12-Unit Townhouse-Style Apartment
New
For Sale
$2,600,000
646 E 1700 S, Salt Lake City, UT 84105
Residential, Salt Lake City, UT
Property Size12,048 SF
Lot Size0.57 Acres
Price / SF$215.80
Days on Market2
Property Features for 646 E 1700 S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
RMF-35
Bedrooms
24
Bathrooms
24
Full bathrooms
24
Rooms
Bedroom 2, Bathroom 24, Bathroom 22, Bathroom 4, Bedroom 1, Bedroom 3, Bedroom 10, Bathroom 2, Bedroom 12, Bathroom 12, Bathroom 11, Bathroom 23, Bedroom 22, Bedroom 24, Bedroom 17, Bathroom 15, Bathroom 14, Bathroom 7, Bathroom 5, Bathroom 10, Bedroom 8, Bedroom 13, Bathroom 16, Bedroom 7, Bedroom 21, Bedroom 23, Bathroom 3, Bedroom 4, Bathroom 17, Bedroom 16, Bedroom 15, Bedroom 6, Bathroom 9, Bedroom 9, Bedroom 5, Bathroom 21, Bathroom 20, Bathroom 6, Bedroom 20, Bathroom 1, Bathroom 8, Bedroom 11, Bedroom 18, Bathroom 18, Bathroom 19, Bedroom 19, Bedroom 14, Bathroom 13
Parking
34
Parking features
Covered
Window features
Blinds
Lot features
Curb & Gutter, Fenced: Full, Sidewalks, Sprinkler: Auto- Full, View: Mountain
Elementary school
Hawthorne
Middle school
Hillside
High school
Highland
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City; So. Salt Lake
Standard status
Active
APN
16-18-430-008
Size
12,048 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Annual Amount
12229
Utilities
Heating system
Forced Air
Amenities
central heating and A/C
individual HVAC
washer/dryer hookups
Building Details
Year built
1979
Floors in Building
2
Number of units
12
Flooring type
Vinyl, Carpet, Tile
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Porter Criddle
(801) 694-5291
Added: Sep 29
Changed: Sep 30
Last Checked: Sep 30 at 8:06PM
MLS# 2188058
Copyright © 2026 UtahRealEstate.com. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 12-unit apartment property comprises three four-unit buildings on a 0.57-acre parcel. Built in 1979, the buildings contain 12,048 square feet and are constructed of brick. Each residence is a townhouse-style two-bedroom, 1.5-bathroom layout measuring approximately 1,004 square feet, with forced-air heating, central air conditioning, and washer and dryer hookups. Flooring includes vinyl, carpet, and tile. The property provides 22 covered parking stalls.
Located at 646 E 1700 S in Salt Lake City, the property is in the Liberty Wells neighborhood. Zoning is Multi-Family.
Located at 646 E 1700 S in Salt Lake City, the property is in the Liberty Wells neighborhood. Zoning is Multi-Family.
Key Highlights
- 12 apartments across three four‑unit buildings on one parcel
- Each townhouse‑style residence has 2 bedrooms, 1.5 bathrooms, and approximately 1,004 square feet
- Built in 1979; 12,048 square feet of building area on 0.57 acres
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
$149,256
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
5.74%
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%
$2,985,120
$3.0M
Cap Rate 7%
$2,132,229
$2.1M
Cap Rate 9%
$1,658,400
$1.7M
Market Conditions
NOI Build-Up for 12,048 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
$286.3K $23.76/SF
− Vacancy
−$14.9K −$1.24/SF
EGI
$271.4K $22.52/SF
− OpEx
−$122.1K −$10.14/SF
NOI
$149.3K $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%
$2,985,120
Cap Rate 7%
$2,132,229
Cap Rate 9%
$1,658,400
Alternative Uses
Best Use
Apartment 5plus
$2.13M
$1.87M – $2.49M
NOI $149,256 @ 7.0% cap · market cap 5.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.84M – $3.79M
NOI $227,213 @ 7.0% cap · market cap 8.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,024
Businesses Nearby
Explore this area
Business Placement
Demographics for 84105, UT
22,856
Population
10,953
Households
2.1
Avg Household Size
35
Median Age
66%
College-Educated
97%
High-School Grad
3.1 sq mi
ZIP Area
7,373
Density / Sq Mi
$94,145
Median Household Income
$52,785
Median Earnings
$1,482
Median Rent
$632,200
Median Home Value
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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?
Apartment building - Three buildings on one parcel offer individually equipped residences with in-unit laundry hookups and covered parking.
Where is this apartment building located?
The property is located at 646 E 1700 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 12 apartments across three four‑unit buildings on one parcel; Each townhouse‑style residence has 2 bedrooms, 1.5 bathrooms, and approximately 1,004 square feet; Built in 1979; 12,048 square feet of building area on 0.57 acres
