Remodeled Four-Unit Multifamily
For Sale
$940,999
563 S DENVER St, Salt Lake City, UT 84111
Residential, Salt Lake City, UT
Property Size2,422 SF
Lot Size0.07 Acres
Price / SF$388.52
Days on Market54
Property Features for 563 S DENVER St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi-Family
Zoning description
RMF-45
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 4, Bedroom 6, Bathroom 2, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 2, Bedroom 8, Bedroom 3, Bedroom 7, Bedroom 5
Subdivision
PLAT B
Elementary school
Bennion (M Lynn)
Middle school
Bryant
High school
Highland
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Standard status
Active
APN
16-06-455-016
Size
2,422 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
6249
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Building Details
Year built
1928
Number of units
4
Flooring type
Vinyl
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Signature Group Real Estate · Realty ONE Group
(801) 208-3800
Listed By:
Stephanie Aragon
(435) 830-4841
Added: Aug 5
Changed: Sep 24
Last Checked: Sep 27 at 1:06PM
MLS# 2186996
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Investment Insights
Based on property information with market context.
This four-unit multifamily property contains 2,422 square feet on a 0.07-acre lot and was built in 1928. The improvements were remodeled in 2023, including replacement plumbing and electrical systems throughout the units. Construction is brick, with vinyl flooring, forced-air heating, an asphalt roof, and public sewer service. Each unit has separate utility metering. Units 1 and 4 use mini-split heating and cooling systems without gas appliances, while Units 2 and 3 have central HVAC with gas heat.
Unit 1 and Unit 4 are vacant, while Units 2 and 3 are occupied. The property is professionally managed and zoned Multi-Family. Located at 563 S DENVER St in Salt Lake City, the property is near downtown shopping, dining, entertainment, employment centers, and major public transportation routes. Access to vacant units is available through scheduled, verified appointments.
Unit 1 and Unit 4 are vacant, while Units 2 and 3 are occupied. The property is professionally managed and zoned Multi-Family. Located at 563 S DENVER St in Salt Lake City, the property is near downtown shopping, dining, entertainment, employment centers, and major public transportation routes. Access to vacant units is available through scheduled, verified appointments.
Key Highlights
- Four‑unit multifamily property with 2,422 square feet
- Remodeled in 2023 with updated plumbing and electrical systems
- Each unit has separate utility metering
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
$32,299
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
3.43%
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%
$645,980
$646.0K
Cap Rate 7%
$461,414
$461.4K
Cap Rate 9%
$358,878
$358.9K
Market Conditions
NOI Build-Up for 2,422 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
$48.8K $20.16/SF
− Vacancy
−$2.7K −$1.11/SF
EGI
$46.1K $19.05/SF
− OpEx
−$13.8K −$5.72/SF
NOI
$32.3K $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%
$645,980
Cap Rate 7%
$461,414
Cap Rate 9%
$358,878
Alternative Uses
Best Use
Multifamily LT 5
$461.4K
$403.7K – $538.3K
NOI $32,299 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$428.6K
$375.1K – $500.1K
NOI $30,005 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$652.5K
$571.0K – $761.3K
NOI $45,677 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,071
Businesses Nearby
Explore this area
Business Placement
Demographics for 84111, UT
12,162
Population
8,635
Households
1.4
Avg Household Size
34
Median Age
55%
College-Educated
95%
High-School Grad
1.4 sq mi
ZIP Area
8,687
Density / Sq Mi
$57,188
Median Household Income
$49,490
Median Earnings
$1,294
Median Rent
$423,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Updated multifamily property with separate utility metering and flexible occupancy across four residential units.
Where is this quadplex located?
The property is located at 563 S DENVER St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $940,999.
What are key features of this property?
This property features: Four‑unit multifamily property with 2,422 square feet; Remodeled in 2023 with updated plumbing and electrical systems; Each unit has separate utility metering
