Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Space with Drive-Thru Access Title is generated by Realmo AI

    198 E STATE St, Lehi, UT 84043

    View on Map
    Claim this Listing
    For Lease
    $950,000

    COMMERCIAL - Lehi, UT

    Type:Retail
    Lot size:
    0.21 Acres
    Added:
    Sep 15, 2025
    Days on Market:
    241
    Last Refresh:
    May 13 at 4:06 am

    Property Features for 198 E STATE St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    APN
    01-085-0003
    Lot size
    0.21 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3696

    Building Details

    Year built
    1998

    We can help!

    Listing Contact
    Denise Mendenhall

    Listing agent Denise Mendenhall

    Listing office Real Estate Essentials 9980 S 300 W Ste 300, Midvale, UT

    Listing date Sep 15, 2025

    MLS# 2116055

    Copyright © 2026 UtahRealEstate.com. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility retail space off State Street in Lehi.
    • Enjoy drive‑thru access.
    • City‑approved for multiple light commercial uses (medical, soda shop, fast food, daycare).
    • Excellent traffic.
    • Strong frontage.
    • Seller open to lease option.

    Overview

    This high-visibility retail space is located off State Street in Lehi and features drive-thru access. The city has approved the property for a variety of light commercial uses, including medical facilities, soda shops, fast food restaurants, and day care centers. The property benefits from excellent traffic and strong frontage. The lot size is 0.21 acres. Square footage figures are provided as a courtesy estimate only and were obtained from County Records.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rogers Automotive Auto Repair Shop

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Floral Rhapsody Studio — 834 N 100 E Suite B, Lehi, UT 84043
    • Haws & Co Floral and Gifts — 127 E Main St STE D, Lehi, UT 84043
    • Flowers On Main — 470 W Main St, Lehi, UT 84043

    Location Insight

    • Map
    • Local Demand
    City
    Lehi
    County
    Utah
    State
    Utah
    Longitude
    -111.8464464
    Latitude
    40.3963033

    Nearby Similar for Lease

    • $1,400,000 SF/Yr

      Lehi Commercial Property For Rent

      Commercial property in Lehi, suitable for office or hospitality.
      59 N 500 W, Lehi, UT 84043
      View Details
    • Sponsored
      Contact for pricing

      Spaces Triumph Boulevard

      3300 Triumph Blvd, Lehi, UT 84043
      View Details
    • Contact for pricing

      Traverse Ridge

      3450 Triumph Blvd, Unit 102, Lehi, UT 84043
      View Details
    • $29 SF/Yr

      Class A Office Space Available

      Modern office space in central Silicon Slopes location.
      3401 N Thanksgiving Way, Lehi, UT
      View Details
    • $22 SF/Yr

      Lehi Office Space For Lease

      Office space near FrontRunner station and I-15 in Lehi.
      2975 Executive Parkway, Lehi, UT, 84043
      View Details
    • $1.75 SF/Yr

      Lehi Office Space Available

      Office space with private offices, conference room, and parking.
      3340 N Center St, Lehi, UT 84043
      View Details
    • $33 SF/Yr

      Lehi Office Space Available

      Office space with amenities in Lehi, Utah for lease.
      1633 W Innovation Way, Lehi, UT
      View Details
    • Contact for pricing

      Lehi Commercial Space Available

      Industrial/Retail space for lease in Lehi, Utah.
      64 N 400 W, Lehi, UT 84043
      View Details
    • Contact for pricing

      Warehouse with Office and Mezzanine

      End-unit warehouse with office, mezzanine, and shared dock.
      870 North 100 East, Lehi, UT 84043
      View Details
    • $0.22 SF/Yr

      Retail Space on Redwood Road

      New retail development with prime frontage available for rent.
      2100 North Redwood Road, Lehi, UT 84045
      View Details
    • $30,940 SF/Yr

      Lehi Warehouse Space Available

      247,078 SF warehouse space for lease in Lehi.
      4866 S Hudson Way, Lehi, UT 84045
      View Details
    • $36 SF/Yr

      Medical Office Space Available

      Lehi medical office space for lease in high-traffic location.
      1014 S 1100 W, Lehi, UT
      View Details

    FAQs

    What type of property is this?
    Storefront property - High-visibility Lehi retail space with drive-thru, suitable for various uses.
    Where is this storefront property located?
    The property is located at 198 E STATE St Lehi, UT.
    What is the lease rate?
    The lease rate is $950,000.
    What are key features of this property?
    This property features: High‑visibility retail space off State Street in Lehi.; Enjoy drive‑thru access.; City‑approved for multiple light commercial uses (medical, soda shop, fast food, daycare).
    (801) 259-5565
    We can help!
    Listing Contact
    Denise Mendenhall
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    198 E STATE St, Lehi, UT 84043
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!