Updated
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 Market51
Property Features for 538 N Colorado St W
General Information
Standard status
Active
Size
2,650 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
Fairpark
Road Access
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1951
Listing Agency:
Connect Fast Realty, LLC
Listed By:
Farmhouse Realty Group
(801) 721-8150
Source:
Farmhouserealty
Added: Sep 5
Changed: Oct 25
Last Checked: Oct 24 at 4:57PM
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 Connect Fast Realty, LLC
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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 / Yr
$35,340
Cap Rate
5.06%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
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Market
Vacancy Rate% for Multifamily in West region
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
