16-Unit Brick Apartment
For Sale
$4,000,000
905 E 200 S, Salt Lake City, UT 84102
Classic walk-up community with updated building systems and a mix of renovated and original residences.
Property Size2 SF
Price / SF$394.09
Days on Market8
Property Features for 905 E 200 S
General Information
Standard status
Active
Size
2 SF
Elevators
No
Property subtype
> 4 Units
Additional Details
Furnished
No
Opportunity Zone
No
Sprinkler System
No
Building Details
Building Size
2 SF
Year Built
1937
Abandoned
No
Listing Agency:
Christie's International Real Estate VUE (Christies VUE Salt Lake)
(801) 557-5627
Listed By:
Cherie M Major
(801) 557-5627
Source:
Liftrealty
Added: Aug 4
Changed: Aug 10
Last Checked: Aug 11 at 6:53AM
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 Christie's International Real Estate VUE (Christies VUE Salt Lake)
Investment Insights
Based on property information with market context.
This 16-unit brick apartment property was built in 1937 and features a classic walk-up configuration. The unit mix includes 8 studios, 5 one-bedroom apartments, and 3 two-bedroom apartments. Seven residences have been updated, while the remaining units retain the building’s original character. Recent improvements include a new roof, refurbished exterior siding, and plumbing and electrical upgrades completed in 2024.
Located at 905 E 200 S in Salt Lake City’s East Central area, the property sits between downtown Salt Lake City and the University of Utah. TRAX is three blocks away, with shopping and dining within walking distance. The 10,150-square-foot community combines established brick construction, varied apartment layouts, and completed capital improvements in a central urban setting.
Located at 905 E 200 S in Salt Lake City’s East Central area, the property sits between downtown Salt Lake City and the University of Utah. TRAX is three blocks away, with shopping and dining within walking distance. The 10,150-square-foot community combines established brick construction, varied apartment layouts, and completed capital improvements in a central urban setting.
Key Highlights
- 16‑unit brick apartment property built in 1937
- Unit mix includes 8 studios, 5 one‑bedrooms, and 3 two‑bedrooms
- 7 units have been individually updated
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
$125,743
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
3.14%
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%
$2,514,860
$2.5M
Cap Rate 7%
$1,796,329
$1.8M
Cap Rate 9%
$1,397,144
$1.4M
Market Conditions
NOI Build-Up for 10,150 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
$241.2K $23.76/SF
− Vacancy
−$12.5K −$1.24/SF
EGI
$228.6K $22.52/SF
− OpEx
−$102.9K −$10.14/SF
NOI
$125.7K $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%
$2,514,860
Cap Rate 7%
$1,796,329
Cap Rate 9%
$1,397,144
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,743 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,419 @ 7.0% cap · market cap 4.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,824
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 - Classic walk-up community with updated building systems and a mix of renovated and original residences.
Where is this apartment building located?
The property is located at 905 E 200 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: 16‑unit brick apartment property built in 1937; Unit mix includes 8 studios, 5 one‑bedrooms, and 3 two‑bedrooms; 7 units have been individually updated
