The Best Value Properties in Salt Lake City, UT
• • ☕️ 3 min read • By Noah Blumberg •
Salt Lake City, Utah is known to most Americans as the largest and most prominent city in Utah. It has some of the things that large cities have like an NBA franchise, but it's only the U.S.'s 122nd most populous city. Population has been on the rise, though, with a healthy 7% increase between the 2010 and 2020 censuses. Job growth recovery after the beginning of the pandemic has been among the best in the country which speaks to the city's overall economic health and its prospects for profitable real estate investment.
Property value appreciation has been very strong in Salt Lake City over the past year. The Federal Housing Finance Agency puts the number at an amazing 25.65% for a single year, the 23rd highest number out of 268. Realtor.com predicts another 8.5% appreciation in 2022 despite more inventory leading to 15% growth in number of sales.
Looking at the median list price for a real estate property on our ranking list, $714,900, it's clear that Salt Lake City is a comparatively affluent city. Much of the recent influx of residents is attached to the burgeoning tech industry in the area and can support prices at that level in addition to median rents north of $2000/mo. We surveyed more than 20 lists from real estate experts sharing their best places to invest in real estate. Salt Lake City appears in 4 of them.
Investors looking to buy a rental will be happy to hear that vacancies are at 20-year lows, even as rents have been increasing. RentCafe describes Salt Lake City as one of the most competitive rental markets in the country with 96% occupancy.
The Properties
The #5 property really sticks out with all the right numbers. It's a large single family home with a 6.68% cap rate and a 9.51% cash-on-cash return in the most desirable zip code for way under the median list price. However, as is almost always the case, there is a catch. They are not accepting offers any more but are legally obligated to keep the listing up until they accept one of the offers they already have in hand.
If you're looking for a multi-family property, property #3 is worth investigating. It's in one of the top zip codes, features 15 bedrooms, and has been recently renovated. There are also several mobile homes near the top of the list which offer a much lower barrier to entry.
Reading Resources
- Roofstock: The 30 best places to consider buying rental property in 2022
- ThinkAdvisor: 15 Best U.S. Cities to Invest in Real Estate: 2022
- RentCafe: Top 50 Most Competitive Rental Markets in 2021
- Fortune: Best Places to Make Real Estate Investments in 2022
- Change in FHFA Metropolitan Area House Price Indexes
- Realtor.com's 2022 Housing Market Predictions
| Median List Price | Median Sqft | Median Lot Size(SqFt) | Median HOA Fee |
|---|---|---|---|
| $714,900 | 2,067 | 3,920 | $250 |
| Score** | Property | ZipX** | Type | Cap Rate* | SqFt | Cash-On-Cash Return* | Price |
|---|---|---|---|---|---|---|---|
| 32.46 | 261 E Vagabond Dr | 1.15 | mobile | N/A | 1680 | N/A | $115,000 |
| 25.32 | 781 W Monte Azul St | 1.16 | mobile | N/A | 840 | N/A | $69,000 |
| 24.93 | 4210 S Highland Dr E | 1.40 | multi family | N/A | 6684 | N/A | $1,990,000 |
| 21.70 | 242 N Fall St W | 1.11 | mobile | N/A | 1134 | N/A | $68,000 |
| 20.29 | 1532 S 1900 E | 1.47 | single family | 6.68 | 2692 | 9.51 | $350,000 |
| 17.86 | 305 E Vagabond Dr S Unit 125 | 1.15 | mobile | N/A | 1410 | N/A | $120,000 |
| 17.31 | 3595 E Jupiter Dr S | 1.40 | single family | 1.03 | 8333 | -18.02 | $2,190,000 |
| 16.74 | 1566 W Spring St N | 1.11 | mobile | N/A | 1356 | N/A | $100,000 |
| 16.32 | 752 W Monte Del Oro | 1.16 | mobile | N/A | 1320 | N/A | $178,000 |
| 15.75 | 4486 S New Vintage Ct E Unit H | 1.40 | condo | N/A | 2800 | N/A | $549,900 |
| 15.49 | 1680 S 700 W | 1.09 | multi family | 1.97 | 4400 | -13.33 | $1,200,000 |
| 15.46 | 3873 S Goldfinch St Unit 16 | 1.16 | mobile | N/A | 1300 | N/A | $105,000 |
| 15.32 | 825 N Eastcapitol Blvd | 1.35 | single family | 1.97 | 8052 | -13.32 | $1,975,000 |
| 14.66 | 722 W Superior Peak Dr S Unit 284 | 1.16 | mobile | N/A | 1056 | N/A | $89,900 |
| 14.45 | 1348 W 4800 S | 1.16 | single family | 2.35 | 6470 | -11.4 | $1,399,000 |
| 13.12 | 2277 E Arbor Ln | 1.32 | multi family | N/A | 3467 | N/A | $959,000 |
| 12.92 | 4530 S Meridian Cir W Unit 56 | 1.16 | mobile | N/A | 850 | N/A | $79,000 |
| 12.86 | 1278 E Brockway Cir | 1.32 | single family | 2.51 | 2912 | -10.94 | $775,000 |
| 12.77 | 2238 E 4000 S | 1.40 | condo | N/A | 2666 | N/A | $625,000 |
| 12.71 | 734 E Nibley View Ct S | 1.23 | single family | N/A | 3000 | N/A | $749,900 |
| 12.58 | 149 E Vine St | 1.15 | multi family | 1.57 | 2358 | -15.68 | $575,000 |
| 12.27 | 467 E Aspen Meadows Ct S | 1.15 | condo | N/A | 2442 | N/A | $489,000 |
| 12.01 | 5726 W Dale Armour Dr | 1.10 | single family | 3.45 | 2351 | -6.65 | $499,700 |
| 11.97 | 854 W Hoyt Pl Unit 1 | 1.11 | single family | N/A | 2200 | N/A | $535,000 |
| 11.97 | 349 N Middle Oak Ln E | 1.47 | single family | 2.11 | 5788 | -12.6 | $1,800,000 |