Single-Tenant Retail
New
For Sale
$4,950,000
11376 S State St, Sandy, UT 84070
Duluth Trading location with State Street exposure, I-15 access, and a long-term ground lease structure.
Property Size15,602 SF
Days on Market5
Property Features for 11376 S State St
General Information
Standard status
Active
Size
15,602 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Building Details
Building Size
15,602 SF
Year Built
2019
Tenancy
Single
Listing Agency:
NAI Excel
Listed By:
Wes Davis · License #5502820-SA00
(435) 627-5705
Source:
Naiglobal
Added: Sep 22
Last Checked: Sep 26 at 5:04AM
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 NAI Excel
Investment Insights
Based on property information with market context.
This single-tenant retail storefront was built in 2019 and is occupied by Duluth Trading as a corporate location. The property is offered as a leasehold interest supported by a ground lease with approximately 33+ years remaining. The initial lease term has approximately 8+ years remaining, with contractual rent increases of 10% every five years.
The property fronts State Street in Sandy and sits immediately adjacent to SCHEELS. It also benefits from convenient access to I-15 and is positioned within a retail trade area surrounded by national retailers and established demand generators.
The lease structure, remaining term, and scheduled rent adjustments provide a defined framework for the existing retail tenancy.
The property fronts State Street in Sandy and sits immediately adjacent to SCHEELS. It also benefits from convenient access to I-15 and is positioned within a retail trade area surrounded by national retailers and established demand generators.
The lease structure, remaining term, and scheduled rent adjustments provide a defined framework for the existing retail tenancy.
Key Highlights
- Single‑tenant Duluth Trading corporate retail location
- Built in 2019 with approximately 33+ years remaining on the ground lease
- Approximately 8+ years remaining on the initial lease term
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
$233,670
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
4.72%
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%
$4,673,400
$4.7M
Cap Rate 7%
$3,338,143
$3.3M
Cap Rate 9%
$2,596,333
$2.6M
Market Conditions
NOI Build-Up for 15,602 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
$342.6K $21.96/SF
− Vacancy
−$8.8K −$0.56/SF
EGI
$333.8K $21.40/SF
− OpEx
−$100.1K −$6.42/SF
NOI
$233.7K $14.98/SF
Area
Salt Lake County, UT
Vacancy
2.57%
Lease Rate
$21.96 /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%
$4,673,400
Cap Rate 7%
$3,338,143
Cap Rate 9%
$2,596,333
Alternative Uses
Best Use
Retail
$3.34M
$2.92M – $3.89M
NOI $233,670 @ 7.0% cap · market cap 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$207.75M
$181.78M – $242.37M
NOI $14,542,246 @ 7.0% cap · market cap 293.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
944
Businesses Nearby
769k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 27%
Superstores 18%
Shops & Services 18%
Dining 17%
Scheels
Apparel
192,442 visits/mo
0.1 miles
Costco Wholesale
Superstores
140,600 visits/mo
0.4 miles
Trader Joe's
Groceries
53,508 visits/mo
0.2 miles
Costco Gasoline
Shops & Services
52,636 visits/mo
0.3 miles
The Home Depot
Home Improvements & Furnishings
43,932 visits/mo
0.2 miles
Demographics for 84070, UT
30,885
Population
12,212
Households
2.5
Avg Household Size
34
Median Age
36%
College-Educated
93%
High-School Grad
7.3 sq mi
ZIP Area
4,231
Density / Sq Mi
$79,414
Median Household Income
$44,013
Median Earnings
$1,578
Median Rent
$429,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Wild Forever Flowers — 11560 State St, Draper, UT 84020
- Sam's Club Floral — 11278 S Jordan Gateway, South Jordan, UT 84095
Frequently Asked Questions
What type of property is this?
Storefront property - Duluth Trading location with State Street exposure, I-15 access, and a long-term ground lease structure.
Where is this storefront property located?
The property is located at 11376 S State St Sandy, UT.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: Single‑tenant Duluth Trading corporate retail location; Built in 2019 with approximately 33+ years remaining on the ground lease; Approximately 8+ years remaining on the initial lease term
