The performance would be appalling. Consider Luis' approach, or even APPLY():
SELECT SalesPersonID, FirstName, LastName,
x.Address1,
x.Address2,
x.City,
...etc....
FROM dbo.SalesPersons
OUTER APPLY (
SELECT Address1, Address2, City
FROM dbo.Addresses
WHERE (LookUpID = 1)
AND (RecordTypeID = 3)
) x
For fast, accurate and documented assistance in answering your questions, please read this article.
Understanding and using APPLY, (I) and (II) Paul White
Hidden RBAR: Triangular Joins / The "Numbers" or "Tally" Table: What it is and how it replaces a loop Jeff Moden