Downtown Apartment
For Sale
$6,550,000
141 E 1ST AVE, Salt Lake City, UT 84103
32-unit apartment building in the Avenues, with 1- and studio-style units and partial interior upgrades completed in 2021.
Property Size30,838 SF
Days on Market212
Property Features for 141 E 1ST AVE
General Information
Standard status
Active
Size
30,838 SF
Property subtype
> 4 Units
Additional Details
Multifamily Units
32
Taxes and HOA fees
Annual Taxes
$30,739
Building Details
Building Size
30,838 SF
Year Built
1930
Year Renovated
2021
Listing Agency:
Investment Realty Advisors LLC
Listed By:
Cory Waddoups
(801) 609-8342
Source:
Acresutah
Added: Feb 10
Changed: Sep 8
Last Checked: Sep 10 at 7:35AM
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 Investment Realty Advisors LLC
Investment Insights
Based on property information with market context.
Castle Heights Apartments is a 32-unit multifamily building offering 27 one-bedroom units, four studios, and one two-bedroom. Interior cosmetic upgrades were completed in 2021, including new cabinets, countertops, and stainless steel appliances, with additional work remaining.
The property is located in the heart of downtown Salt Lake City’s Avenues neighborhood, just steps from major destinations and public transit options.
The unit mix supports a predominantly one-bedroom and studio configuration within a single apartment building.
The property is located in the heart of downtown Salt Lake City’s Avenues neighborhood, just steps from major destinations and public transit options.
The unit mix supports a predominantly one-bedroom and studio configuration within a single apartment building.
Key Highlights
- 32‑unit apartment building in Salt Lake City’s Avenues neighborhood
- Unit mix includes 27 one‑bedroom units, 4 studios, and 1 two‑bedroom unit
- Some interior cosmetic upgrades completed in 2021, including new cabinets, countertops, and stainless steel appliances
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
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Open Analytics
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
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
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Frequently Asked Questions
What type of property is this?
Apartment building - 32-unit apartment building in the Avenues, with 1- and studio-style units and partial interior upgrades completed in 2021.
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 apartment building in Salt Lake City’s Avenues neighborhood; Unit mix includes 27 one‑bedroom units, 4 studios, and 1 two‑bedroom unit; Some interior cosmetic upgrades completed in 2021, including new cabinets, countertops, and stainless steel appliances
