Class A Medical Office
For Sale
Contact for pricing
1022 N Redwood Rd Unit 101, Saratoga Springs, UT 84045
Built in 2020, this fully leased Class A medical office building totals 8,552 square feet.
Property Size8,552 SF
Price / SF$444.34
Days on Market124
Property Features for 1022 N Redwood Rd Unit 101
General Information
Standard status
Active
Size
8,552 SF
Class
A
Property subtype
Office, Mixed Use
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$258,972
Building Details
Year Built
2022
Buildings
1
Tenancy
Multi
Listing Agency:
Colliers - Pleasant Grove - Utah County, Utah
Listed By:
Bryant Parker · License #UT 13058456-SA00
(385) 866-3007
Source:
Crexi
Added: May 8
Changed: Aug 23
Last Checked: Sep 7 at 5:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Colliers - Pleasant Grove - Utah County, Utah
Investment Insights
Based on property information with market context.
This Class A medical office building was built in 2020 and offers 8,552 square feet of premium office space. The property is fully leased to two tenants: Redwood Family Therapy and Spa Trouve.
The building is positioned directly across from Costco Wholesale and provides smooth access with right-in and right-out entry via Redwood Road, supporting convenient arrival for patients, clients, and staff.
The offering is structured as a Unit 101 suite at 1022 N Redwood Rd in Saratoga Springs, UT.
The building is positioned directly across from Costco Wholesale and provides smooth access with right-in and right-out entry via Redwood Road, supporting convenient arrival for patients, clients, and staff.
The offering is structured as a Unit 101 suite at 1022 N Redwood Rd in Saratoga Springs, UT.
Key Highlights
- Class A medical office building totals 8,552 SF and was built in 2020 (Year Built: 2022).
- Fully leased to two tenants: Redwood Family Therapy and Spa Trouve.
- Modern property with contemporary architecture.
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
$120,070
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
3.16%
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%
$2,401,400
$2.4M
Cap Rate 7%
$1,715,286
$1.7M
Cap Rate 9%
$1,334,111
$1.3M
Market Conditions
NOI Build-Up for 8,552 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
$205.2K $24.00/SF
− Vacancy
−$45.2K −$5.28/SF
EGI
$160.1K $18.72/SF
− OpEx
−$40.0K −$4.68/SF
NOI
$120.1K $14.04/SF
Area
Utah County, UT
Vacancy
22.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,401,400
Cap Rate 7%
$1,715,286
Cap Rate 9%
$1,334,111
Alternative Uses
Best Use
Office B
$1.72M
$1.50M – $2.00M
NOI $120,070 @ 7.0% cap · market cap 3.16%
Second Best
Healthcare Medical
$1.47M
$1.29M – $1.72M
NOI $103,081 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$2.36M
$2.06M – $2.75M
NOI $165,019 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
136
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 84045, UT
36,898
Population
11,273
Households
3.3
Avg Household Size
24
Median Age
52%
College-Educated
99%
High-School Grad
51.9 sq mi
ZIP Area
711
Density / Sq Mi
$123,870
Median Household Income
$48,493
Median Earnings
$2,201
Median Rent
$566,200
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.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Built in 2020, this fully leased Class A medical office building totals 8,552 square feet.
Where is this medical office space located?
The property is located at 1022 N Redwood Rd Unit 101 Saratoga Springs, UT.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Class A medical office building totals 8,552 SF and was built in 2020 (Year Built: 2022).; Fully leased to two tenants: Redwood Family Therapy and Spa Trouve.; Modern property with contemporary architecture.
