Flex Space with Fenced
1077 S Prospect St, Salt Lake City, UT 84104
For Sale
$295,000
Pending
MU-5 zoning and access from Redwood Road support a range of commercial and mixed-use possibilities, subject to city approval.
Property Size1,896 SF
Days on Market14
Property Features for 1077 S Prospect St
General Information
Standard status
Size
Property subtype
Zoning
Site & Location
Neighborhood
Road Access
Fenced Yard
Additional Details
Voltage
Property Use
Taxes and HOA fees
Annual Taxes
Building Details
Buildings
Listing Agency:
Equity Real Estate (Solid)
(801) 208-5872
Listed By:
Michael D Cox
(801) 808-6269
Source:
Exprealty
Added: Oct 28
Changed: Nov 10
Last Checked: Nov 8 at 8:25AM
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 Equity Real Estate (Solid)
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Investment Insights
Based on property information with market context.
This flex-space property in Salt Lake City includes a main shop divided into three connected sections, with heating, concrete floors, and 220V electrical service. A separate enclosed storage building adds to the usable building area, and a fenced yard provides outdoor space. Combined building area is approximately 1,896 square feet.
Access is available from Redwood Road. Gas and electricity are on the property. A water line runs along the street but is not connected, and septic service is not connected. The property is zoned MU-5 (Mixed Use 5); potential commercial, mixed-use, or redevelopment plans are subject to Salt Lake City approval.
Access is available from Redwood Road. Gas and electricity are on the property. A water line runs along the street but is not connected, and septic service is not connected. The property is zoned MU-5 (Mixed Use 5); potential commercial, mixed-use, or redevelopment plans are subject to Salt Lake City approval.
Key Highlights
- 1,176‑square‑foot main shop arranged in three connected sections
- Separate 720‑square‑foot enclosed storage building
- Approximately 1,896 square feet of combined building area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$20,852
Cap Rate
7.07%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$417,040
$417.0K
Cap Rate 7%
$297,886
$297.9K
Cap Rate 9%
$231,689
$231.7K
Market Conditions
NOI Build-Up for 1,896 SF
Gross rent
$34.1K $18.00/SF
− Vacancy
−$2.0K −$1.08/SF
EGI
$32.1K $16.92/SF
− OpEx
−$11.2K −$5.92/SF
NOI
$20.9K $11.00/SF
Area
Salt Lake City, UT
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$417,040
Cap Rate 7%
$297,886
Cap Rate 9%
$231,689
Alternative Uses
Best Use
Flex RnD
$297.9K
$260.7K – $347.5K
NOI $20,852 @ 7.0% cap · market cap 7.07%
Second Best
Industrial
$177.7K
$155.5K – $207.3K
NOI $12,439 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$510.8K
$447.0K – $596.0K
NOI $35,757 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 84104, UT
23,487
Population
8,452
Households
2.8
Avg Household Size
31
Median Age
22%
College-Educated
78%
High-School Grad
21.6 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,326
Median Household Income
$35,013
Median Earnings
$1,235
Median Rent
$318,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Properties on Market for Flex space in Salt Lake City
Vacancy Rate% for Industrial in Salt Lake City, UT
Frequently Asked Questions
What type of property is this?
Flex space - MU-5 zoning and access from Redwood Road support a range of commercial and mixed-use possibilities, subject to city approval.
Where is this flex space located?
The property is located at 1077 S Prospect St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,176‑square‑foot main shop arranged in three connected sections; Separate 720‑square‑foot enclosed storage building; Approximately 1,896 square feet of combined building area
