Renovated Brick Apartment
For Sale
Contact for pricing
146 E 2nd Ave, Salt Lake City, UT 84103
Dual-building multifamily asset with updated interiors and preserved period finishes.
Property Size14,850 SF
Price / SF$292.59
Days on Market125
Property Features for 146 E 2nd Ave
General Information
Standard status
Active
Size
14,850 SF
Property subtype
Multifamily
Zoning
RMF-75
Additional Details
Multifamily Units
21
Building Details
Year Built
1923
Buildings
2
Stories
3
Units
21
Construction
brick
Listing Agency:
Investment Realty Advisors
(435) 485-7070
Listed By:
Porter Criddle · License #UT
Source:
Crexi
Added: May 1
Changed: Aug 29
Last Checked: Sep 1 at 11:44AM
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.
Stanton-Yale Apartments comprises two brick apartment buildings with 21 units and 14,850 square feet, originally constructed in 1923. Every unit has undergone renovation, including new countertops, cabinetry, and contemporary finishes. Original hardwood flooring and penny-tile bathrooms remain, combining updated interiors with historic building details. On-site parking is also included.
The property is located at 146 E 2nd Ave in Salt Lake City, Utah, within the RMF-75 zoning district. The sale includes parcel 09-31-379-010 in addition to the primary property. The offering provides a substantial multifamily configuration with renovated units, retained architectural character, and a two-building layout.
The property is located at 146 E 2nd Ave in Salt Lake City, Utah, within the RMF-75 zoning district. The sale includes parcel 09-31-379-010 in addition to the primary property. The offering provides a substantial multifamily configuration with renovated units, retained architectural character, and a two-building layout.
Key Highlights
- 21‑unit, 14,850‑square‑foot apartment property
- Two brick apartment buildings constructed in 1923
- Renovated units with new countertops, cabinets, and contemporary finishes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$183,969
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.23%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,679,380
$3.7M
Cap Rate 7%
$2,628,129
$2.6M
Cap Rate 9%
$2,044,100
$2.0M
Market Conditions
NOI Build-Up for 14,850 SF
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.
Gross rent
$352.8K $23.76/SF
− Vacancy
−$18.3K −$1.24/SF
EGI
$334.5K $22.52/SF
− OpEx
−$150.5K −$10.14/SF
NOI
$184.0K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,679,380
Cap Rate 7%
$2,628,129
Cap Rate 9%
$2,044,100
Alternative Uses
Best Use
Apartment 5plus
$2.63M
$2.30M – $3.07M
NOI $183,969 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,056 @ 7.0% cap · market cap 6.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21
Residential units
Location Intelligence
Trade Area within ½ mile
5,407
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Dual-building multifamily asset with updated interiors and preserved period finishes.
Where is this apartment building located?
The property is located at 146 E 2nd Ave Salt Lake City, UT.
What is the asking price?
The asking price for this property is $4,345,000.
What are key features of this property?
This property features: 21‑unit, 14,850‑square‑foot apartment property; Two brick apartment buildings constructed in 1923; Renovated units with new countertops, cabinets, and contemporary finishes
