Apartment Building with Covered
For Sale
$875,000
800 E 157 S, Salt Lake City, UT 84102
Residential, Salt Lake City, UT
Property Size5,989 SF
Lot Size0.22 Acres
Price / SF$146.10
Days on Market115
Property Features for 800 E 157 S
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
MR GRM
Bedrooms
10
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bedroom 9, Bedroom 3, Bedroom 10, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 7, Bathroom 1, Bedroom 8, Bedroom 4, Bathroom 4, Bedroom 1, Bathroom 5
Parking
5
Parking features
Covered
Window features
Blinds, Drapes
Exterior features
Entry (Foyer), Lighting
Lot features
Curb & Gutter, Fenced: Part, Sidewalks, View: Mountain, Private
Elementary school
Wasatch
Middle school
Bryant
High school
East
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
16-05-161-005
Size
5,989 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Annual Amount
4000
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Hot Water(Heating), Natural Gas
Amenities
common area kitchen
common bathrooms
Building Details
Year built
1950
Floors in Building
2
Number of units
10
Flooring type
Hardwood, Vinyl, Carpet, Linoleum
Building materials
Stucco
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Masters Utah Real Estate · RE/MAX International
(801) 453-1010
Listed By:
Terry Cononelos
(801) 205-7019
Added: Apr 29
Changed: Aug 20
Last Checked: Aug 21 at 3:06AM
MLS# 2154089
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 5,989-square-foot apartment building on 0.22 acres was constructed in 1950 and is currently licensed and operated as a single-room boarding home. The main level includes a two-bedroom apartment and a one-bedroom apartment, each with a kitchen. Additional rooms share common bathrooms, while the upper level includes two common full bathrooms and a shared kitchen area.
The property retains overhead water sprinklers installed for its former elderly-care-facility use. Building systems include a relatively recent high-efficiency boiler with radiant hot-water heating, natural gas service, and a roof described as being in excellent condition. Stucco exterior construction, covered parking, hardwood, vinyl, carpet, and linoleum flooring, asphalt roofing, and public sewer service are also present. The property is zoned Multi-Family and is located in Salt Lake City, Utah.
The property retains overhead water sprinklers installed for its former elderly-care-facility use. Building systems include a relatively recent high-efficiency boiler with radiant hot-water heating, natural gas service, and a roof described as being in excellent condition. Stucco exterior construction, covered parking, hardwood, vinyl, carpet, and linoleum flooring, asphalt roofing, and public sewer service are also present. The property is zoned Multi-Family and is located in Salt Lake City, Utah.
Key Highlights
- 5,989‑square‑foot apartment building on 0.22 acres
- Currently licensed and used as a single‑room boarding home
- Main level includes one 2‑bedroom apartment and one 1‑bedroom apartment, both with kitchens
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
$74,195
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
8.48%
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%
$1,483,900
$1.5M
Cap Rate 7%
$1,059,929
$1.1M
Cap Rate 9%
$824,389
$824.4K
Market Conditions
NOI Build-Up for 5,989 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
$142.3K $23.76/SF
− Vacancy
−$7.4K −$1.24/SF
EGI
$134.9K $22.52/SF
− OpEx
−$60.7K −$10.14/SF
NOI
$74.2K $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%
$1,483,900
Cap Rate 7%
$1,059,929
Cap Rate 9%
$824,389
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$927.4K – $1.24M
NOI $74,195 @ 7.0% cap · market cap 8.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,947 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
1,127
Businesses Nearby
Explore this area
Business Placement
Demographics for 84102, UT
18,857
Population
11,348
Households
1.7
Avg Household Size
29
Median Age
56%
College-Educated
94%
High-School Grad
1.9 sq mi
ZIP Area
9,925
Density / Sq Mi
$50,040
Median Household Income
$32,432
Median Earnings
$1,305
Median Rent
$487,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Licensed boarding residence with apartment kitchens, shared bathrooms, radiant heating, and public sewer service.
Where is this apartment building located?
The property is located at 800 E 157 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: 5,989‑square‑foot apartment building on 0.22 acres; Currently licensed and used as a single‑room boarding home; Main level includes one 2‑bedroom apartment and one 1‑bedroom apartment, both with kitchens
