5-Unit Apartment
For Sale
$1,150,000
201 N I St, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size4,272 SF
Lot Size0.08 Acres
Price / SF$269.19
Days on Market117
Property Features for 201 N I St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
SR-1
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 1, Bedroom 2, Bedroom 5, Bathroom 5, Bathroom 3, Bedroom 6, Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 4, Bathroom 2
Interior features
Oven: Gas, Range: Gas, Range/Oven: Free Stdng.
Lot features
Corner Lot
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
09-32-309-009
Size
4,272 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
5735
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace, Central, Natural Gas, Forced Air
Building Details
Year built
1940
Number of units
5
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Membrane, Asphalt
Architectural style
Other
Listing Agency:
Century 21 Everest · Century 21 Real Estate
(801) 449-3000
Listed By:
Brian Noel · License #5469721
(801) 599-5292
Added: May 26
Changed: Sep 16
Last Checked: Sep 19 at 5:06AM
MLS# 2164454
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 5-unit apartment building contains 4,272 square feet on a 0.08-acre parcel and was built in 1940. The brick structure includes hardwood and tile flooring, gas ranges and ovens, and a mix of central, wall furnace, natural gas, and forced-air heating. Public sewer serves the property, and the roof includes asphalt and membrane materials.
Recent improvements include new plumbing and electrical throughout, replacement windows, and upgraded porch decking. The property is zoned Multi-Family and is located in Salt Lake City's Avenues neighborhood, near downtown, the University of Utah, hospitals, restaurants, shopping, and public transit.
Recent improvements include new plumbing and electrical throughout, replacement windows, and upgraded porch decking. The property is zoned Multi-Family and is located in Salt Lake City's Avenues neighborhood, near downtown, the University of Utah, hospitals, restaurants, shopping, and public transit.
Key Highlights
- 5‑unit apartment building with 4,272 square feet
- 0.08‑acre parcel in Salt Lake City's Avenues neighborhood
- New plumbing and electrical throughout
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
$52,924
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
4.60%
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%
$1,058,480
$1.1M
Cap Rate 7%
$756,057
$756.1K
Cap Rate 9%
$588,044
$588.0K
Market Conditions
NOI Build-Up for 4,272 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
$101.5K $23.76/SF
− Vacancy
−$5.3K −$1.24/SF
EGI
$96.2K $22.52/SF
− OpEx
−$43.3K −$10.14/SF
NOI
$52.9K $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%
$1,058,480
Cap Rate 7%
$756,057
Cap Rate 9%
$588,044
Alternative Uses
Best Use
Apartment 5plus
$756.1K
$661.6K – $882.1K
NOI $52,924 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,566 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,415
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Brick multifamily property with updated plumbing, electrical, windows, and porch decking in the Avenues neighborhood.
Where is this apartment building located?
The property is located at 201 N I St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 5‑unit apartment building with 4,272 square feet; 0.08‑acre parcel in Salt Lake City's Avenues neighborhood; New plumbing and electrical throughout
