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    Downtown Salt Lake City Apartments Title is generated by Realmo AI

    141 E 1ST Ave, Salt Lake City, UT 84103

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    Claim this Listing
    For Sale
    $6,550,000

    MULTI_FAMILY - High Rise - Salt Lake City, UT

    Property size:
    30,838 SF
    Lot size:
    0.38 Acres
    Price / SF:
    $212/SF
    Added:
    Feb 10, 2026
    Days on Market:
    122
    Last Refresh:
    Jun 12 at 9:06 am

    Property Features for 141 E 1ST Ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Multi-Family
    Bedrooms
    30
    Bathrooms
    32
    Rooms
    Bathroom 5, Bedroom 19, Bathroom 10, Bathroom 23, Bathroom 6, Bedroom 9, Bedroom 15, Bathroom 22, Bathroom 8, Bathroom 21, Bedroom 25, Bedroom 2, Bathroom 19, Bedroom 30, Bedroom 12, Bedroom 6, Bathroom 32, Bedroom 16, Bathroom 15, Bathroom 2, Bedroom 18, Bedroom 17, Bathroom 26, Bathroom 28, Bedroom 13, Bedroom 23, Bathroom 18, Bedroom 8, Bathroom 1, Bathroom 30, Bedroom 14, Bedroom 11, Bedroom 28, Bathroom 7, Bedroom 29, Bathroom 17, Bedroom 24, Bathroom 4, Bathroom 31, Bathroom 29, Bathroom 16, Bathroom 11, Bedroom 21, Bedroom 22, Bathroom 13, Bedroom 20, Bathroom 3, Bathroom 14, Bedroom 4, Bedroom 7, Bathroom 9, Bathroom 24, Bedroom 1, Bathroom 12, Bedroom 26, Bedroom 10, Bathroom 27, Bedroom 5, Bathroom 20, Bedroom 27, Bedroom 3, Bathroom 25
    Parking features
    Covered
    Exterior features
    Entry (Foyer)
    Standard status
    Active
    APN
    09-31-379-018
    Size
    30,838 SF
    Lot size
    0.38 Acres

    Taxes and HOA fees

    Tax Annual Amount
    30739

    Utilities

    Heating system
    Natural Gas, Radiant

    Building Details

    Year built
    1930
    Number of units
    32
    Flooring type
    Vinyl, Hardwood, Tile, Carpet
    Building materials
    Brick, Stone
    Architectural style
    High Rise

    We can help!

    Listing Contact
    Cory Waddoups

    Listing agent Cory Waddoups

    Listing office Investment Realty Advisors LLC 411 W 7200 S Ste 201, Salt Lake City, UT

    Listing date Feb 10, 2026

    MLS# 2136339 Listing URL

    Copyright © 2026 UtahRealEstate.com. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 32‑unit multifamily property with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom
    • Built in 1930 with brick and stone construction materials
    • Heating includes natural gas and radiant systems
    • Interior flooring includes vinyl, hardwood, tile, and carpet
    • Some interior cosmetic upgrades completed in 2021: new cabinets, countertops, and stainless steel appliances
    • Covered parking available; exterior includes an entry (foyer)

    Overview

    Located in the heart of downtown Salt Lake City's Avenues neighborhood, Castle Heights Apartments is a 32-unit multifamily building. The property is situated steps from Temple Square, City Creek, dining, employment, and public transit. The unit mix includes 27 one-bedroom units, 4 studios, and 1 two-bedroom unit. Some interior cosmetic upgrades were completed in 2021, including new cabinets, countertops, and stainless steel appliances, but additional work remains. The property is located on a 0.38-acre lot and has a property size of 30838 square feet. The zoning is Multi-Family, presenting a value-add opportunity in a walkable downtown location with long-term upside.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $732.7k $23.76
    − Vacancy −$38.1k −$1.24
    EGI $694.6k $22.52
    − OpEx −$312.6k −$10.14
    NOI $382.0k $12.39
    30,838 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $5.46M
    $4.78M – $6.37M (±1% cap)
    NOI $382,035 @ 7.0% cap · market cap 5.83%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $8.31M
    $7.27M – $9.69M (±1% cap)
    NOI $581,574 @ 7.0% cap · market cap 8.88%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Castle Heights Apartment Building Salt Lake City’s ... Auto Repair Shop

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.885638
    Latitude
    40.770896

    FAQs

    What type of property is this?
    Apartment building - 32-unit multifamily property in Salt Lake City's Avenues neighborhood.
    Where is this apartment building located?
    The property is located at 141 E 1ST Ave Salt Lake City, UT.
    What is the asking price?
    The asking price for this property is $6,550,000.
    What are key features of this property?
    This property features: 32‑unit multifamily property with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom; Built in 1930 with brick and stone construction materials; Heating includes natural gas and radiant systems
    More about this property
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