32-Unit Apartment
For Sale
$6,550,000
141 E 1ST Ave, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size30,838 SF
Lot Size0.38 Acres
Price / SF$212.40
Days on Market194
Property Features for 141 E 1ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
RMF-75
Bedrooms
30
Bathrooms
32
Full bathrooms
32
Rooms
Bedroom 26, Bedroom 29, Bathroom 4, Bedroom 7, Bathroom 13, Bathroom 14, Bedroom 8, Bathroom 12, Bathroom 21, Bathroom 26, Bathroom 10, Bedroom 24, Bathroom 8, Bathroom 16, Bathroom 17, Bathroom 27, Bedroom 16, Bathroom 11, Bathroom 24, Bathroom 31, Bedroom 6, Bathroom 18, Bedroom 22, Bedroom 25, Bedroom 3, Bathroom 20, Bedroom 9, Bedroom 11, Bedroom 28, Bedroom 1, Bathroom 25, Bathroom 30, Bathroom 19, Bedroom 10, Bedroom 5, Bedroom 2, Bedroom 20, Bedroom 12, Bedroom 30, Bathroom 2, Bathroom 3, Bathroom 29, Bedroom 15, Bedroom 19, Bathroom 9, Bathroom 15, Bedroom 18, Bedroom 21, Bedroom 23, Bathroom 7, Bathroom 32, Bathroom 6, Bedroom 13, Bathroom 1, Bathroom 22, Bathroom 5, Bedroom 4, Bathroom 23, Bathroom 28, Bedroom 14, Bedroom 27, Bedroom 17
Parking features
Covered
Exterior features
Entry (Foyer)
Lot features
Road: Paved
Elementary school
Wasatch
Middle school
Bryant
High school
West
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City: Avenues Area
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
Radiant, Natural Gas
Building Details
Year built
1930
Number of units
32
Flooring type
Carpet, Vinyl, Tile, Hardwood
Building materials
Brick, Stone
Architectural style
High Rise
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Cory Waddoups
(801) 609-8342
Added: Feb 10
Changed: Aug 22
Last Checked: Aug 23 at 2:06AM
MLS# 2136339
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.
Investment Insights
Based on property information with market context.
Castle Heights Apartments is a 32-unit multifamily building constructed in 1930, with 27 one-bedroom apartments, four studios, and one two-bedroom apartment. The 30,838-square-foot property occupies 0.38 acres and is classified Multi-Family. Brick and stone construction, a high-rise architectural style, covered parking, and a foyer entry define the building’s physical profile. Interior finishes include hardwood, vinyl, carpet, and tile flooring, with radiant natural-gas heating.
The property is located at 141 E 1ST Ave in Salt Lake City’s Avenues neighborhood. Temple Square, City Creek, dining, employment, and public transit are described as being steps away. Select interior cosmetic improvements were completed in 2021, including cabinets, countertops, and stainless steel appliances, while additional work remains.
The property is located at 141 E 1ST Ave in Salt Lake City’s Avenues neighborhood. Temple Square, City Creek, dining, employment, and public transit are described as being steps away. Select interior cosmetic improvements were completed in 2021, including cabinets, countertops, and stainless steel appliances, while additional work remains.
Key Highlights
- 32‑unit multifamily building with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom unit
- 30,838 square feet on a 0.38‑acre parcel
- Built in 1930 with brick and stone construction and high‑rise architectural style
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$382,035
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,640,700
$7.6M
Cap Rate 7%
$5,457,643
$5.5M
Cap Rate 9%
$4,244,833
$4.2M
Market Conditions
NOI Build-Up for 30,838 SF
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.
Gross rent
$732.7K $23.76/SF
− Vacancy
−$38.1K −$1.24/SF
EGI
$694.6K $22.52/SF
− OpEx
−$312.6K −$10.14/SF
NOI
$382.0K $12.39/SF
Area
Salt Lake City, UT
Vacancy
5.20%
Lease Rate
$23.76 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$7,640,700
Cap Rate 7%
$5,457,643
Cap Rate 9%
$4,244,833
Alternative Uses
Best Use
Apartment 5plus
$5.46M
$4.78M – $6.37M
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
NOI $581,574 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
6,426
Businesses Nearby
Explore this area
Business Placement
Demographics for 84103, UT
22,788
Population
13,528
Households
1.7
Avg Household Size
36
Median Age
66%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
1,112
Density / Sq Mi
$81,386
Median Household Income
$54,787
Median Earnings
$1,374
Median Rent
$710,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick and stone multifamily property with covered parking and a mix of studios and one- and two-bedroom residences.
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 building with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom unit; 30,838 square feet on a 0.38‑acre parcel; Built in 1930 with brick and stone construction and high‑rise architectural style
