Well-Maintained 5-Plex Apartment
For Sale
Contact for pricing
201 N I ST, Salt Lake City, UT 84103
Well-maintained 5-plex with updated plumbing, offering multiple rental units in the Salt Lake City Avenues.
Property Size4,272 SF
Price / SF$269.19
Days on Market62
Property Features for 201 N I ST
General Information
Standard status
Active
Size
4,272 SF
Property subtype
Multifamily
Additional Details
Business Included
Yes
Multifamily Units
5
Building Details
Year Built
1940
Listing Agency:
Century 21 Everest Union Park
(801) 449-3000
Listed By:
Brian Noel · License #5469721
Source:
Crexi
Added: Jun 12
Changed: Aug 7
Last Checked: Aug 11 at 7:07PM
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 Century 21 Everest Union Park
Investment Insights
Based on property information with market context.
This property is a well-maintained 5-plex apartment building with multiple rental units totaling 4,272 square feet. Public remarks note major updates, including new plumbing throughout, along with other improvements intended to reduce maintenance and help keep the units attractive to renters.
The building is located in Salt Lake City’s Avenues neighborhood, with proximity to downtown, the University of Utah, hospitals, restaurants, shopping, and public transit, according to the remarks. The asset is positioned for tenants who value access to work, school, and everyday amenities.
For buyers or operators seeking a small multifamily investment, the current ownership has made reported building system updates, including plumbing, which can be important for ongoing operational consistency. Public remarks also indicate the property has experienced consistent tenant demand and low vacancy over the years. Please do not disturb tenants; showings require advance notice, and access to all units may not be available until an offer has been accepted. Buyer to verify all information, including square footage.
The building is located in Salt Lake City’s Avenues neighborhood, with proximity to downtown, the University of Utah, hospitals, restaurants, shopping, and public transit, according to the remarks. The asset is positioned for tenants who value access to work, school, and everyday amenities.
For buyers or operators seeking a small multifamily investment, the current ownership has made reported building system updates, including plumbing, which can be important for ongoing operational consistency. Public remarks also indicate the property has experienced consistent tenant demand and low vacancy over the years. Please do not disturb tenants; showings require advance notice, and access to all units may not be available until an offer has been accepted. Buyer to verify all information, including square footage.
Key Highlights
- 1940‑built well‑maintained 5‑plex in Salt Lake City’s Avenues neighborhood
- Major update includes new plumbing throughout the property
- Multiple rental units with a history of consistent tenant demand and low vacancy over the years
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
$52,924
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
4.60%
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%
$1,058,480
$1.1M
Cap Rate 7%
$756,057
$756.1K
Cap Rate 9%
$588,044
$588.0K
Market Conditions
NOI Build-Up for 4,272 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
$101.5K $23.76/SF
− Vacancy
−$5.3K −$1.24/SF
EGI
$96.2K $22.52/SF
− OpEx
−$43.3K −$10.14/SF
NOI
$52.9K $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%
$1,058,480
Cap Rate 7%
$756,057
Cap Rate 9%
$588,044
Alternative Uses
Best Use
Apartment 5plus
$756.1K
$661.6K – $882.1K
NOI $52,924 @ 7.0% cap · market cap 4.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.15M
$1.01M – $1.34M
NOI $80,566 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,761
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 - Well-maintained 5-plex with updated plumbing, offering multiple rental units in the Salt Lake City Avenues.
Where is this apartment building located?
The property is located at 201 N I ST Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 1940‑built well‑maintained 5‑plex in Salt Lake City’s Avenues neighborhood; Major update includes new plumbing throughout the property; Multiple rental units with a history of consistent tenant demand and low vacancy over the years
