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    Commercial Land Near I-15 Exit Title is generated by Realmo AI

    unit 1, Salem, UT 84653

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    Claim this Listing
    For Sale
    $1,566,125

    LAND - Salem, UT

    Lot size:
    1.43 Acres
    Added:
    Jul 28, 2025
    Days on Market:
    285
    Last Refresh:
    May 8 at 8:06 pm

    Property Features for unit 1

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    Lot size
    1.43 Acres

    Utilities

    Utilities
    Natural Gas Available

    We can help!

    Listing Contact
    Boyd B Brown

    Listing agent Boyd B Brown

    Listing office KW Utah Realtors Keller Williams 1265 E Fort Union Blvd 300, Sandy, UT

    Listing date Jul 28, 2025

    MLS# 2101305 Listing URL

    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 Traffic Location: Frontage on SR‑164 and Loafer Mountain Parkway, with 29,500 estimated trips per day.
    • Strategic Location: Entrance to Salem, Woodland Hills, and Elk Ridge, near the I‑15 Benjamin Exit.
    • Part of the New Salem master plan with 1,900+ residential units planned.
    • Proximity to Arrowhead Park: Located just south of a new park with baseball/softball diamonds and soccer fields.
    • Flexible Pad Sizes: Pads can be sized/subdivided to fit (with exceptions).
    • Utilities Available: Natural gas available.

    Overview

    This commercial land is located right off the I-15 Benjamin Exit into Salem, Utah. The site has frontage on SR-164, Loafer Mountain Parkway, and 17th North, which is currently under construction. A traffic report estimates 29,500 trips per day will be produced from the New Salem Masterplan. This location is suitable for commercial or retail use, situated at the entrance of Salem, Woodland Hills, and Elk Ridge. Just south of New Salem will be the brand new Arrowhead Park, which will host 5 baseball and softball diamonds and soccer fields for large sporting events. New Salem is a large mixed-use masterplan with over 1,900 residential units planned. The zoning allows for the C1, C2, and C3 commercial zoning to be utilized in the commercial and retail center. All pads, with the exception of those sold, can be sized and subdivided to fit. The seller will deliver super pads to the buyer with perimeter roads installed and utilities stubbed to the lot. The buyer will be responsible for all onsite development. The lot size is 1.43 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Salem
    County
    Utah
    State
    Utah
    Longitude
    -111.554
    Latitude
    39.9788

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    FAQs

    What type of property is this?
    Commercial land - Commercial land with high traffic near I-15 in Salem, UT.
    Where is this commercial land located?
    The property is located at unit 1 Salem, UT.
    What is the asking price?
    The asking price for this property is $1,566,125.
    What are key features of this property?
    This property features: High Traffic Location: Frontage on SR‑164 and Loafer Mountain Parkway, with 29,500 estimated trips per day.; Strategic Location: Entrance to Salem, Woodland Hills, and Elk Ridge, near the I‑15 Benjamin Exit.; Part of the New Salem master plan with 1,900+ residential units planned.
    (801) 326-8886
    We can help!
    Listing Contact
    Boyd B Brown
    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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