93% Chance of a Fed Rate Cut in September

Off-Market Sugarhouse Fourplex Available; Provo 12-unit sells for 271k per unit with Seller Financing

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David Robinson
August 06, 2025

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Rare 3-unit multifamily on a large 0.34-acre lot in a prime Sugar House location. The property includes a 3 bed / 1 bath unit and two 1 bed / 1 bath units, totaling 3,036 SF, plus 4 garage bays and 5 additional storage units-offering strong income upside. Current monthly income is $5,735 with proforma rents estimated over $7,000/m. This property presents a big value-add opportunity through updates and optimization. Setup for solid long-term growth in one of Salt Lake City's most desirable rental areas.

This is a legal 6-plex but has 10 units. 8 units rented at time of listing. Previous owner split the 2 huge basement units bringing the total from 8 to 10 units. Unit layouts are 8 units 1 bed/1bath, 1 unit is 3bed/2bath, & 1 unit is 2bed/2bath. There is a shared coin laundry room. Recent updates include: Newer windows, asphalt parking & driveway, HVAC, electrical, plumbing (including newer liners in the sewer mains), kitchens, bathrooms, flooring, paint, landscaping & roof with gutters. There are 3 structures, 2 triplex buildings with additional living spaces in the basements and 8 garages in the back. There is a shared coin op laundry. Tons of parking. Second parcel included is #01-001-0052.

Turn-key 4-plex in a fast-growing Herriman neighborhood. Built in 2018, this fully leased property features four spacious 3 bed / 2.5 bath townhome-style units totaling 5,220 SF. Current monthly income is $7,245 with professional property management already in place. HOA covers all exterior maintenance, landscaping, and common areas—making this a hands-off, low-maintenance investment in one of Utah’s strongest rental corridors.

Rare Sugarhouse Fourplex hitting the market soon. Priced at $1,250,000, this meticulously maintained 4-unit property features updated interiors, four garages, and a large 0.26-acre lot. Currently bringing in $5,600/month in rents with upside potential, it’s a true turnkey investment with no immediate capital needs. Located within walking distance to parks, dining, and retail, this is an ideal low-maintenance asset in one of Salt Lake City’s most desirable rental markets—perfect for investors seeking stable cash flow and long-term appreciation.

Canovo Group may not be the listing brokerage for the above properties. The information provided is not guaranteed and should not be relied upon to make investment decisions. Buyers should complete their own analysis and due diligence before making any investment.

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> Utah Market Data - July Review

Multi-Unit (2+ units) Property Data

Utah Multi-Unit Market Update — July 2025

Inventory continues to climb, with 328 multi-unit properties for sale at the end of July—up from 267 in 2024 and 189 in 2023. Despite this growing supply, median sales prices remain strong, hitting $755,000 for July closings, a 7% increase over last year. Year-to-date, prices are trending upward as well, with a median of $683,500.

Closed sales held steady in July at 44 transactions, matching last year’s pace, though year-to-date sales dipped slightly to 284, compared to 300 in 2024. The combination of rising inventory and resilient pricing indicates that buyers are still active, but selectivity is increasing.

> Rates & Financing

Mortgage Rates as of 8/06/2025

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> Headlines & Insights

National Headlines

Builders Cut Prices to Boost Sales — Single-family home construction dipped 4.6% in June, reaching an 11-month low as builders slash prices to attract buyers. Nearly 2 in 5 builders reported price cuts, the highest since tracking began in 2022. Despite economic pressures like rising mortgage rates (6.75%) and tariffs, mortgage applications for new homes were up 8.5% year-over-year, signaling that incentives and lower prices are drawing some buyers back to the market.

Apartment Occupancy Stays Strong — U.S. apartment occupancy held at 95.5% in July, with demand surging despite slowing supply. Year-over-year rent growth was modest at 0.2%, as operators prioritize keeping units filled. The Northeast and Midwest lead in occupancy, while supply-heavy southern markets face more vacancies. Tech hubs like San Francisco and New York saw the strongest rent gains, while tourism-driven cities like Orlando and Las Vegas posted declines.

Energy Star Faces Elimination Threat — The Energy Star program, crucial for tracking energy efficiency in 330,000+ commercial buildings, is reportedly targeted in Trump’s EPA budget cuts. Utah landlords and developers rely on Energy Star’s Portfolio Manager to meet local energy codes and access financial incentives. Industry groups warn its privatization or elimination could drive up compliance costs and create a patchwork of disjointed regulations.

Suburban Building Boom Slows — New research shows once-booming Sunbelt cities like Dallas and Phoenix are now seeing homebuilding stall despite rising prices. Regulatory barriers, NIMBY opposition, and costly permitting have weakened the link between demand and new housing supply. Utah faces similar headwinds as affluent communities tighten development rules, slowing suburban growth even as housing shortages persist.

GSE Boost for Affordable Housing — The FHFA has doubled Fannie Mae and Freddie Mac’s cap on Low-Income Housing Tax Credit (LIHTC) investments to $2 billion. MBA praised the move, highlighting it as a key step to increase affordable rental housing supply. The expansion follows recent legislative reforms aimed at addressing the nation’s housing shortage.

David Robinson

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