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    298 S CENTER St Midway, UT 84049

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    For Sale
    $3,250,000

    COMMERCIAL - Midway, UT

    Type:Retail
    Property size:
    3,333 SF
    Lot size:
    0.49 Acres
    Added:
    Apr 21, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 22 at 12:06 am

    Property Features for 298 S CENTER St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    Single-Family, Multi-Fami
    Interior features
    Restroom: Private
    Exterior features
    Out Buildings, Silo, Storage
    Appliances
    Real Estate
    Standard status
    Active
    APN
    00-0020-1303 & -1302
    Size
    3,333 SF
    Lot size
    0.49 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5462

    Utilities

    Heating system
    Natural Gas
    Cooling system
    Evaporative Cooling

    Building Details

    Year built
    1950
    Flooring type
    Concrete
    Roof type
    Composition
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Gregory Miner

    Listing agent Gregory Miner

    Listing office KW Park City Keller Williams Real Estate 1750 W Sun Peak Dr, Park City, UT

    Listing date Apr 21, 2026

    MLS# 2152124

    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.

    Overview

    Restored Commercial Building in Midway

    This iconic, restored, corner commercial building, known as Daybell Garage, is situated in Midway's walkable downtown C2/C3 District. The listing includes two lots totaling 0.49 acres, suitable for various permitted uses such as office, retail, multi-unit residential, and short-term rentals. All public utilities are connected. The main structure, spanning 3,333 square feet and restored in 2025, is designed as a motor enthusiast's dreamscape, featuring authentic automotive art and multi-vehicle capacity. It includes a lofted office, a full suite of SONIC tools and cabinets, a lounge bar, a kitchenette, a bath, wash/vacuum stations, and a premium integrated security, lighting & sound system. Additional features include a vintage grain silo, a 359 square foot storage shed, and a new, air-flow-regulated 45-foot shipping container for extra space. This property presents an opportunity to own a bookend in one of the quickly emerging, desirable commercial corridors in the Intermountain West.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Clay Pot Curry ... Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Midway
    County
    Wasatch
    State
    Utah
    Longitude
    -111.4725724
    Latitude
    40.5075337

    FAQs

    What type of property is this?
    Automotive property - Iconic corner building in Midway's walkable downtown district.
    Where is this automotive property located?
    The property is located at 298 S CENTER St Midway, UT.
    What is the asking price?
    The asking price for this property is $3,250,000.
    What are key features of this property?
    This property features: Restored iconic commercial building in Midway's walkable downtown C2/C3 District with myriad permitted uses.; Includes two lots totaling an acre with all public utilities connected.; **3,333 SF main structure featuring authentic automotive art, multi‑vehicle capacity, lofted office, SONIC tools and cabinets, lounge bar, kitchenette, bath, wash/vacuum stations, and premium integrated security, lighting & sound system.**
    (435) 649-9882
    We can help!
    Listing Contact
    Gregory Miner
    Learn More
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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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