Professional Office
For Sale
$3,500,000
1174 E GRAYSTONE Way, Salt Lake City, UT 84106
Commercial Sale, Salt Lake City, UT
Property Size19,099 SF
Lot Size0.23 Acres
Price / SF$183.26
Days on Market236
Property Features for 1174 E GRAYSTONE Way
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Multi-Family, Commercial
Zoning description
RMF-30
Rooms
Basement
Security features
Security
Window features
Blinds
Interior features
Alarm: Security, Basement, Refrigerator, Restroom: Public
Subdivision
PARK
Standard status
Active
APN
16-29-238-004
Lot size
0.23 Acres
Taxes and HOA fees
Tax Annual Amount
20420
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1962
Flooring type
Carpet, Tile, Hardwood
Roof type
Asphalt
Listing Agency:
Investment Realty Advisors LLC
(435) 485-7070
Listed By:
Cory Waddoups
(801) 609-8342
Added: Feb 12
Changed: Sep 13
Last Checked: Oct 6 at 4:06PM
MLS# 2136948
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Investment Insights
Based on property information with market context.
Graystone Professional Plaza is a 19,099-square-foot office building containing 33 suites occupied by a mix of professional, medical, and service-oriented tenants. The property operates on a full-service basis and includes basement space, public restrooms, security alarm features, carpet, tile and hardwood flooring, forced-air heating, and central air conditioning. Constructed in 1962, the building has an asphalt roof and sits on 0.23 acres.
The property is located in Sugar House near I-80 and 1300 East, providing access to major transportation routes. Average occupancy was approximately 90% in 2025. The in-place cap rate is 5.6%, with a projected pro forma cap rate of 6.2%.
The property is located in Sugar House near I-80 and 1300 East, providing access to major transportation routes. Average occupancy was approximately 90% in 2025. The in-place cap rate is 5.6%, with a projected pro forma cap rate of 6.2%.
Key Highlights
- 19,099 square feet with 33 office suites
- Approximately 90% average occupancy in 2025
- 5.6% in‑place cap rate and 6.2% projected pro forma cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$276,916
Cap Rate
7.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,538,320
$5.5M
Cap Rate 7%
$3,955,943
$4.0M
Cap Rate 9%
$3,076,844
$3.1M
Market Conditions
NOI Build-Up for 19,099 SF
Gross rent
$410.2K $21.48/SF
− Vacancy
−$41.0K −$2.15/SF
EGI
$369.2K $19.33/SF
− OpEx
−$92.3K −$4.83/SF
NOI
$276.9K $14.50/SF
Area
Salt Lake City, UT
Vacancy
10.00%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,538,320
Cap Rate 7%
$3,955,943
Cap Rate 9%
$3,076,844
Alternative Uses
Best Use
Office B
$3.96M
$3.46M – $4.62M
NOI $276,916 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.15M
$4.50M – $6.00M
NOI $360,188 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
33
Office units
90%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Explore this area
Business Placement
Demographics for 84106, UT
35,892
Population
16,782
Households
2.1
Avg Household Size
35
Median Age
57%
College-Educated
97%
High-School Grad
6.0 sq mi
ZIP Area
5,982
Density / Sq Mi
$94,452
Median Household Income
$56,358
Median Earnings
$1,576
Median Rent
$529,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Salt Lake City, UT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multi-suite office property with professional, medical, and service-oriented occupancy near I-80 and 1300 East.
Where is this office building located?
The property is located at 1174 E GRAYSTONE Way Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 19,099 square feet with 33 office suites; Approximately 90% average occupancy in 2025; 5.6% in‑place cap rate and 6.2% projected pro forma cap rate
