60 E St · Salt Lake City, UT 84103

$1,949,999

84 bd · 49.0 ba · 6,620 sqft · MultiFamily public records · 58 Days on market

Built 1906 4,791 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.7/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Rent growth +2.9/5.0
• Schools +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Introducing The SULA, a rare opportunity to own a 7-unit multifamily property in the highly sought-after Avenues neighborhood, just moments from the University of Utah, City Creek Canyon and within walking distance to downtown Salt Lake City. Rich in character, this historic gem showcases timeless architecture that stands out in one of the city's most vibrant urban settings. Tenants are consistently drawn to the property's blend of classic charm and thoughtful modern updates. These units feature unique touches such as hardwood floors, original fireplaces, exposed brick accents, and high ceilings that create an open, inviting atmosphere. Select units offer private balconies. Updated kitchens

Key facts

• 4,791 sq ft lot
• Built 1906
• Listed 57 days

Property features AI

Finance

• Other: Zoned for multi-family
• Financial info: Total of 7 rental units; Unit rents vary (examples): $2,200; $2,000; $1,740; $1,600; $1,400; $1,000; Units include several 1-bedroom and 2-bedroom apartments
• HOA & community: Subdivision: SULA APARTMENTS

Exterior

• Parking: Parking details not provided
• Security: Fire alarm
• Utilities: Natural gas connected; Electricity connected; Public sewer connected; Water connected (culinary)
• Home design: Multi-family property; Two-story building; Faces west
• Construction: Built in 1985; Brick construction; Flat roof; Property is built and standing
• Exterior features: Balconies; Basement entrances; Bay box windows; Entry foyer; Outdoor lighting; Covered patios; Gazebo; Paved road access; Sidewalks; Landscaping (full)

Interior

• Kitchen: Updated kitchen; Gas oven; Built-in dishwasher; Garbage disposal
• Bedrooms: Multiple units include 1- and 2-bedroom configurations (see unit breakdown)
• Flooring: Carpet; Hardwood; Tile
• Bathrooms: One bathroom in each unit
• Heating & cooling: Forced air heating; Gas central heating
• Interior features: Fire alarm; Garbage disposal; Gas log fireplace; Updated kitchen; Gas oven; Built-in dishwasher; Partial blinds on windows
• Laundry & utility: Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 7 × 12-bed/?-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $668 ($8k/yr) — positive. Per door: $95/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.56M (20.1% below list).
• Recommended offer: $1.56M (20.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 75/100 on livability (#64 in UT, #3,994 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A; Watch: cost of living D+, crime F.
• Salt Lake District (urban): math 30% / reading 37% proficiency, ranked #65 of 80 in UT (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Wasatch School (math 53% / reading 56%, grade C, #106 of 585 statewide, top 19%, 337 students, 31% FRL); Salt Lake Center For Science Education Bryant (math 14% / reading 29%, grade F, #125 of 138 statewide, top 91%, 407 students, 64% FRL); West High (math 33% / reading 60%, grade D-, #38 of 171 statewide, top 24%, 2,600 students, 51% FRL).
• Market conditions: Rents rising (+1.6%/yr); 205 active listings in the ZIP; solid renter incomes; 4,970 units permitted in Salt Lake County in 2024 (1,963 in 5+ unit buildings).
• At $15,577/mo this rent would consume 223% of the median local household income ($84k/yr) (locally 1273% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $58k of value loss. Plan a longer hold.
• Salt Lake County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($1.89M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,557,700 (20.1% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.47%
• DSCR: 1.07
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.57% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.46×
• Total profit: $-296,462
• Equity at exit: $290,751

10-year hold

• IRR: -9.3%
• Equity multiple: 0.46×
• Total profit: $-295,151
• Equity at exit: $168,600

Cash invested: $546,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 86 Strongly Landlord-Friendly
• State Utah: 86 Strongly Landlord-Friendly · R+15
• County: — inherits STATE
• City: — inherits STATE

3-day notice; preempted; landlord-favorable.

Methodology + full state rankings →

ZIP-level market 84103

• Rents YoY: 1.6%
• Active inventory: 205
• Price-to-rent: 73.0×

Monthly cashflow live

• Estimated rent: $15,577 medium
• Mortgage (P&I): −$10,226
• Tax from tax record: −$600 /mo · $7,198/yr
• Insurance: −$812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,271
• Net cashflow: $668

Break-even live

Break-even rent $14,732

Max offer price $1,949,999

Occupancy floor 91%

7-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 7× units	12	—	$15,575
Total (7 units)			$15,577

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $487,500
• Closing costs: $58,500
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-03
   days on market $1,949,999 Active 58 DOM
2. 2026-06-02
   days on market $1,949,999 Active 57 DOM
3. 2026-06-01
   days on market $1,949,999 Active 56 DOM
4. 2026-05-31
   days on market $1,949,999 Active 55 DOM
5. 2026-05-19
   price $1,949,999
6. 2026-05-19
   price $1,499,999
7. 2026-05-08
   price $1,999,999
8. 2026-04-06
   listed $2,050,000 Active
9. 2024-11-03
   historical
10. 2024-04-16
    listed $2,300,000 Active
11. 2023-10-12
    historical
12. 2023-09-05
    price $2,500,000
13. 2023-08-11
    listed $2,749,900 Active
14. 2022-08-13
    historical
15. 2022-07-12
    listed $3,250,000 Active
16. 2016-07-22
    soldstatus Sold
17. 2016-05-26
    status Under Contract
18. 2016-05-24
    listed $699,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast UT · Resets to sale price

• Current annual tax: $7,198 · $600/mo
• Projected year-2 tax: $12,870 · $1,072/mo
• Expected delta: +$5,672/yr (+$473/mo · 78.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥94°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $186,924
• − Mortgage interest: −$109,230
• − Property taxes: −$7,198
• − Insurance: −$9,750
• − Repairs & maintenance: −$14,954
• − Management: −$14,954
• − Depreciation: −$56,727
• Taxable loss: −$25,889
• Est. tax savings @ 24.0%: +$6,213
• After-tax cash flow: $14,224/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Salt Lake District
• NCES district ID: 4900870
• Math proficiency: 30% ▼ -13.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $47,550
• Composite: 28.85/100
• National rank: #6645
• State rank: #65 of 80 in UT

Livability — Salt Lake City

• Score: 75/100
• State rank: #64
• US rank: #3994

Category grades

Amenities A+ Commute A+ Cost of living D+ Crime F Employment A- Housing A Health & safety A User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salt Lake City, UT
• County: Salt Lake County · 1,195,750 people
• City population: 172,615
• Metro: Salt Lake City, UT
• Population (ZIP): 23,749
• Household income: $83,916
• Rent vs Own: 58.6% rent · 41.4% own
• Severe rent burden: 1273.0

Population outlook (Salt Lake County) Hauer SSP2

• Today (2025): 1,305,860 people
• By 2030: 1,402,611 · +7.4%
• By 2040: 1,594,533 · +22.1%
• By 2050: 1,787,244 · +36.9%
• By 2075: 2,224,138 · +70.3%
• By 2100: 2,551,390 · +95.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 9% Asian 3% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 5% Italian 3% Portuguese 3%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 88% English-only · Spanish 5% Other Indo-European 3% Other Asian/Pacific 1%

Political lean MEDSL · Salt Lake

• 2024 margin: D (+10.2) · D 53.7% · R 43.5% · Other 2.8%
• 2008→2024 swing: +10.1pp toward D · 2008: 0.1pp · 2024: 10.2pp
• All cycles: 2024: D+10.2 2020: D+11.0 2016: D+10.2 2012: R+19.3 2008: D+0.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -623.62%
• Current HPI: 276.3149
• Rent YoY: ▲ 1.57%
• Metro: Salt Lake City, UT
• State GDP YoY: ▲ 3.54%
• F500 in state: 2

Industry mix (Fortune 500 HQ in UT)

Industry	F500 HQs	Revenue
▸Financial Services	1	$3B

Price history

+178.6% since first listed

14 events — show timeline

• 2026-05-19 Price Changed $1,949,999 WFRMLS
• 2026-05-19 Price Changed $1,499,999 WFRMLS
• 2026-05-08 Price Changed $1,999,999 WFRMLS
• 2026-04-06 Listed $2,050,000 WFRMLS
• 2024-11-03 Listing Removed — WFRMLS
• 2024-04-16 Listed $2,300,000 WFRMLS
• 2023-10-12 Listing Removed — WFRMLS
• 2023-09-05 Price Changed $2,500,000 WFRMLS
• 2023-08-11 Listed $2,749,900 WFRMLS
• 2022-08-13 Listing Removed — WFRMLS
• 2022-07-12 Listed $3,250,000 WFRMLS
• 2016-07-22 Sold (MLS) — WFRMLS
• 2016-05-26 Pending — WFRMLS
• 2016-05-24 Listed $699,900 WFRMLS

Property tax history

+5.3%/yr

Latest (2025): $7,198 · -4.6% YoY. Source: county tax records.