Two-Story Mixed-Use
New
For Sale
$1,675,000
702 East 3rd Avenue, Salt Lake City, UT 84103
Corner commercial property combines ground-floor retail with three upstairs apartments.
Property Size6,750 SF
Price / SF$248.15
Days on Market4
Property Features for 702 East 3rd Avenue
General Information
Standard status
Active
Size
6,750 SF
Property subtype
Multifamily
Net Operating Income
$74,716
Additional Details
Corner Location
Yes
Building Details
Building Size
6,750 SF
Year Built
1938
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
InterNet Properties
(801) 554-3002
Listed By:
Michael Ferro · License #5478741-PB0
(801) 554-3002
Source:
Iproperties
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 6:00AM
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 InterNet Properties
Investment Insights
Based on property information with market context.
This two-story brick mixed-use property was constructed in 1938 and contains 6,750 SF across four units. The main level provides 2,700 SF of retail space, with an additional 2,100 SF basement. Three one-bedroom apartments occupy the second floor, creating a combination of commercial and residential space within one building.
The property occupies the corner of 3rd and K Street at the Avenues Corner. The retail lease includes 3% annual rent increases and extends through 4/30/2029. The property also carries a 7.23% cap rate based on the stated proforma financials.
The property occupies the corner of 3rd and K Street at the Avenues Corner. The retail lease includes 3% annual rent increases and extends through 4/30/2029. The property also carries a 7.23% cap rate based on the stated proforma financials.
Key Highlights
- 6,750 SF two‑story mixed‑use building with four units
- 2,700 SF of main‑level retail space plus 2,100 SF basement
- Three 1‑bedroom apartments on the second floor
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
$100,856
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
6.02%
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%
$2,017,120
$2.0M
Cap Rate 7%
$1,440,800
$1.4M
Cap Rate 9%
$1,120,622
$1.1M
Market Conditions
NOI Build-Up for 6,750 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
$148.2K $21.96/SF
− Vacancy
−$4.2K −$0.61/SF
EGI
$144.1K $21.35/SF
− OpEx
−$43.2K −$6.40/SF
NOI
$100.9K $14.94/SF
Area
Salt Lake City, UT
Vacancy
2.80%
Lease Rate
$21.96 /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%
$2,017,120
Cap Rate 7%
$1,440,800
Cap Rate 9%
$1,120,622
Alternative Uses
Best Use
Retail
$1.44M
$1.26M – $1.68M
NOI $100,856 @ 7.0% cap · market cap 6.02%
Second Best
Mixed Use
$1.33M
$1.16M – $1.55M
NOI $93,150 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,298 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,367
Businesses Nearby
Explore this area
Business Placement
Demographics for 84103, UT
22,788
Population
13,528
Households
1.7
Avg Household Size
36
Median Age
66%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
1,112
Density / Sq Mi
$81,386
Median Household Income
$54,787
Median Earnings
$1,374
Median Rent
$710,700
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?
Mixed-use property - Corner commercial property combines ground-floor retail with three upstairs apartments.
Where is this mixed-use property located?
The property is located at 702 East 3rd Avenue Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 6,750 SF two‑story mixed‑use building with four units; 2,700 SF of main‑level retail space plus 2,100 SF basement; Three 1‑bedroom apartments on the second floor
