119 K St · Salt Lake City, UT 84103

$1,800,000

150 bd · 225.0 ba · 7,502 sqft · MultiFamily public records · 104 Days on market

Built 1905 0.39 ac lot ↓ 7% since listing

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 15 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

Rare 15-unit acquisition opportunity in the highly sought-after Salt Lake City Avenues (687 E 2nd Ave & 119 N K St). This historic 1905 trophy asset offers massive, immediate upside. Three units are scheduled for vacancy in March 2026, allowing the new owner to capture top-of-market rents on Day 1 and force instant equity. Current average rents are significantly below market (Studios averaging $560/mo; 1-Bedrooms averaging $882/mo), providing a clear and proven path to aggressive revenue growth. -------------- The heavy lifting has already been completed with over $62,000 in recent CapEx, including a $32,000 driveway replacement, a $22,000 electrical upgrade, and an $8,000 new porch.

Key facts

• Force instant equity
• Vacancy in march
• Top of market rents

Tags

• HISTORIC TROPHY ASSET
• NORMALIZED IN PLACE NOI
• MASSIVE IMMEDIATE UPSIDE
• VACANCY IN MARCH
• TOP OF MARKET RENTS
• FORCE INSTANT EQUITY

Property features AI

Finance

• Other: Two structures on the property; 119 K St is the northernmost building
• Financial info: Annual tax amount reported (see listing for details)

Exterior

• Parking: Covered parking; Carport available; Eight total covered/carport parking spaces
• Utilities: Natural gas connected; Electricity connected; Water connected; Sewer connected
• Home design: Multi-family property; Built/Standing condition
• Construction: Built in 1980; Asphalt roof; SR-1A zoning (Multi-Family)
• Exterior features: Paved road access; Sidewalks; Gradual sloping terrain; Mountain and valley views; Property faces south

Interior

• Bedrooms: Eleven 1-bedroom units; Four studio/efficiency units (baths listed but no beds specified)
• Bathrooms: One bathroom in each unit (where specified)
• Interior features: Residential multi-family use; Total of 15 units on the property

What this means for you Summary

Snapshot

• This is a 15 × 10-bed/15.0-bath units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $12k ($143k/yr) — positive. Per door: $796/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $1.80M).
• Recommended offer: $1.64M (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 75/100 on livability (#64 in UT, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: cost of living D+, crime F.
• Salt Lake District (urban): math 30% / reading 37% proficiency, ranked #65 of 80 in UT (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wasatch School (math 53% / reading 56%, grade C, #106 of 585 statewide, top 19%, 337 students, 31% FRL); Salt Lake Center For Science Education Bryant (math 14% / reading 29%, grade F, #125 of 138 statewide, top 91%, 407 students, 64% FRL); West High (math 33% / reading 60%, grade D-, #38 of 171 statewide, top 24%, 2,600 students, 51% FRL).
• Market conditions: Rents rising (+1.6%/yr); 205 active listings in the ZIP; solid renter incomes; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• At $29,012/mo this rent would consume 415% of the median local household income ($84k/yr) (locally 1273% 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 $12k of loan paydown is wiped out by about $54k 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $504k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($1.64M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,638,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% 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 1905 — 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. Crime grade is F 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?
8. 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.
9. 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.
10. 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: 1.61% ✓
• Cap rate: 14.26%
• Cash-on-cash: 28.44%
• DSCR: 2.27
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.57% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 1.85×
• Total profit: $427,546
• Equity at exit: $268,386

10-year hold

• IRR: 28.4%
• Equity multiple: 3.35×
• Total profit: $1,186,027
• Equity at exit: $155,631

Cash invested: $504,000 (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 84103

• Rents YoY: 1.6%
• Active inventory: 205
• Price-to-rent: 77.6×

Monthly cashflow live

• Estimated rent: $29,012 medium
• Mortgage (P&I): −$9,439
• Tax from tax record: −$784 /mo · $9,409/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,093
• Net cashflow: $11,946

Break-even live

Break-even rent $13,891

Max offer price $1,800,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 15× units	10	15	$29,010
Total (15 units)			$29,012

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   price $1,800,000 Active 104 DOM
2. 2026-06-18
   days on market $1,930,000 Active 104 DOM
3. 2026-06-17
   days on market $1,930,000 Active 103 DOM
4. 2026-06-16
   days on market $1,930,000 Active 102 DOM
5. 2026-06-15
   days on market $1,930,000 Active 101 DOM
6. 2026-06-13
   days on market $1,930,000 Active 99 DOM
7. 2026-06-13
   pricedays on market $1,930,000 Active 98 DOM
8. 2026-06-09
   days on market $1,940,000 Active 95 DOM
9. 2026-06-08
   days on market $1,940,000 Active 94 DOM
10. 2026-06-07
    days on market $1,940,000 Active 93 DOM
11. 2026-06-05
    days on market $1,940,000 Active 90 DOM
12. 2026-06-03
    days on market $1,940,000 Active 89 DOM
13. 2026-06-02
    days on market $1,940,000 Active 88 DOM
14. 2026-06-01
    days on market $1,940,000 Active 87 DOM
15. 2026-05-31
    days on market $1,940,000 Active 86 DOM
16. 2026-04-16
    price $1,950,000
17. 2026-03-07
    listed $2,100,000 Active

ⓘ 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: $9,409 · $784/mo
• Projected year-2 tax: $11,880 · $990/mo
• Expected delta: +$2,471/yr (+$206/mo · 26.3%)

ⓘ 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 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $348,144
• − Mortgage interest: −$100,828
• − Property taxes: −$9,409
• − Insurance: −$9,000
• − Repairs & maintenance: −$27,852
• − Management: −$27,852
• − Depreciation: −$52,364
• Taxable income: $120,840
• Est. tax owed @ 24.0%: −$29,002
• After-tax cash flow: $114,350/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: Salt Lake District
• NCES district ID: 4900870
• Math proficiency: 30% ▼ -13.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $47,550
• Composite: 28.85/100
• National rank: #6645
• State rank: #65 of 80 in UT

Livability — Salt Lake City

• Score: 75/100
• State rank: #64
• US rank: #3994

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salt Lake City, UT
• County: Salt Lake County · 1,195,750 people
• City population: 172,615
• Metro: Salt Lake City, UT
• Population (ZIP): 23,749
• Household income: $83,916
• Rent vs Own: 58.6% rent · 41.4% own
• Severe rent burden: 1273.0

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 (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 9% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 5% Italian 3% Portuguese 3%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Other Asian/Pacific 1%

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: ▼ -623.62%
• Current HPI: 276.3149
• Rent YoY: ▲ 1.57%
• 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

-7.1% since first listed

2 events — show timeline

• 2026-04-16 Price Changed $1,950,000 WFRMLS
• 2026-03-07 Listed $2,100,000 WFRMLS

Property tax history

+1.9%/yr

Latest (2025): $9,409 · +8.3% YoY. Source: county tax records.