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 Market258
Property Features for 141 E 1ST AVE
General Information
Standard status
Active
Size
30,838 SF
Property subtype
> 4 Units
Site & Location
Neighborhood
Greater Avenues
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: Oct 25
Last Checked: Oct 25 at 1:49AM
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
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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 / Yr
$382,035
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
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
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Market
Vacancy Rate% for Multifamily in West region
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
