Updated
New
For Sale
$699,000
538 N Colorado St W, Salt Lake City, UT 84116
Four-unit residential income property with two recently updated units in Salt Lake City.
Property Size2,650 SF
Price / SF$263.77
Days on Market6
Property Features for 538 N Colorado St W
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Multi-Family
Additional Details
Road Access
Yes
Multifamily Units
4
Building Details
Year Built
1951
Listing Agency:
RE/MAX Community- Valley
Listed By:
Farmhouse Realty Group
(801) 721-8150
Source:
Farmhouserealty
Added: Sep 5
Changed: Sep 9
Last Checked: Sep 10 at 5:16AM
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 RE/MAX Community- Valley
Investment Insights
Based on property information with market context.
This 2,650-square-foot quadplex contains four residential units and was built in 1951. Two units have been recently updated, providing a mix of improved and existing interiors within the property.
The building is located on N Colorado St W in Salt Lake City, within 10 minutes of Downtown Salt Lake City. The property is also positioned for access to the airport and sits in a residential Salt Lake County neighborhood.
The building is located on N Colorado St W in Salt Lake City, within 10 minutes of Downtown Salt Lake City. The property is also positioned for access to the airport and sits in a residential Salt Lake County neighborhood.
Key Highlights
- Four‑unit quadplex
- 2,650 square feet
- Two of four units recently updated
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
$35,340
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
5.06%
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%
$706,800
$706.8K
Cap Rate 7%
$504,857
$504.9K
Cap Rate 9%
$392,667
$392.7K
Market Conditions
NOI Build-Up for 2,650 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
$53.4K $20.16/SF
− Vacancy
−$2.9K −$1.11/SF
EGI
$50.5K $19.05/SF
− OpEx
−$15.1K −$5.72/SF
NOI
$35.3K $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%
$706,800
Cap Rate 7%
$504,857
Cap Rate 9%
$392,667
Alternative Uses
Best Use
Multifamily LT 5
$504.9K
$441.8K – $589.0K
NOI $35,340 @ 7.0% cap · market cap 5.06%
Second Best
Apartment 5plus
$469.0K
$410.4K – $547.2K
NOI $32,829 @ 7.0% cap · market cap 4.70%
Theoretical Best
Office A
$713.9K
$624.7K – $832.9K
NOI $49,976 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
Explore this area
Business Placement
Demographics for 84116, UT
35,327
Population
14,487
Households
2.4
Avg Household Size
31
Median Age
24%
College-Educated
82%
High-School Grad
50.3 sq mi
ZIP Area
702
Density / Sq Mi
$69,604
Median Household Income
$38,492
Median Earnings
$1,280
Median Rent
$334,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential income property with two recently updated units in Salt Lake City.
Where is this quadplex located?
The property is located at 538 N Colorado St W Salt Lake City, UT.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Four‑unit quadplex; 2,650 square feet; Two of four units recently updated
