Renovated 22-Unit Apartment
For Sale
$5,999,900
606 W North Temple, Salt Lake City, UT 84116
In-unit laundry, controllable HVAC, exposed brick, and secure resident storage complement the renovated apartment layout.
Property Size29,563 SF
Price / SF$202.95
Days on Market45
Property Features for 606 W North Temple
General Information
Standard status
Active
Size
29,563 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Asking Price
$6,999,900
Gross Income
$466,548
Additional Details
Public Transit
Yes
Multifamily Units
22
Amenities
underground parking
storage
exposed brick
individual HVAC controls
in-unit washer/dryer
Building Details
Year Built
1934
Listing Agency:
Dijjit, LC
Listed By:
Jake Breen
(801) 882-7427
Source:
Liveutah
Added: Jul 20
Changed: Aug 28
Last Checked: Sep 1 at 10:38PM
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 Dijjit, LC
Investment Insights
Based on property information with market context.
This 22-unit apartment building combines a 1934 structure with comprehensive renovation work and updated resident amenities. The property includes an underground garage with secure parking and dedicated storage for each unit. Main-floor residences have street-facing exterior entries and 11-foot ceilings, while exposed brick adds character throughout. Each apartment is equipped with individual HVAC controls and a washer and dryer.
Located at 606 W North Temple in Salt Lake City, the property has direct access to the TRAX line along the frontage. Professional management and maintenance are in place. The building contains 29,563 square feet, and the zoning may allow expansion to as many as 7 floors, subject to applicable approvals.
Located at 606 W North Temple in Salt Lake City, the property has direct access to the TRAX line along the frontage. Professional management and maintenance are in place. The building contains 29,563 square feet, and the zoning may allow expansion to as many as 7 floors, subject to applicable approvals.
Key Highlights
- 22‑unit apartment building with 29,563 square feet
- Completely renovated, including an underground garage
- Secure parking and storage provided for each unit
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
$366,240
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
6.10%
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%
$7,324,800
$7.3M
Cap Rate 7%
$5,232,000
$5.2M
Cap Rate 9%
$4,069,333
$4.1M
Market Conditions
NOI Build-Up for 29,563 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
$702.4K $23.76/SF
− Vacancy
−$36.5K −$1.24/SF
EGI
$665.9K $22.52/SF
− OpEx
−$299.7K −$10.14/SF
NOI
$366.2K $12.39/SF
Area
Salt Lake City, UT
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
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%
$7,324,800
Cap Rate 7%
$5,232,000
Cap Rate 9%
$4,069,333
Alternative Uses
Best Use
Apartment 5plus
$5.23M
$4.58M – $6.10M
NOI $366,240 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.96M
$6.97M – $9.29M
NOI $557,529 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
22
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,868
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - In-unit laundry, controllable HVAC, exposed brick, and secure resident storage complement the renovated apartment layout.
Where is this apartment building located?
The property is located at 606 W North Temple Salt Lake City, UT.
What is the asking price?
The asking price for this property is $5,999,900.
What are key features of this property?
This property features: 22‑unit apartment building with 29,563 square feet; Completely renovated, including an underground garage; Secure parking and storage provided for each unit
