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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    223 3rd Ave Salt Lake City, UT 84103-2436

    • Apartment buildings
    • 14,746 SF
    • 0.22 lot acres
    OFF-MARKET
    Value Estimations
    $530,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US86-0298837
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Peery Apartments / Apartment Building

    Property Details for 223 3rd Ave

    Year built
    1930
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.22 lot acres
    Property size
    14,746 SF
    Zone code
    RMF-35
    Property type
    Apartment buildings
    APN
    09-31-338-014
    APU
    931338014

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $500,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $553,000
      Market price range: $469k - $938k

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $700,000
      Current use
      INDUSTRIAL (GENERAL)
      $840,000
      Change: +20% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -111.883
    Latitude
    40.7732
    CBSA code
    41620
    CBSA name
    SALT LAKE CITY, UT METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $13,702
    $685,600
    $1,834,400
    $2,520,000
    -
    $685,600
    $1,834,400
    $2,520,000

    Comparable in this City

    • Value Estimation
      $3,820,000
      102,796 SF

      155 1st Ave

      APARTMENT HOUSE (5+ UNITS) • 102,796 SF
      155 1st Ave, Salt Lake City, UT 84103-2381
      View Details
    • Value Estimation
      $1,210,000
      44,612 SF

      150 Main St

      APARTMENT HOUSE (5+ UNITS) • 44,612 SF
      150 Main St, Salt Lake City, UT 84103-2072
      View Details
    • Value Estimation by Request
      3,896 SF

      1103 3rd Ave

      APARTMENT HOUSE (5+ UNITS) • 3,896 SF
      1103 3rd Ave, Salt Lake City, UT 84103-4119
      View Details
    • Value Estimation by Request
      3,087 SF

      304 Ctr St

      APARTMENT HOUSE (5+ UNITS) • 3,087 SF
      304 Ctr St, Salt Lake City, UT 84103-1660
      View Details
    • Value Estimation by Request
      4,779 SF

      21 Gray Ave

      APARTMENT HOUSE (5+ UNITS) • 4,779 SF
      21 Gray Ave, Salt Lake City, UT 84103-4694
      View Details
    • Value Estimation by Request
      4,885 SF

      36 H St

      APARTMENT HOUSE (5+ UNITS) • 4,885 SF
      36 H St, Salt Lake City, UT 84103-3179
      View Details

    Similar Nearby for Sale

    • $318,000
      827 SF

      Condo with Hardwood Floors

      Condo featuring hardwood floors, granite countertops, and community amenities.
      650 N 300 W, Salt Lake City, UT 84103
      View Details
    • $305,000
      747 SF

      Main-Level Condo Near Downtown

      Well-maintained 2-bedroom condo with easy access to downtown.
      650 N 300 W, Salt Lake City, UT 84103
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    • $4,795,000
      14,850 SF

      Stanton-Yale Apartments: Historic Multi-Family

      Renovated 21-unit apartment building in Salt Lake City's Avenues.
      146 E 2Nd Ave, Salt Lake City, UT 84103
      View Details
    • $622,750
      1,772 SF

      New Construction Near Capitol Hill

      New construction property near Capitol Hill with flexible rental options.
      365 W 800 N, Salt Lake City, UT 84103
      View Details
    • $1,550,000
      6,160 SF

      Four-Plex Near Utah Capitol

      Well-maintained four-plex with spacious units and recent upgrades.
      35 Hillside Ave, Salt Lake City, UT 84103
      View Details
    • $1,200,000
      3,750 SF

      Turnkey Fourplex in Prime Location

      Legal fourplex in the Avenues, Salt Lake City, with cash flow.
      116 N B St E, Salt Lake City, UT 84103
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      12,350 SF

      Downtown SLC Industrial Space

      12,350 SF Manufacturing/Warehouse
      405 500, Salt Lake City, UT 84103
      View Details
    • Contact for pricing
      5,000 SF

      Retail Space on South 5600

      Retail spaces available for lease with high visibility.
      2933 S St W, West Valley City, UT 84103
      View Details
    • Contact for pricing
      11,840 SF

      West Valley City Warehouse Space

      11,840 SF warehouse with office, mezzanine, and rail access.
      995 W S St S, West Valley City, UT 84103
      View Details
    • $33 SF/Yr
      2,500 SF

      Downtown Retail Space Available

      First floor retail space in vibrant downtown Salt Lake City.
      378 W 300 S, Salt Lake City, UT 84103
      View Details
    • $12,500 /Mo

      East Side Commercial Land Lease

      1.1 acres of commercial land available for ground lease.
      6433 S E St E, Murray, UT 84103
      View Details
    • $22 SF/Yr
      2,261 SF

      Retail/Office/Medical Space For Rent

      Versatile space near transportation and medical center.
      244 W Vine St, Salt Lake City, UT 84103
      View Details
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    223 3rd Ave
    Salt Lake City, UT 84103-2436
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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