Historic 7-Unit Apartment
For Sale
$1,949,999
60 E St, Salt Lake City, UT 84103
Historic character meets updated kitchens and bathrooms in a fully leased multifamily property.
Property Size6,620 SF
Price / SF$294.56
Days on Market22
Property Features for 60 E St
General Information
Standard status
Active
Size
6,620 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Cap Rate
5.7%
Multifamily Units
7
Amenities
hardwood floors
original fireplaces
exposed brick accents
high ceilings
private balconies
fire escapes
in-unit washer/dryers
dishwashers
Building Details
Year Built
1906
Tenancy
Multi
Listing Agency:
Utah Home Central
Listed By:
Matthew Sprunt · License #5918803
(801) 414-5790
Source:
Redsign
Added: Aug 12
Changed: Aug 29
Last Checked: Sep 1 at 9:22PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Utah Home Central
Investment Insights
Based on property information with market context.
Built in 1906, this 7-unit apartment property combines period architectural details with practical modern improvements. Interior features include hardwood flooring, original fireplaces, exposed brick, and high ceilings, while updated kitchens and bathrooms support contemporary residential use. Some units have private balconies. Three units include in-unit washers and dryers, and five have dishwashers. Required fire escapes are also present.
The property is located at 60 E ST in Salt Lake City’s Avenues neighborhood, near the University of Utah and City Creek Canyon. Downtown Salt Lake City is within walking distance. The building is fully leased with tenants in place, and the reported cap rate is 5.7%.
The property is located at 60 E ST in Salt Lake City’s Avenues neighborhood, near the University of Utah and City Creek Canyon. Downtown Salt Lake City is within walking distance. The building is fully leased with tenants in place, and the reported cap rate is 5.7%.
Key Highlights
- 7‑unit apartment property built in 1906
- Fully leased with tenants in place
- Hardwood floors, original fireplaces, exposed brick, and high ceilings
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
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,465
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 - Historic character meets updated kitchens and bathrooms in a fully leased multifamily property.
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 built in 1906; Fully leased with tenants in place; Hardwood floors, original fireplaces, exposed brick, and high ceilings
