Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    338 E State Rd American Fork, UT 84003

    Sponsored
    For Sale
    $7,000,000

    COMMERCIAL - American Fork, UT

    Type:Retail
    Lot size:
    2.38 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 27 at 5:06 am

    Property Features for 338 E State Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    APN
    02-012-0032
    Lot size
    2.38 Acres

    Building Details

    Year built
    1998

    We can help!

    Listing Contact
    Andrew Cuppett

    Century 21 Everest (801) 449-3000

    Listing agent Andrew Cuppett (801) 449-3000

    Listing date Feb 26, 2026

    MLS# 2139580

    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.

    Learn more

    Property Insight Report

    Overview

    American Fork Investment Property

    This multi-tenant commercial property is located in American Fork, Utah. The property is situated on a 2.38-acre lot and is currently 100% leased. Please do not disturb the tenants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

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

    Similar Places Nearby

    Courtyard Plaza, Old Town

    Location Insight

    • Map
    • Local Demand
    City
    American Fork
    County
    Utah
    State
    Utah
    Longitude
    -111.789523
    Latitude
    40.3742641

    Nearby Similar for Sale

    • New
      $1,479,000
      0.33 Acres

      Historic Main Street Commercial Opportunity

      Versatile commercial property with historic charm and modern updates.
      6 S 100 W, American Fork, UT 84003
      View Details
    • New
      $815,000
      3,625 SF

      Leased Triplex in Easton Park

      Fully leased triplex near Silicon Slopes, shopping, and recreation.
      477 S 850 E, American Fork, UT 84003
      View Details
    • New
      $999,999
      0.06 Acres

      Flex Unit Near I-15

      Flex unit near I-15 in American Fork, Utah.
      413 E 620 S, American Fork, UT 84003
      View Details
    • $2,750,000
      15,703 SF

      Prime Retail Opportunity on Main

      Retail property in the heart of American Fork.
      61 W Main St, American Fork, UT 84003
      View Details
    • $8,782,872
      47,733 SF

      American Fork Flex/Industrial Building

      47,733 SF flex/industrial building on 3.05 acres for sale.
      799 E Utah Valley Dr, American Fork, UT 84003
      View Details
    • Contact for pricing
      2,800 SF

      New Medical Office Building

      New medical office building divisible into two spaces.
      132 S 1100 E, American Fork, UT 84003
      View Details
    • Contact for pricing
      7,785 SF

      Retail Shopping Center For Sale

      Multi-tenant retail shopping center, 100% occupied, built in 2001.
      506 E State Rd, American Fork, UT 84003
      View Details
    • Contact for pricing
      2,038 SF

      Freestanding Office/Retail Building For Sale

      Two-story, 2,038 SF office/retail building with on-site parking.
      201 W Main St, American Fork, UT 84003
      View Details
    • Contact for pricing
      4,261 SF

      Easton Park Triplex Investment Opportunity

      Well-maintained triplex in a rapidly expanding area, ideal for investors.
      796 E 500 S, American Fork, UT 84003
      View Details
    • $5,900,000
      17,966 SF

      American Fork Apartment Complex

      Luxury 18-unit building, prime location.
      1125 250, American Fork, UT 84003
      View Details
    • $748,440
      2,376 SF

      Grove Cove Office Condos

      22 Units, Modern Creative Offices, Utah
      250 County Blvd, American Fork, UT 84003
      View Details
    • $1,800,000
      5,515 SF

      American Fork Medical Office Building

      High-Occupancy Medical Office Investment
      1042 Bamberger Dr, American Fork, UT 84003
      View Details

    FAQs

    What type of property is this?
    Shopping center - Multi-tenant commercial property in American Fork, fully leased.
    Where is this shopping center located?
    The property is located at 338 E State Rd American Fork, UT.
    What is the asking price?
    The asking price for this property is $7,000,000.
    What are key features of this property?
    This property features: - Multi tenant investment property; - 100% leased, offering immediate returns; - Built in 1998
    (801) 449-3000
    Request Owner's contact information
    338 E State Rd American Fork, UT 84003
    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.
    338 E State Rd
    American Fork, UT 84003
    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
    338 E State Rd American Fork, UT 84003
    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

    We can help!
    Listing Contact
    Andrew Cuppett
    (801) 449-3000 (801) 694-7723
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!