141 1ST, Salt Lake City, UT 84103
30BD/—BA Residential in Salt Lake City, UT 84103. 30,838 sqft. Built 1930. Listed at $6,700,000. MLS #2136339.
30BD/—BA Residential in Salt Lake City, UT 84103. 30,838 sqft. Built 1930. Listed at $6,700,000. MLS #2136339.
Located in the heart of downtown Salt Lake City's Avenues neighborhood, Castle Heights Apartments is one of the cities most iconic multifamily buildings. 32-units just steps from Temple Square, City Creek, dining, employment, and public transit. The property includes 27 one-bedroom units, 4 studios, and 1 two-bedroom. Some interior cosmetic upgrades were completed in 2021, including new cabinets, countertops, and stainless steel appliance, but more work remains. Offered at UNDER $210,000 per unit, this is a compelling value-add opportunity in a premier, walkable downtown location with strong long-term upside.
Property Type
Residential
Property Style
> 4 Units
Architectural Style
High Rise
County
Salt Lake
Zoning
Multi-Family
Construction
Brick,Stone
Lot Size
0.38 sq ft
Condition
Blt./Standing
MLS #
2136339
Property Type
Residential
Property Style
> 4 Units
Architectural Style
High Rise
County
Salt Lake
Zoning
Multi-Family
Construction
Brick,Stone
Lot Size
0.38 sq ft
Condition
Blt./Standing
MLS #
2136339
List Price
$6,700,000
Original Price
$6,900,000
Annual Taxes
$30,739
Home Warranty
No
List Price
$6,700,000
Original Price
$6,900,000
Annual Taxes
$30,739
Home Warranty
No
Heating
Gas: Radiant
Flooring
Carpet,Hardwood,Tile,Vinyl
Materials
Brick,Stone
Sewer
Sewer: Connected
Heating
Gas: Radiant
Flooring
Carpet,Hardwood,Tile,Vinyl
Materials
Brick,Stone
Sewer
Sewer: Connected
Covered Spaces
0
Total Parking
0
Covered Spaces
0
Total Parking
0
Classification
Standard
Deal Score
25/100
vs Similar Homes
51% above
vs Market Median
18% above
Price Reduced
2.9%
Area Growth (YoY)
0.1%
Deal Score Breakdown
25/100
3% price reduction from original list — seller may be motivated
Priced 51% above the median of similar listings
Priced 18% above the per-subtype city median
0.1% year-over-year ZHVI growth in this area
STR net cashflow -$25,921/mo (-57.1% return). Uses the better of LT or STR against total monthly ownership cost (P&I, tax, insurance, HOA, maintenance).
Ensemble scoring: the best single signal sets the floor, secondary qualifying signals (≥60) each add 5 points up to +20. A home that strongly wins on one dimension is already a great deal — it doesn't need to tick every box.
Est. Annual Revenue
$334,080/yr
$395/night · 39% occupancy · $131/bedroom · $0.43/sqft
Net Monthly Cash Flow
−$25,921 /mo (−$311,052/yr)
Monthly STR income
Monthly ownership cost
Coverage
61%
Net /mo
−$25,921
DSCR
0.57
Best Download
10 Gbps
Best Upload
10 Gbps
Fiber Available
Yes
Providers
14
Available Providers
$575,000
+1065% vs median
55 days
621
$184,000 – $7,995,000
$30,739
High Crime
28.7
per 1,000
83.9
per 1,000
34.5
per 1,000
147.1
per 1,000
National rates use FBI UCR Index Crimes. Local rates use NIBRS which may include additional offense categories.
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Daryn Edmunds - High Road Properties

Salt Lake City Real Estate Broker Focused on Pricing, Positioning, and Results

Devin Tanner - Utah Realtor
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