Nine-Unit Multifamily
For Sale
Contact for pricing
828 South 500 East, Salt Lake City, UT 84102
Nine-unit multifamily with updated interiors on a compact parcel at 828 South 500 East.
Property Size6,068 SF
Lot Size0.19 Acres
Price / SF$313.12
Days on Market56
Property Features for 828 South 500 East
General Information
Standard status
Active
Size
6,068 SF
Class
B
Total Parking Spaces
9
Lot size
0.19 Acres
Property subtype
Multifamily
Zoning
RMF-30
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$95,722
Additional Details
Multifamily Units
9
Building Details
Year Built
1967
Year Renovated
2019
Units
9
Tenancy
Multi
Listing Agency:
Align Complete Real Estate Services
Listed By:
Greg Ratliff · License #UT 5485327-SA00
Source:
Crexi
Added: Jun 18
Changed: Aug 8
Last Checked: Aug 9 at 2:38PM
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 Align Complete Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained nine-unit multifamily property is offered for sale on a 0.19-acre parcel. The building features updated unit interiors, providing a refreshed residential product within a compact footprint. Total property size is listed at 6,068 square feet, supporting a straightforward, income-oriented layout typical of small multifamily ownership.
Located at 828 South 500 East in Salt Lake City, the property is situated in the Liberty Park neighborhood. For buyers, this central residential setting can be important for day-to-day tenant demand and long-term usability of the asset.
As a residential income property, the configuration is designed for investors or operators seeking a manageable, nine-unit building with interior updates already in place. Updated interiors can help position the units for competitive leasing and resident retention, while the small-scale size may be attractive for buyers who prefer hands-on oversight and ongoing property management rather than larger, more complex portfolios.
Located at 828 South 500 East in Salt Lake City, the property is situated in the Liberty Park neighborhood. For buyers, this central residential setting can be important for day-to-day tenant demand and long-term usability of the asset.
As a residential income property, the configuration is designed for investors or operators seeking a manageable, nine-unit building with interior updates already in place. Updated interiors can help position the units for competitive leasing and resident retention, while the small-scale size may be attractive for buyers who prefer hands-on oversight and ongoing property management rather than larger, more complex portfolios.
Key Highlights
- 9‑unit multifamily property built in 1967
- Located at 828 South 500 East on a 0.19‑acre parcel
- Updated unit interiors
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
$75,173
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
3.96%
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%
$1,503,460
$1.5M
Cap Rate 7%
$1,073,900
$1.1M
Cap Rate 9%
$835,256
$835.3K
Market Conditions
NOI Build-Up for 6,068 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
$144.2K $23.76/SF
− Vacancy
−$7.5K −$1.24/SF
EGI
$136.7K $22.52/SF
− OpEx
−$61.5K −$10.14/SF
NOI
$75.2K $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%
$1,503,460
Cap Rate 7%
$1,073,900
Cap Rate 9%
$835,256
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$939.7K – $1.25M
NOI $75,173 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.91M
NOI $114,436 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,220
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Nine-unit multifamily with updated interiors on a compact parcel at 828 South 500 East.
Where is this apartment building located?
The property is located at 828 South 500 East Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 9‑unit multifamily property built in 1967; Located at 828 South 500 East on a 0.19‑acre parcel; Updated unit interiors
