Flex Space With
For Sale
$1,695,000
41 W GUEST Ave, South Salt Lake, UT 84115
Commercial Sale, South Salt Lake, UT
Property Size6,121 SF
Lot Size0.01 Acres
Price / SF$276.92
Days on Market8
Property Features for 41 W GUEST Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial, Industrial
Zoning description
flex
Interior features
Kitchen, Mezzanine: Warehouse, Refrigerator, Restroom: Public, Sprinkler System Fire
Subdivision
Salt Lake City; So. Salt Lake
Standard status
Active
APN
15-36-230-001
Lot size
0.01 Acres
Taxes and HOA fees
Tax Annual Amount
14685
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1995
Flooring type
Laminate, Carpet, Concrete, Vinyl
Roof type
Rubber, Tar/Gravel
Listing Agency:
Greystone Real Estate
(801) 698-5066
Listed By:
Jenny Pace
(801) 698-5066
Added: Aug 14
Changed: Aug 20
Last Checked: Aug 21 at 9:06AM
MLS# 2178858
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Investment Insights
Based on property information with market context.
This 6,121-square-foot flex building combines approximately 2,000 square feet of remodeled office space with 3,570 square feet of warehouse area and a 551-square-foot mezzanine. The office layout includes 8-foot ceilings, commercial-grade vinyl, carpet and ceramic tile flooring, two restrooms, and a break room. Separate heating and cooling serve the office, with a newer rooftop HVAC unit installed during the remodel.
The warehouse provides a 16-foot clear height, a 12' x 14' automatic overhead door, three-phase power, and plumbing for compressed air. Painted sheetrock and block walls, exposed concrete flooring, and suspended acoustical ceiling areas support a range of operational needs. CenturyLink and Quantum Fiber are available at the property. Commercial and industrial zoning is identified, and the building was constructed in 1995.
The warehouse provides a 16-foot clear height, a 12' x 14' automatic overhead door, three-phase power, and plumbing for compressed air. Painted sheetrock and block walls, exposed concrete flooring, and suspended acoustical ceiling areas support a range of operational needs. CenturyLink and Quantum Fiber are available at the property. Commercial and industrial zoning is identified, and the building was constructed in 1995.
Key Highlights
- 6,121 SF flex building with approximately 2,000 SF office, 3,570 SF warehouse, and a 551 SF mezzanine
- Warehouse includes 16‑foot clear height and a 12' x 14' automatic overhead door
- Three‑phase power and plumbing for compressed air
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$96,101
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,922,020
$1.9M
Cap Rate 7%
$1,372,871
$1.4M
Cap Rate 9%
$1,067,789
$1.1M
Market Conditions
NOI Build-Up for 6,121 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$156.5K $25.56/SF
− Vacancy
−$8.6K −$1.41/SF
EGI
$147.8K $24.15/SF
− OpEx
−$51.7K −$8.45/SF
NOI
$96.1K $15.70/SF
Area
Salt Lake County, UT
Vacancy
5.50%
Lease Rate
$25.56 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,922,020
Cap Rate 7%
$1,372,871
Cap Rate 9%
$1,067,789
Alternative Uses
Best Use
Flex RnD
$1.37M
$1.20M – $1.60M
NOI $96,101 @ 7.0% cap · market cap 5.67%
Second Best
Office B
$1.27M
$1.11M – $1.48M
NOI $88,748 @ 7.0% cap · market cap 5.24%
Theoretical Best
Multifamily LT 5
$81.50M
$71.32M – $95.09M
NOI $5,705,236 @ 7.0% cap · market cap 336.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,794
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84115, UT
27,588
Population
13,899
Households
2
Avg Household Size
33
Median Age
33%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
4,523
Density / Sq Mi
$61,505
Median Household Income
$43,785
Median Earnings
$1,263
Median Rent
$396,200
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Rogers Catering — 3551 S W Temple St, South Salt Lake, UT 84115
- S.A.L.T Suburban Kitchen — 56 3335 S, South Salt Lake, UT 84115
- Mr. Rice — 3390 State St, South Salt Lake, UT 84115
- Chef Cody Ringo — 3478 S 500 E, Salt Lake City, UT 84115
- Cuisine Unlimited Catering & Special Events — 3575 S 300 W, South Salt Lake, UT 84115
Frequently Asked Questions
What type of property is this?
Flex space - Remodeled offices pair with warehouse functionality, separate HVAC, and three-phase power.
Where is this flex space located?
The property is located at 41 W GUEST Ave South Salt Lake, UT.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 6,121 SF flex building with approximately 2,000 SF office, 3,570 SF warehouse, and a 551 SF mezzanine; Warehouse includes 16‑foot clear height and a 12' x 14' automatic overhead door; Three‑phase power and plumbing for compressed air
