32-Unit Apartment
For Sale
$6,550,000
141 E 1ST Ave, Salt Lake City, UT 84103
Residential, Salt Lake City, UT
Property Size30,838 SF
Lot Size0.38 Acres
Price / SF$212.40
Days on Market238
Property Features for 141 E 1ST Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Zoning description
RMF-75
Bedrooms
30
Bathrooms
32
Full bathrooms
32
Rooms
Bathroom 8, Bathroom 22, Bedroom 29, Bathroom 18, Bedroom 11, Bedroom 30, Bathroom 7, Bedroom 6, Bathroom 20, Bathroom 29, Bathroom 31, Bedroom 4, Bedroom 14, Bedroom 9, Bathroom 15, Bathroom 27, Bedroom 21, Bathroom 24, Bedroom 13, Bedroom 23, Bedroom 3, Bathroom 17, Bathroom 19, Bedroom 1, Bedroom 19, Bedroom 7, Bedroom 27, Bedroom 8, Bedroom 22, Bedroom 26, Bathroom 25, Bedroom 24, Bedroom 28, Bedroom 16, Bedroom 10, Bedroom 25, Bathroom 5, Bathroom 11, Bathroom 23, Bathroom 2, Bathroom 14, Bathroom 21, Bathroom 30, Bathroom 1, Bedroom 12, Bedroom 2, Bedroom 5, Bedroom 17, Bathroom 13, Bedroom 15, Bathroom 12, Bathroom 6, Bathroom 26, Bathroom 28, Bathroom 32, Bathroom 10, Bathroom 3, Bedroom 20, Bathroom 16, Bedroom 18, Bathroom 9, Bathroom 4
Parking features
Covered
Exterior features
Entry (Foyer)
Lot features
Road: Paved
Elementary school
Wasatch
Middle school
Bryant
High school
West
Elementary school district
Salt Lake
Middle school district
Salt Lake
High school district
Salt Lake
Subdivision
Salt Lake City: Avenues Area
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
Radiant, Natural Gas
Building Details
Year built
1930
Number of units
32
Flooring type
Carpet, Vinyl, Tile, Hardwood
Building materials
Brick, Stone
Architectural style
High Rise
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Cory Waddoups
(801) 609-8342
Added: Feb 10
Changed: Sep 13
Last Checked: Oct 6 at 10:06AM
MLS# 2136339
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.
Castle Heights Apartments is a 32-unit multifamily building constructed in 1930, with 27 one-bedroom apartments, four studios, and one two-bedroom apartment. The 30,838-square-foot property occupies 0.38 acres and is classified Multi-Family. Brick and stone construction, a high-rise architectural style, covered parking, and a foyer entry define the building’s physical profile. Interior finishes include hardwood, vinyl, carpet, and tile flooring, with radiant natural-gas heating.
The property is located at 141 E 1ST Ave in Salt Lake City’s Avenues neighborhood. Temple Square, City Creek, dining, employment, and public transit are described as being steps away. Select interior cosmetic improvements were completed in 2021, including cabinets, countertops, and stainless steel appliances, while additional work remains.
The property is located at 141 E 1ST Ave in Salt Lake City’s Avenues neighborhood. Temple Square, City Creek, dining, employment, and public transit are described as being steps away. Select interior cosmetic improvements were completed in 2021, including cabinets, countertops, and stainless steel appliances, while additional work remains.
Key Highlights
- 32‑unit multifamily building with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom unit
- 30,838 square feet on a 0.38‑acre parcel
- Built in 1930 with brick and stone construction and high‑rise architectural style
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.
Property Analytics
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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
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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 - Brick and stone multifamily property with covered parking and a mix of studios and one- and two-bedroom residences.
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 building with 27 one‑bedroom units, 4 studios, and 1 two‑bedroom unit; 30,838 square feet on a 0.38‑acre parcel; Built in 1930 with brick and stone construction and high‑rise architectural style
