Highland Retail Investment
For Sale
Contact for pricing
11055 Alpine Hwy, Highland, UT 84003
Fully occupied retail building in Highland Mains Shopping Center.
Property Size7,327 SF
Price / SF$421.14
Days on Market658
Property Features for 11055 Alpine Hwy
General Information
Standard status
Active
Size
7,327 SF
Class
B
Property subtype
Retail
Zoning
CR
Occupancy
100%
Lease Type
NNN
Net Operating Income
$185,140
Building Details
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Newmark Mountain West
(801) 885-4304
Listed By:
Lance Pendleton · License #UT 5594649-SA00
Source:
Crexi
Added: Nov 12, 2024
Changed: Aug 8
Last Checked: Aug 31 at 8:53AM
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 Newmark Mountain West
Investment Insights
Based on property information with market context.
This is an opportunity to purchase a 100% occupied, two-tenant retail building located in Highland, Utah. The property is part of the Highland Mains Shopping Center, situated in an area with high-income demographics. The developer has plans to start a $45 million lifestyle retail center within Highland Mains, with spaces being delivered in Q3 2025. The property is 100% occupied by Burn Boot Camp and Treehouse Dental. Both tenants have signed long-term leases with multiple renewal options. The property is easily accessible from I-15, located just off SR-92 (Timpanogos Highway) about 5.5 miles from exit 284. 5300 West connects the property to Alpine from the north and American Fork from the south. Highland has experienced significant growth in recent years. The population of Highland has increased by nearly 30% since 2010 and is projected to grow by another 7% in the next five years, bringing the total population to over 20,000 people. The property size is 7327 square feet.
Key Highlights
- 100% Occupied with Long‑Term Leases, providing a stable income stream.
- Located in High‑Income Demographics of Highland, UT.
- Part of Highland Mains Shopping Center, benefitting from foot traffic.
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
$122,641
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
3.97%
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%
$2,452,820
$2.5M
Cap Rate 7%
$1,752,014
$1.8M
Cap Rate 9%
$1,362,678
$1.4M
Market Conditions
NOI Build-Up for 7,327 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
$182.9K $24.96/SF
− Vacancy
−$7.7K −$1.05/SF
EGI
$175.2K $23.91/SF
− OpEx
−$52.6K −$7.17/SF
NOI
$122.6K $16.74/SF
Area
Utah County, UT
Vacancy
4.20%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,452,820
Cap Rate 7%
$1,752,014
Cap Rate 9%
$1,362,678
Alternative Uses
Best Use
Retail
$1.75M
$1.53M – $2.04M
NOI $122,641 @ 7.0% cap · market cap 3.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,382 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
427
Businesses Nearby
70k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 44%
Dining 35%
Groceries 13%
Electronics 7%
Chevron
Shops & Services
14,004 visits/mo
0.1 miles
Wendy's
Dining
10,179 visits/mo
0.2 miles
Meier's
Groceries
8,897 visits/mo
0.2 miles
Quick Quack Car Wash
Shops & Services
8,819 visits/mo
0.1 miles
T-Mobile
Electronics
4,616 visits/mo
0.0 miles
Demographics for 84003, UT
52,970
Population
16,441
Households
3.2
Avg Household Size
29
Median Age
50%
College-Educated
96%
High-School Grad
73.6 sq mi
ZIP Area
720
Density / Sq Mi
$120,262
Median Household Income
$41,591
Median Earnings
$1,692
Median Rent
$580,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Fully occupied retail building in Highland Mains Shopping Center.
Where is this shopping center located?
The property is located at 11055 Alpine Hwy Highland, UT.
What is the asking price?
The asking price for this property is $3,085,667.
What are key features of this property?
This property features: 100% Occupied with Long‑Term Leases, providing a stable income stream.; Located in High‑Income Demographics of Highland, UT.; Part of Highland Mains Shopping Center, benefitting from foot traffic.
