Downtown Salt Lake City
141 E 1ST Ave Salt Lake City, UT 84103
141 E 1ST Ave, Salt Lake City, UT, 84103
$6,550,000
For Sale
$6,550,000
MULTI_FAMILY - High Rise - Salt Lake City, UT
Property Size30,838 SF
Lot Size0.38 Acres
Price / SF$212.40
Days on Market158
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 20, Bedroom 18, Bedroom 22, Bedroom 3, Bedroom 14, Bathroom 28, Bedroom 13, Bedroom 30, Bathroom 22, Bedroom 29, Bathroom 30, Bedroom 9, Bedroom 2, Bathroom 8, Bathroom 6, Bathroom 24, Bedroom 4, Bedroom 28, Bathroom 26, Bedroom 8, Bathroom 10, Bedroom 26, Bathroom 21, Bathroom 14, Bathroom 27, Bathroom 19, Bathroom 29, Bathroom 9, Bathroom 5, Bathroom 32, Bathroom 11, Bedroom 25, Bathroom 16, Bedroom 23, Bedroom 24, Bedroom 21, Bathroom 1, Bathroom 7, Bathroom 17, Bedroom 11, Bathroom 25, Bedroom 12, Bedroom 6, Bathroom 4, Bathroom 15, Bathroom 20, Bathroom 23, Bathroom 18, Bathroom 2, Bathroom 13, Bathroom 12, Bedroom 16, Bedroom 1, Bedroom 7, Bedroom 17, Bedroom 15, Bedroom 10, Bedroom 19, Bedroom 5, Bedroom 27, Bathroom 31, Bathroom 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
- Vinyl, Hardwood, Carpet, Tile
- Building materials
- Brick, Stone
- Architectural style
- High Rise
Listing Agency
Investment Realty Advisors LLC
(435) 485-7070
411 W 7200 S Ste 201, Salt Lake City, UT
Listed by
Cory Waddoups
(801) 609-8342
Added: Feb 10 Checked: Jul 18 at 11:06 am
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.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- 32‑unit multifamily property with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom
- Built in 1930 with brick and stone construction materials
- Heating includes natural gas and radiant systems
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
Property Profile
Location Intelligence
Current Use by Public Records
Castle Heights
Apartment Building
Salt Lake City’s ...
Auto Repair Shop
Similar For Sale Nearby
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: 32‑unit multifamily property with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom; Built in 1930 with brick and stone construction materials; Heating includes natural gas and radiant systems
