Downtown Salt Lake City
141 E 1ST Ave, Salt Lake City, UT 84103
MULTI_FAMILY - High Rise - Salt Lake City, UT
Property size:
30,838 SFLot size:
0.38 AcresPrice / SF:
$212/SF- Added:
- Feb 10, 2026
- Days on Market:
- 113
- Last Refresh:
- Jun 3 at 8:06 am
Property Features for 141 E 1ST Ave
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- Multi-Family
- Bedrooms
- 30
- Bathrooms
- 32
- Rooms
- Bedroom 4, Bedroom 1, Bedroom 15, Bedroom 21, Bedroom 24, Bathroom 30, Bathroom 17, Bedroom 5, Bathroom 22, Bedroom 6, Bathroom 12, Bathroom 25, Bedroom 19, Bathroom 4, Bathroom 6, Bedroom 26, Bathroom 16, Bedroom 14, Bathroom 7, Bedroom 11, Bedroom 7, Bathroom 19, Bathroom 2, Bedroom 30, Bathroom 28, Bathroom 21, Bathroom 27, Bathroom 32, Bathroom 10, Bathroom 23, Bedroom 23, Bathroom 1, Bedroom 18, Bathroom 26, Bedroom 28, Bedroom 16, Bathroom 3, Bathroom 5, Bedroom 12, Bedroom 17, Bedroom 8, Bathroom 15, Bathroom 29, Bathroom 18, Bedroom 13, Bathroom 14, Bedroom 20, Bedroom 22, Bedroom 2, Bathroom 11, Bedroom 25, Bathroom 20, Bedroom 27, Bathroom 13, Bathroom 8, Bathroom 24, Bathroom 31, Bedroom 10, Bedroom 29, Bedroom 9, Bathroom 9, Bedroom 3
- Parking features
- Covered
- Exterior features
- Entry (Foyer)
- Standard status
- Active
- APN
- 09-31-379-018
- Size
- 30,838 SF
- Lot size
- 0.38 Acres
Taxes and HOA fees
- Tax Annual Amount
- 30739
Utilities
- Heating system
- Natural Gas, Radiant
Building Details
- Year built
- 1930
- Number of units
- 32
- Flooring type
- Tile, Hardwood, Vinyl, Carpet
- Building materials
- Brick, Stone
- Architectural style
- High Rise
Listing agent Cory Waddoups (801) 609-8342
Listing office Investment Realty Advisors LLC 411 W 7200 S Ste 201, Salt Lake City, UT (435) 485-7070
Listing date Feb 10, 2026
MLS# 2136339
Listing URL
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.
HighLights
- Value‑add opportunity offered at under $210,000 per unit.
- Premier downtown Salt Lake City Avenues location, walkable to Temple Square, City Creek, dining, employment, and public transit.
- Iconic 32‑unit multifamily building.
- Mix of unit types: 27 one‑bedroom units, 4 studios, and 1 two‑bedroom.
- Some interior cosmetic upgrades completed in 2021 (cabinets, countertops, stainless steel appliances).
- Strong long‑term upside potential.
Overview
Located in the heart of downtown Salt Lake City's Avenues neighborhood, Castle Heights Apartments is a 32-unit multifamily building. The property is situated steps from Temple Square, City Creek, dining, employment, and public transit. The unit mix includes 27 one-bedroom units, 4 studios, and 1 two-bedroom unit. Some interior cosmetic upgrades were completed in 2021, including new cabinets, countertops, and stainless steel appliances, but additional work remains. The property is located on a 0.38-acre lot and has a property size of 30838 square feet. The zoning is Multi-Family, presenting a value-add opportunity in a walkable downtown location with long-term upside.
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 Profile
Location Intelligence
Current Use by Public Records
Castle Heights
Apartment Building
Salt Lake City’s ...
Auto Repair Shop
Location Insight
- Map
- Local Demand
- City
- Salt Lake City
- County
- Salt Lake
- State
- Utah
- Longitude
- -111.885638
- Latitude
- 40.770896
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - 32-unit multifamily property in Salt Lake City's Avenues neighborhood.
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: Value‑add opportunity offered at under $210,000 per unit.; **Premier downtown Salt Lake City Avenues location, walkable to Temple Square, City Creek, dining, employment, and public transit.**; Iconic 32‑unit multifamily building.
