227 SPENCER, Salt Lake City, UT 84103
30BD/—BA Residential in Salt Lake City, UT 84103. 13,866 sqft. Built 1916. Listed at $3,599,999. MLS #2149702.
30BD/—BA Residential in Salt Lake City, UT 84103. 13,866 sqft. Built 1916. Listed at $3,599,999. MLS #2149702.
Spencer Court Apartments is a unique 22-unit multifamily community comprised of six smaller multi-family buildings nestled in one of Salt Lake City's most sought-after neighborhoods. The property boasts a proven operational history with strong rental performance and healthy NOI, currently offered at an attractive 6.3% in-place cap rate with compelling price-per-unit metrics. There is significant opportunity to improve asset quality, push rents, and drive meaningful appreciation. Do not disturb tenants. Buyer to obtain independent measurements and verify all information independently.
Property Type
Residential
Property Style
> 4 Units
County
Salt Lake
Zoning
Multi-Family
Construction
Brick,Stucco
Lot Size
0.58 sq ft
Condition
Blt./Standing
MLS #
2149702
Property Type
Residential
Property Style
> 4 Units
County
Salt Lake
Zoning
Multi-Family
Construction
Brick,Stucco
Lot Size
0.58 sq ft
Condition
Blt./Standing
MLS #
2149702
List Price
$3,599,999
Annual Taxes
$15,787
Home Warranty
No
List Price
$3,599,999
Annual Taxes
$15,787
Home Warranty
No
Roof
Asphalt,Membrane
Flooring
Hardwood,Tile,Concrete
Materials
Brick,Stucco
Water Source
Culinary
Sewer
Sewer: Connected,Sewer: Public
View
Mountain(s)
Roof
Asphalt,Membrane
Flooring
Hardwood,Tile,Concrete
Materials
Brick,Stucco
Water Source
Culinary
Sewer
Sewer: Connected,Sewer: Public
View
Mountain(s)
Covered Spaces
1
Total Parking
1
Covered Spaces
1
Total Parking
1
Classification
Standard
Deal Score
30/100
vs Similar Homes
2% above
vs Market Median
14% above
Area Growth (YoY)
0.1%
Deal Score Breakdown
30/100
Priced 2% above the median of similar listings
Priced 14% above the per-subtype city median
0.1% year-over-year ZHVI growth in this area
STR net cashflow -$14,247/mo (-58.5% return). Uses the better of LT or STR against total monthly ownership cost (P&I, tax, insurance, HOA, maintenance).
No price reduction from original list
Ensemble scoring: the best single signal sets the floor, secondary qualifying signals (≥60) each add 5 points up to +20. A home that strongly wins on one dimension is already a great deal — it doesn't need to tick every box.
Est. Annual Revenue
$172,986/yr
$395/night · 39% occupancy · $131/bedroom · $0.43/sqft
Net Monthly Cash Flow
−$14,247 /mo (−$170,959/yr)
Monthly STR income
Monthly ownership cost
Coverage
59%
Net /mo
−$14,247
DSCR
0.55
Best Download
10 Gbps
Best Upload
10 Gbps
Fiber Available
Yes
Providers
14
Available Providers
$575,000
+526% vs median
55 days
621
$184,000 – $7,995,000
$15,787
High Crime
28.7
per 1,000
83.9
per 1,000
34.5
per 1,000
147.1
per 1,000
National rates use FBI UCR Index Crimes. Local rates use NIBRS which may include additional offense categories.
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Daryn Edmunds - High Road Properties

Salt Lake City Real Estate Broker Focused on Pricing, Positioning, and Results

Devin Tanner - Utah Realtor
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