404 E 5600 S · Murray, UT 84107

$9,500,000

1833 bd · 1872.0 ba · 34,170 sqft · MultiFamily public records · 297 Days on market

Built 1969 2.60 ac lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.7/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Livability +4.1/5.0
• Schools +3.5/10.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 39 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

There are no remarks available.

Key facts

• Fitness center
• Covered parking
• Bbq courtyard

Tags

• FITNESS CENTER
• RESIDENT LOUNGE
• FIRE PITS
• BBQ COURTYARD
• LOCKED STORAGE ROOM
• COVERED PARKING

Property features AI

Finance

• Other: Lot size approximately 2.6 acres; Accessible elevator installed
• Financial info: Multi-family zoning (R-M-15); 39 total units on property

Exterior

• Parking: Covered parking; Uncovered/open parking available
• Security: Fire alarm
• Utilities: Electricity connected; Sewer connected; Culinary water; Irrigation with pressure
• Home design: Multi-family property; 3-story building; Agent owned; Built/standing (2023)
• Construction: Built in 2023; Building is built/standing
• Exterior features: Foyer entry; Curb and gutter; Paved roads; Landscaping: full

Interior

• Kitchen: Updated kitchen; Free-standing range/oven; Built-in dishwasher; Garbage disposal
• Heating & cooling: Forced air heating
• Interior features: Fire alarm; Garbage disposal; Updated kitchen; Free-standing range/oven; Built-in dishwasher

What this means for you Summary

Snapshot

• This is a 39 × 47-bed/48.0-bath units multifamily listed at $9.50M.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive. Per door: $106/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $7.73M (18.6% below list).
• Recommended offer: $7.73M (18.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 82/100 on livability (#29 in UT, #1,169 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A; Watch: cost of living C-, crime D.
• Murray District (suburban): math 37% / reading 43% proficiency, ranked #46 of 80 in UT (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mcmillan School (math 52% / reading 60%, grade C+, #88 of 585 statewide, top 16%, 481 students, 27% FRL); Hillcrest Jr High (math 24% / reading 31%, grade F, #113 of 138 statewide, top 83%, 776 students, 39% FRL); Murray High (math 29% / reading 45%, grade F, #78 of 171 statewide, top 49%, 1,400 students, 24% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents falling (-3.0%/yr); 230 active listings in the ZIP; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• At $77,314/mo this rent would consume 1287% of the median local household income ($72k/yr) (locally 2149% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $66k of loan paydown is wiped out by about $285k of value loss. Plan a longer hold.
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 297 days — a 12% lower offer ($8.36M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 8y ago; this cycle's ask has dropped $1.00M (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $7,731,400 (18.6% below list)

Questions for the listing agent

1. It's been on market 297 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
11. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.86%
• DSCR: 1.08
• GRM: 10.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.43×
• Total profit: $-1,506,927
• Equity at exit: $1,416,481

10-year hold

• IRR: -13.7%
• Equity multiple: 0.30×
• Total profit: $-1,865,868
• Equity at exit: $821,386

Cash invested: $2,660,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 86 Strongly Landlord-Friendly
• State Utah: 86 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

3-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 84107

• Rents YoY: -3.0%
• Active inventory: 230
• Price-to-rent: 399.3×

Monthly cashflow live

• Estimated rent: $77,314 medium
• Mortgage (P&I): −$49,819
• Tax from tax record: −$3,168 /mo · $38,010/yr
• Insurance: −$3,958
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,236
• Net cashflow: $4,133

Break-even live

Break-even rent $72,082

Max offer price $9,500,000

Occupancy floor 90%

Sensitivity live

Price	-10% $9,511	-5% $6,822	+0% $4,133	+5% $1,444	+10% $-1,245
Rent	-10% $-1,975	-5% $1,079	+0% $4,133	+5% $7,187	+10% $10,241
Rate	-1.0pp $8,917	-0.5pp $6,549	base $4,133	+0.5pp $1,671	+1.0pp $-833

39-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 39× units	47	48	$77,298
Total (39 units)			$77,314

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $2,375,000
• Closing costs: $285,000
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-21
   days on market $9,500,000 Active 297 DOM
2. 2026-06-18
   days on market $9,500,000 Active 294 DOM
3. 2026-06-17
   days on market $9,500,000 Active 293 DOM
4. 2026-06-16
   days on market $9,500,000 Active 292 DOM
5. 2026-06-15
   days on market $9,500,000 Active 291 DOM
6. 2026-06-13
   days on market $9,500,000 Active 289 DOM
7. 2026-06-13
   days on market $9,500,000 Active 288 DOM
8. 2026-06-09
   days on market $9,500,000 Active 285 DOM
9. 2026-06-08
   days on market $9,500,000 Active 284 DOM
10. 2026-06-07
    days on market $9,500,000 Active 283 DOM
11. 2026-06-05
    days on market $9,500,000 Active 280 DOM
12. 2026-06-03
    days on market $9,500,000 Active 279 DOM
13. 2026-06-02
    days on market $9,500,000 Active 278 DOM
14. 2026-06-01
    days on market $9,500,000 Active 277 DOM
15. 2026-05-31
    days on market $9,500,000 Active 276 DOM
16. 2026-01-12
    price $9,500,000
17. 2026-01-05
    status Active
18. 2025-10-27
    status Under Contract
19. 2025-06-19
    listed $10,500,000 Active
20. 2025-03-18
    historical $1,250
21. 2025-02-20
    listed $1,250
22. 2025-01-23
    historical $1,350
23. 2025-01-17
    historical $1,320
24. 2024-12-13
    listed $1,320
25. 2024-11-20
    listed $1,375
26. 2020-05-22
    soldstatus Sold 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

27. 2020-05-22
    soldstatus

    Show marketing remark (31 chars)

    There are no remarks available.

28. 2019-12-18
    status Under Contract 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

29. 2019-08-22
    status Active 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

30. 2019-07-29
    status Under Contract 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

31. 2019-06-06
    price $3,950,000 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

32. 2019-01-07
    price $5,037,000 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

33. 2018-12-04
    price $6,270,000 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

34. 2018-08-22
    listed $8,575,000 Active 31-char remark

    Show marketing remark (31 chars)

    There are no remarks available.

35. 1993-08-05
    soldstatus
36. 1992-07-23
    soldstatus

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast UT · Resets to sale price

• Current annual tax: $38,010 · $3,168/mo
• Projected year-2 tax: $62,700 · $5,225/mo
• Expected delta: +$24,690/yr (+$2,057/mo · 65.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $927,768
• − Mortgage interest: −$532,148
• − Property taxes: −$38,010
• − Insurance: −$47,500
• − Repairs & maintenance: −$74,221
• − Management: −$74,221
• − Depreciation: −$276,364
• Taxable loss: −$114,697
• Est. tax savings @ 24.0%: +$27,527
• After-tax cash flow: $77,125/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Murray District
• NCES district ID: 4900600
• Math proficiency: 37% ▼ -8.00%
• Reading proficiency: 43% ▼ -6.00%
• Median HH income: $53,804
• Composite: 34.84/100
• National rank: #5096
• State rank: #46 of 80 in UT

Livability — Murray

• Score: 82/100
• State rank: #29
• US rank: #1169

Category grades

Amenities B Commute A+ Cost of living C- Crime D Employment A- Housing A+ Health & safety A User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Murray, UT
• County: Salt Lake County · 1,195,750 people
• City population: 38,257
• Metro: Salt Lake City, UT
• Population (ZIP): 38,257
• Household income: $72,108
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 2149.0

Population outlook (Salt Lake County) Hauer SSP2

• Today (2025): 1,305,860 people
• By 2030: 1,402,611 · +7.4%
• By 2040: 1,594,533 · +22.1%
• By 2050: 1,787,244 · +36.9%
• By 2075: 2,224,138 · +70.3%
• By 2100: 2,551,390 · +95.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 18% Two or more races 12% Asian 5% Black 4% Pacific Islander 2%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Italian 4% Slovak 4% Iranian 2%
• Foreign-born: 16% · Canada, Jamaica, China
• Languages at home: 78% English-only · Spanish 10% Other Indo-European 4% Other Asian/Pacific 2%

Political lean MEDSL · Salt Lake

• 2024 margin: D (+10.2) · D 53.7% · R 43.5% · Other 2.8%
• 2008→2024 swing: +10.1pp toward D · 2008: 0.1pp · 2024: 10.2pp
• All cycles: 2024: D+10.2 2020: D+11.0 2016: D+10.2 2012: R+19.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -404.21%
• Current HPI: 309.8745
• Rent YoY: ▼ -3.04%
• Metro: Salt Lake City, UT
• State GDP YoY: ▲ 3.54%
• F500 in state: 2

Industry mix (Fortune 500 HQ in UT)

Industry	F500 HQs	Revenue
▸Financial Services	1	$3B

Price history

+10.8% since first listed

21 events — show timeline

• 2026-01-12 Price Changed $9,500,000 WFRMLS
• 2026-01-05 Relisted — WFRMLS
• 2025-10-27 Pending — WFRMLS
• 2025-06-19 Listed $10,500,000 WFRMLS
• 2025-03-18 Rental Removed $1,250 PROPERTYWARE
• 2025-02-20 Listed for Rent $1,250 PROPERTYWARE
• 2025-01-23 Rental Removed $1,350 PROPERTYWARE
• 2025-01-17 Rental Removed $1,320 SHOWMOJO
• 2024-12-13 Listed for Rent $1,320 PROPERTYWARE
• 2024-11-20 Listed for Rent $1,375 SHOWMOJO
• 2020-05-22 Sold (Public Records) — Public Records
• 2020-05-22 Sold (MLS) — WFRMLS
• 2019-12-18 Pending — WFRMLS
• 2019-08-22 Relisted — WFRMLS
• 2019-07-29 Pending — WFRMLS
• 2019-06-06 Price Changed $3,950,000 WFRMLS
• 2019-01-07 Price Changed $5,037,000 WFRMLS
• 2018-12-04 Price Changed $6,270,000 WFRMLS
• 2018-08-22 Listed $8,575,000 WFRMLS
• 1993-08-05 Sold (Public Records) — Public Records
• 1992-07-23 Sold (Public Records) — Public Records

Property tax history

+15.3%/yr

Latest (2025): $38,010 · +10.2% YoY. Source: county tax records.