Downtown Apartment
141 E 1st Ave Salt Lake City, UT 84103
141 E 1st Ave, Salt Lake City, UT, 84103
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For Sale
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32-unit apartment building in the Avenues, with 1- and studio-style units and partial interior upgrades completed in 2021.
Property Size30,838 SF
Price / SF$212.40
Days on Market82
Property Features for 141 E 1st Ave
General Information
- Standard status
- Active
- Size
- 30,838 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1930
Listing agency
Investment Realty Advisors
(435) 485-7070
Listed by
Porter Criddle · License #UT
Source
Crexi
Added: May 1 Updated: Jul 21 at 5:05AM Checked: Jul 21 at 5:05AM
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
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $732.7k | $23.76 |
| − Vacancy | −$38.1k | −$1.24 |
| EGI | $694.6k | $22.52 |
| − OpEx | −$312.6k | −$10.14 |
| NOI | $382.0k | $12.39 |
30,838 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Castle Heights
Apartment Building
Salt Lake City’s ...
Auto Repair Shop
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FAQs
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
