Historic 7-Unit Apartment
For Sale
$1,949,999
60 E St, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size6,620 SF
Lot Size0.11 Acres
Price / SF$294.56
Days on Market150
Property Features for 60 E St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
12
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 4, Bedroom 7, Bedroom 8, Bedroom 6, Bedroom 3, Bedroom 9, Bedroom 11, Bedroom 1, Bedroom 10, Bedroom 5, Bedroom 2, Bedroom 12, Bathroom 2, Bathroom 3, Bathroom 7, Bathroom 6, Bathroom 1, Bedroom 4, Bathroom 5
Window features
Blinds
Patio and Porch features
Patio
Interior features
Alarm: Fire, Disposal, Gas Log, Kitchen: Updated, Oven: Gas, Dishwasher: Built-In
Exterior features
Balcony, Basement Entrance, Bay Box Windows, Entry (Foyer), Lighting, Patio: Covered
Subdivision
SULA APARTMENTS
Lot features
Road: Paved, Sidewalks
Elementary school
Wasatch
Middle school
Bryant
High school
West
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Standard status
Active
APN
09-31-480-010
Size
6,620 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
7197
Utilities
Sewer type
Public Sewer
Heating system
Central, Natural Gas, Forced Air
Amenities
fire escapes
in-unit washer/dryer
dishwasher
private balconies
Building Details
Year built
1906
Floors in Building
2
Number of units
7
Flooring type
Carpet, Tile, Hardwood
Building materials
Brick
Roof type
Flat
Architectural style
Other
Listing Agency:
Utah Home Central
(801) 414-5790
Listed By:
Matthew Sprunt · License #5918803
(801) 414-5790
Added: Apr 6
Changed: Aug 22
Last Checked: Sep 2 at 3:06AM
MLS# 2148322
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.
Built in 1906, this 6,620-square-foot brick apartment property contains 7 units and combines historic architectural details with updated residential interiors. Hardwood flooring, original fireplaces, exposed brick, high ceilings, bay box windows, and select private balconies contribute to the building’s character. Kitchens and bathrooms have been updated, while three units include in-unit washers and dryers and five have built-in dishwashers. The property also features central forced-air heating, a covered patio, public sewer, and required fire escapes.
The property is located at 60 E St in Salt Lake City’s Avenues neighborhood, near the University of Utah, City Creek Canyon, and downtown Salt Lake City. It is fully leased and carries a 5.7% cap rate. The site encompasses 0.11 acres and is zoned Multi-Family.
The property is located at 60 E St in Salt Lake City’s Avenues neighborhood, near the University of Utah, City Creek Canyon, and downtown Salt Lake City. It is fully leased and carries a 5.7% cap rate. The site encompasses 0.11 acres and is zoned Multi-Family.
Key Highlights
- 7‑unit apartment property with 6,620 square feet
- Historic brick construction dating to 1906
- Fully leased with a 5.7% cap rate
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
$82,012
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
4.21%
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%
$1,640,240
$1.6M
Cap Rate 7%
$1,171,600
$1.2M
Cap Rate 9%
$911,244
$911.2K
Market Conditions
NOI Build-Up for 6,620 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
$157.3K $23.76/SF
− Vacancy
−$8.2K −$1.24/SF
EGI
$149.1K $22.52/SF
− OpEx
−$67.1K −$10.14/SF
NOI
$82.0K $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%
$1,640,240
Cap Rate 7%
$1,171,600
Cap Rate 9%
$911,244
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,012 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,847 @ 7.0% cap · market cap 6.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,190
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 - Brick multifamily property with updated kitchens, modernized bathrooms, and select private balconies.
Where is this apartment building located?
The property is located at 60 E St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,949,999.
What are key features of this property?
This property features: 7‑unit apartment property with 6,620 square feet; Historic brick construction dating to 1906; Fully leased with a 5.7% cap rate
