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

    280 Apollo Rd Salt Lake City, UT 84116

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $3,200,000

    1.92 AC Commercial Land

    Property size:
    83,635 SF
    Lot size:
    1.92 Acres
    Added:
    Jan 15, 2025
    Days on Market:
    461
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 280 Apollo Rd

    General Information

    Standard status
    Active
    Property type
    Other hospitality properties, Hotels, Other residential income properties, Hospitality properties, Residential income properties
    Size
    83,635 SF
    Elevators
    N/A
    Lot size
    1.92 Acres

    We can help!

    Listing Contact
    Trent Bright

    Listing agent Trent

    Listing office

    Listing date Jan 15, 2025

    Overview

    Hotel Project Approved Near Airport

    This 1.92-acre parcel is located near Salt Lake City International Airport. The property is zoned for commercial development and has pre-approved plans for a Best Western Premier hotel. A key money incentive of $500,000 is available from Best Western upon the hotel's opening. The approved hotel project offers a clear vision for development. The property's proximity to the airport ensures high occupancy rates and strong revenue potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hospitality properties

    Suggested Use

    Spa & Massage Center Auto Repair Shop Hair Salon Law Firm Nail Salon Pharmacy Gym & Fitness Center Food Market Bar & Pub Garden Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Salt Lake City
    County
    Salt Lake
    State
    Utah
    Longitude
    -112.025765
    Latitude
    40.774253

    Nearby Similar for Sale

    • $3,550,000

      Versatile Industrial Property in Salt Lake

      Functional, renovated industrial property with office and manufacturing space.
      1875 W 1500 S, Salt Lake City, UT 84104
      View Details
    • $3,500,000

      Professional Office Building in Sugarhouse

      Professional office building in a highly desirable Salt Lake location.
      1174 E GRAYSTONE Way, Salt Lake City, UT 84106
      View Details
    • $734,999
      2,597 SF

      Remodeled Duplex in Sugar House

      Updated duplex in prime Sugar House location, near Westminster College.
      1145 KENSINGTON Ave, Salt Lake City, UT 84105
      View Details
    • $815,000
      3,232 SF

      Sugarhouse Duplex with Income Potential

      Classic Tudor duplex in prime Sugarhouse location near universities.
      1723 S 1100 E, Salt Lake City, UT 84105
      View Details
    • $799,999
      3,584 SF

      Salt Lake City Multifamily Investment

      North Salt Lake City multifamily property with strong rental potential.
      1794 W 400 N, Salt Lake City, UT 84116
      View Details
    • $2,499,000

      Commercial Property with Secure Yard

      9000 SF commercial building with showroom, shop, and warehouse.
      1621 N BECK St, Salt Lake City, UT 84116
      View Details
    • $2,500,000

      Educational Property in Salt Lake

      Centrally located educational property with flexible space and strong access.
      464 S CONCORD St, Salt Lake City, UT 84104
      View Details
    • $295,000

      Profitable Grocery Store and Restaurant

      Profitable international grocery store and restaurant business for sale.
      3435 S STATE St, Salt Lake City, UT 84115
      View Details
    • $2,050,000
      6,620 SF

      Charming Multifamily Property in Avenues

      Seven-unit multifamily property in Salt Lake City's Avenues neighborhood.
      60 E St, Salt Lake City, UT 84103
      View Details
    • $3,599,999
      13,866 SF

      Multifamily Community in Salt Lake

      22-unit multifamily community in Salt Lake City's sought-after neighborhood.
      227 N SPENCER Ct, Salt Lake City, UT 84103
      View Details
    • $825,000
      3,350 SF

      Rose Park Fourplex with Views

      Fourplex in Rose Park with renovated units and capitol views.
      385 N 1200 W, Salt Lake City, UT 84116
      View Details
    • $4,345,000
      14,850 SF

      Stunning Multi-Family Investment Opportunity

      Rare dual building multi-family property in historic Salt Lake City.
      146 E 2ND AVE, Salt Lake City, UT 84103
      View Details

    FAQs

    What type of property is this?
    Hospitality property - 1.92 AC Commercial Land
    Where is this hospitality property located?
    The property is located at 280 Apollo Rd Salt Lake City, UT.
    What is the asking price?
    The asking price for this property is $3,200,000.
    (435) 820-6801
    We can help!
    Listing Contact
    Trent Bright
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!