3910 S 1040 E · Millcreek, UT 84124

$2,100,000

256 bd · 128.0 ba · 7,376 sqft · MultiFamily public records · 21 Days on market

Built 1968 0.28 ac lot

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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 +4.2/5.0
• Rent growth +2.7/5.0
• Schools +2.6/10.0
• 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: 16 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

Marcus & Millichap is pleased to present this exclusive listing of a core+ multifamily asset in Salt Lake City's Millcreek corridor, one of the region's most resilient rental submarkets. The property is being offered individually as part of a two-property, 16-unit portfolio, with the seller preferring a package sale but willing to consider individual offers. The investment thesis is straightforward: in-place cash flow paired with clearly defined upside through natural tenant turnover and ancillary income strategies. In-place rents reflect a tenured resident base, with an average tenancy of approximately two and a half years, signaling stability while presenting a mark-to-market opport

Key facts

• 0.28 acre lot
• 12 parking spots
• Built 1968

Property features AI

Finance

• Financial info: Annual tax amount reported
• HOA & community: Subdivision: PLAT A

Exterior

• Parking: Total of 12 parking spaces; 8 covered/carport spaces; 4 open parking spaces; Has carport
• Home design: Two-story building; Built in 2006; Property in built/standing condition
• Construction: Built in 2006
• Exterior features: Lot is approximately 0.28 acres; Zoned RM

Interior

• Interior features: Residential use; Total of 8 units (multi-unit property)

What this means for you Summary

Snapshot

• This is a 16 × 16-bed/?-bath units multifamily listed at $2.10M.

Deal economics

• At list price, monthly cash flow is $15k ($175k/yr) — positive. Per door: $909/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($35k rent vs $2.10M).
• Recommended offer: $2.07M (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 85/100 on livability (#14 in UT, #555 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, amenities A; Watch: cost of living F.
• Granite District (suburban): math 26% / reading 32% proficiency, ranked #69 of 80 in UT (top 86%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: James E. Moss School (math 17% / reading 11%, grade F, #564 of 585 statewide, top 97%, 506 students, 72% FRL); Bonneville Jr High (math 31% / reading 42%, grade F, #88 of 138 statewide, top 66%, 604 students, 35% FRL); Cottonwood High (math 18% / reading 34%, grade F, #137 of 171 statewide, top 81%, 1,585 students, 49% FRL).
• Market conditions: Rents flat; 122 active listings in the ZIP; high-income renter base; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• At $34,774/mo this rent would consume 347% of the median local household income ($120k/yr) (locally 264% 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 $15k of loan paydown is wiped out by about $63k 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 + 1.0% rent growth), your $588k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($2.07M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,068,500 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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.
7. 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.
8. 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: 1.66% ✓
• Cap rate: 14.61%
• Cash-on-cash: 29.69%
• DSCR: 2.32
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.99% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 1.88×
• Total profit: $516,918
• Equity at exit: $313,117

10-year hold

• IRR: 28.8%
• Equity multiple: 3.33×
• Total profit: $1,369,710
• Equity at exit: $181,570

Cash invested: $588,000 (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 84124

• Rents YoY: 1.0%
• Active inventory: 122
• Price-to-rent: 80.5×

Monthly cashflow live

• Estimated rent: $34,774 medium
• Mortgage (P&I): −$11,013
• Tax from tax record: −$1,035 /mo · $12,423/yr
• Insurance: −$875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,303
• Net cashflow: $14,549

Break-even live

Break-even rent $16,358

Max offer price $2,100,000

Occupancy floor 53%

Sensitivity live

Price	-10% $15,737	-5% $15,143	+0% $14,549	+5% $13,954	+10% $13,360
Rent	-10% $11,801	-5% $13,175	+0% $14,549	+5% $15,922	+10% $17,296
Rate	-1.0pp $15,606	-0.5pp $15,083	base $14,549	+0.5pp $14,004	+1.0pp $13,451

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

Units	Beds	Baths	Est. rent
▸ 16× units	16	—	$34,768
Total (16 units)			$34,774

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: $525,000
• Closing costs: $63,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-08
   status Under Contract
2. 2026-04-17
   listed $2,100,000 Active
3. 2016-08-15
   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: $12,423 · $1,035/mo
• Projected year-2 tax: $13,860 · $1,155/mo
• Expected delta: +$1,437/yr (+$120/mo · 11.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 95% 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $417,288
• − Mortgage interest: −$117,633
• − Property taxes: −$12,423
• − Insurance: −$10,500
• − Repairs & maintenance: −$33,383
• − Management: −$33,383
• − Depreciation: −$61,091
• Taxable income: $148,876
• Est. tax owed @ 24.0%: −$35,730
• After-tax cash flow: $138,853/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: Granite District
• NCES district ID: 4900360
• Math proficiency: 26% ▼ -8.00%
• Reading proficiency: 32% ▼ -3.00%
• Median HH income: $55,971
• Composite: 25.93/100
• National rank: #7336
• State rank: #69 of 80 in UT

Livability — Millcreek

• Score: 85/100
• State rank: #14
• US rank: #555

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Millcreek, UT
• County: Salt Lake County · 1,195,750 people
• City population: 25,544
• Metro: Salt Lake City, UT
• Population (ZIP): 22,609
• Household income: $120,408
• Rent vs Own: 21.9% rent · 78.1% own
• Severe rent burden: 264.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 8% Two or more races 8% Asian 4%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 3%
• Foreign-born: 8% · Canada, China, Jamaica
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 2% Chinese 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: ▼ -684.28%
• Current HPI: 316.5188
• Rent YoY: ▲ 0.99%
• 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

3 events — show timeline

• 2026-05-08 Pending — WFRMLS
• 2026-04-17 Listed $2,100,000 WFRMLS
• 2016-08-15 Sold (Public Records) — Public Records

Property tax history

+7.5%/yr

Latest (2025): $12,423 · -2.0% YoY. Source: county tax records.