0.10 Acres
Property subtype
Multifamily
Zoning
RMF75
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1888
Units
3
Listing Agency:
Align Complete Real Estate Services
Listed By:
Greg Ratliff · License #UT 5485327-SA00
Source:
Crexi
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 1:52AM
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
Investment Insights
Based on property information with market context.
This triplex contains three separate one-bedroom, one-bath units within a 2,200-square-foot property on a 0.10-acre lot. Constructed in 1888, the building is located in the Capitol Hill Historic District and retains a historic residential character. RMF75 zoning supports the property’s multifamily classification.
The address is near downtown Salt Lake City, the State Capitol, Memory Grove, and City Creek Canyon. Restaurants, cafés, and cultural attractions are also located nearby in a walkable neighborhood. The combination of three individual units, established historic context, and proximity to downtown defines the property’s core operating profile.
The address is near downtown Salt Lake City, the State Capitol, Memory Grove, and City Creek Canyon. Restaurants, cafés, and cultural attractions are also located nearby in a walkable neighborhood. The combination of three individual units, established historic context, and proximity to downtown defines the property’s core operating profile.
Key Highlights
- Three separate one‑bedroom, one‑bath units
- 2,200‑square‑foot triplex on a 0.10‑acre lot
- Built in 1888
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
$29,339
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
4.29%
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%
$586,780
$586.8K
Cap Rate 7%
$419,129
$419.1K
Cap Rate 9%
$325,989
$326.0K
Market Conditions
NOI Build-Up for 2,200 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
$44.4K $20.16/SF
− Vacancy
−$2.4K −$1.11/SF
EGI
$41.9K $19.05/SF
− OpEx
−$12.6K −$5.72/SF
NOI
$29.3K $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%
$586,780
Cap Rate 7%
$419,129
Cap Rate 9%
$325,989
Alternative Uses
Best Use
Multifamily LT 5
$419.1K
$366.7K – $489.0K
NOI $29,339 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$389.4K
$340.7K – $454.3K
NOI $27,255 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$592.7K
$518.6K – $691.5K
NOI $41,490 @ 7.0% cap · market cap 6.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,412
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 separately configured residences on a walkable Salt Lake City parcel zoned RMF75.
Where is this triplex located?
The property is located at 48 East 200 North 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 one‑bedroom, one‑bath units; 2,200‑square‑foot triplex on a 0.10‑acre lot; Built in 1888
