Seven-Unit Multifamily
66 I St Salt Lake City, UT 84103
For Sale
Contact for pricing
Recently renovated seven-unit income property with six apartments and one four-bedroom single-family home on a 0.25-acre site.
Property Size5,335 SF
Lot Size0.25 Acres
Price / SF$411.43
Days on Market111
Property Features for 66 I St
General Information
- Standard status
- Active
- Size
- 5,335 SF
- Lot size
- 0.25 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1940
Listing Agency:
Graystone Capital Advisors
Listed By:
Daniel Fale · License #11905080-SA00
Source:
Crexi
Added: Apr 6
Changed: Jul 23
Last Checked: Jul 25 at 2:58PM
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 Graystone Capital Advisors
Investment Insights
Based on property information with market context.
This recently renovated seven-unit income property includes six apartments and one completely updated four-bedroom single-family home on a 0.25-acre site. The property totals 5,335 square feet and features a unit mix of 1 studio, 4 one-bedroom/one-bath apartments, 1 two-bedroom/one-bath apartment, and the standalone four-bedroom/1.5-bath home. Major renovations were completed across 2022–2024, including electrical system replacement in the single-family home (upgraded from knob-and-tube), new HVAC, and a kitchen renovation stripped to studs. The apartment units have new tankless water heaters and dedicated electrical shut-offs, with new HVAC systems in all units except Apartment 2.
Financially, the property is presented as stabilized with an in-place cap rate of 5.25% and a pro forma cap rate of 5.79% at the offering price, supported by $115,356 in in-place NOI and $127,015 pro forma NOI. Current rent is $11,975 per month, with pro forma rent of $12,663 as leases roll during peak season.
The property is positioned in Salt Lake City’s Avenues neighborhood, directly adjacent to downtown. It is listed as 0.1 miles from public transit, with immediate access to I-80 and walkability to downtown employment centers, City Creek Center, the University of Utah, and dining and entertainment options.
Financially, the property is presented as stabilized with an in-place cap rate of 5.25% and a pro forma cap rate of 5.79% at the offering price, supported by $115,356 in in-place NOI and $127,015 pro forma NOI. Current rent is $11,975 per month, with pro forma rent of $12,663 as leases roll during peak season.
The property is positioned in Salt Lake City’s Avenues neighborhood, directly adjacent to downtown. It is listed as 0.1 miles from public transit, with immediate access to I-80 and walkability to downtown employment centers, City Creek Center, the University of Utah, and dining and entertainment options.
Key Highlights
- 7‑unit multifamily property on a 0.25‑acre site at 66 I Street (5,335 SF total): six apartments plus one updated 4‑bedroom single‑family home
- Recent renovations (2022–2024): single‑family complete electrical replacement (knob‑and‑tube upgraded), new HVAC, and kitchen renovation to studs
- Apartment upgrades include new tankless water heaters and dedicated electrical shut‑offs; new HVAC systems in all units except Apartment 2
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 | $126.8k | $23.76 |
| − Vacancy | −$6.6k | −$1.24 |
| EGI | $120.2k | $22.52 |
| − OpEx | −$54.1k | −$10.14 |
| NOI | $66.1k | $12.39 |
5,335 SF · lease $23.76/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$944.2K
$826.2K – $1.10M
NOI $66,092 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,613 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Recently renovated seven-unit income property with six apartments and one four-bedroom single-family home on a 0.25-acre site.
Where is this apartment building located?
The property is located at 66 I St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: 7‑unit multifamily property on a 0.25‑acre site at 66 I Street (5,335 SF total): six apartments plus one updated 4‑bedroom single‑family home; Recent renovations (2022–2024): single‑family complete electrical replacement (knob‑and‑tube upgraded), new HVAC, and kitchen renovation to studs; Apartment upgrades include new tankless water heaters and dedicated electrical shut‑offs; new HVAC systems in all units except Apartment 2
