21-Unit Brick Apartment
For Sale
$4,345,000
146 E 2ND AVE, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size14,850 SF
Lot Size0.62 Acres
Price / SF$292.59
Days on Market191
Property Features for 146 E 2ND AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
RMF-75
Bedrooms
28
Bathrooms
21
Full bathrooms
21
Rooms
Bedroom 26, Bathroom 4, Bathroom 13, Bedroom 7, Bathroom 14, Bathroom 21, Bedroom 8, Bathroom 12, Bathroom 10, Bedroom 24, Bathroom 8, Bathroom 16, Bathroom 17, Bedroom 16, Bathroom 11, Bedroom 6, Bathroom 18, Bedroom 22, Bedroom 25, Bedroom 3, Bathroom 20, Bedroom 9, Bedroom 11, Bedroom 28, Bedroom 1, Bathroom 19, Bedroom 10, Bedroom 5, Bedroom 2, Bedroom 20, Bedroom 12, Bathroom 2, Bathroom 3, Bedroom 15, Bedroom 19, Bathroom 9, Bathroom 15, Bedroom 18, Bedroom 21, Bedroom 23, Bathroom 7, Bathroom 6, Bedroom 13, Bathroom 1, Bathroom 5, Bedroom 4, Bedroom 14, Bedroom 27, Bedroom 17
Parking features
Covered
Window features
Blinds
Lot features
View: Mountain
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
09-31-379-011
Size
14,850 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Annual Amount
24632
Utilities
Heating system
Central, Natural Gas, Wall Furnace
Water source
Private
Building Details
Year built
1923
Floors in Building
3
Number of units
21
Flooring type
Carpet, Tile, Hardwood
Building materials
Brick
Roof type
Membrane
Architectural style
Other
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Cory Waddoups
(801) 609-8342
Added: Feb 12
Changed: Aug 22
Last Checked: Aug 22 at 6:06PM
MLS# 2136942
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.
This 21-unit multifamily property comprises two brick buildings totaling 14,850 square feet on a 0.62-acre parcel. Built in 1923, the asset retains original hardwood flooring and penny-tile bathrooms while incorporating updated countertops, cabinetry, and contemporary interior finishes throughout the units. Covered parking, a membrane roof, and a mix of central, wall-furnace, and natural-gas heating serve the property. Flooring also includes tile and carpet.
Located at 146 E 2ND AVE in Salt Lake City, the property is within ZIP Code 84103 and carries Multi-Family zoning. The sale includes parcel 09-31-379-010 in addition to the primary parcel. Water is supplied privately, providing additional physical and operational context for evaluating the apartment asset.
Located at 146 E 2ND AVE in Salt Lake City, the property is within ZIP Code 84103 and carries Multi-Family zoning. The sale includes parcel 09-31-379-010 in addition to the primary parcel. Water is supplied privately, providing additional physical and operational context for evaluating the apartment asset.
Key Highlights
- 21‑unit multifamily property totaling 14,850 square feet
- Two brick buildings on 0.62 acres
- Built in 1923 with renovated units
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
$183,969
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
4.23%
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%
$3,679,380
$3.7M
Cap Rate 7%
$2,628,129
$2.6M
Cap Rate 9%
$2,044,100
$2.0M
Market Conditions
NOI Build-Up for 14,850 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
$352.8K $23.76/SF
− Vacancy
−$18.3K −$1.24/SF
EGI
$334.5K $22.52/SF
− OpEx
−$150.5K −$10.14/SF
NOI
$184.0K $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%
$3,679,380
Cap Rate 7%
$2,628,129
Cap Rate 9%
$2,044,100
Alternative Uses
Best Use
Apartment 5plus
$2.63M
$2.30M – $3.07M
NOI $183,969 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,056 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
5,407
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-building multifamily asset with renovated interiors, covered parking, and Multi-Family zoning.
Where is this apartment building located?
The property is located at 146 E 2ND AVE Salt Lake City, UT.
What is the asking price?
The asking price for this property is $4,345,000.
What are key features of this property?
This property features: 21‑unit multifamily property totaling 14,850 square feet; Two brick buildings on 0.62 acres; Built in 1923 with renovated units
