Two-Level Office
For Sale
$617,500
1106 S St, Salt Lake City, UT 84103
Owner-user office configuration with separate suites, private offices, support areas, and an occupied upper-level unit.
Property Size2,800 SF
Price / SF$220.54
Days on Market118
Property Features for 1106 S St
General Information
Standard status
Active
Size
2,800 SF
Class
B
Zoning
RC
Additional Details
Floor
Main Level, Upstairs Level
HOA Fee
$369.40
Highway Access
Yes
Office Units
2
Taxes and HOA fees
Annual Taxes
$5,580
Building Details
Year Built
2000
Tenancy
Multi
Listing Agency:
Align Complete Real Estate Services LLC
(801) 580-4945
Listed By:
Jonah Hornsby · License #6409658SA00
(801) 580-4945
Source:
Exprealty
Added: May 6
Changed: Aug 31
Last Checked: Aug 31 at 12:17AM
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 Align Complete Real Estate Services LLC
Investment Insights
Based on property information with market context.
This Class B office property includes two separately configured units within a building completed in 2000. Unit 1 occupies the main level with three private offices, two single restrooms, storage, and a break area, plus an approximately 800-square-foot partially finished basement with its own exterior entrance. Unit 2 is located upstairs and provides three private offices, one restroom, storage, and a break area.
The upper-level unit is occupied by a long-term tenant under a renewed three-year term beginning April 2026, while the main-level space is suited to an owner-user. The property is zoned RC and offers ample parking within South Union Business Park. Access to I-215 and I-15 is approximately five minutes, with a central Salt Lake Valley setting.
The upper-level unit is occupied by a long-term tenant under a renewed three-year term beginning April 2026, while the main-level space is suited to an owner-user. The property is zoned RC and offers ample parking within South Union Business Park. Access to I-215 and I-15 is approximately five minutes, with a central Salt Lake Valley setting.
Key Highlights
- Two office units with approximately 1,000 SF per level
- Main‑level unit includes 3 private offices and 2 single restrooms
- Approximately 800 SF partially finished basement with exterior entrance
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
$40,597
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
6.57%
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%
$811,940
$811.9K
Cap Rate 7%
$579,957
$580.0K
Cap Rate 9%
$451,078
$451.1K
Market Conditions
NOI Build-Up for 2,800 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
$60.1K $21.48/SF
− Vacancy
−$6.0K −$2.15/SF
EGI
$54.1K $19.33/SF
− OpEx
−$13.5K −$4.83/SF
NOI
$40.6K $14.50/SF
Area
Salt Lake City, UT
Vacancy
10.00%
Lease Rate
$21.48 /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%
$811,940
Cap Rate 7%
$579,957
Cap Rate 9%
$451,078
Alternative Uses
Best Use
Office B
$580.0K
$507.5K – $676.6K
NOI $40,597 @ 7.0% cap · market cap 6.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$754.4K
$660.1K – $880.1K
NOI $52,805 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Explore this area
Business Placement
Demographics for 84103, UT
22,788
Population
13,528
Households
1.7
Avg Household Size
36
Median Age
66%
College-Educated
98%
High-School Grad
20.5 sq mi
ZIP Area
1,112
Density / Sq Mi
$81,386
Median Household Income
$54,787
Median Earnings
$1,374
Median Rent
$710,700
Median Home Value
Market
Vacancy Rate% for Office in Salt Lake City, UT
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Owner-user office configuration with separate suites, private offices, support areas, and an occupied upper-level unit.
Where is this office units located?
The property is located at 1106 S St Salt Lake City, UT.
What is the asking price?
The asking price for this property is $617,500.
What are key features of this property?
This property features: Two office units with approximately 1,000 SF per level; Main‑level unit includes 3 private offices and 2 single restrooms; Approximately 800 SF partially finished basement with exterior entrance
