Professional Office
For Sale
$3,500,000
1174 E GRAYSTONE WAY, Salt Lake City, UT 84106
Professional office building with 33 leased suites on a full-service basis and about 90% occupancy reported for 2025.
Property Size19,099 SF
Price / SF$183.26
Days on Market256
Property Features for 1174 E GRAYSTONE WAY
General Information
Standard status
Active
Size
19,099 SF
Property subtype
Office
Zoning
RMF-35
Occupancy
90%
Site & Location
Neighborhood
Sugar House
Highway Access
Yes
Additional Details
Cap Rate
5.6%
Office Units
33
Taxes and HOA fees
Annual Taxes
$20,420
Building Details
Building Size
19,099 SF
Year Built
1962
Tenancy
Multi
Listing Agency:
Investment Realty Advisors LLC
Listed By:
Cory Waddoups
(801) 609-8342
Source:
Acresutah
Added: Feb 12
Changed: Oct 13
Last Checked: Oct 25 at 1:46AM
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 Investment Realty Advisors LLC
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Investment Insights
Based on property information with market context.
Graystone Professional Plaza is a professional office building comprised of 33 office suites, leased to a mix of professional, medical, and service-oriented tenants. The property is offered on a full-service basis for the existing suites. The building is reported to have maintained approximately 90% average occupancy in 2025.
Located in the heart of Sugar House, the property offers access convenience described as being just off I-80 and 1300 East.
Zoned RMF-35, Graystone Professional Plaza totals approximately 19,099 square feet and is being offered for sale. Measurements are provided as a courtesy only, and buyers are advised to obtain independent measurement.
Located in the heart of Sugar House, the property offers access convenience described as being just off I-80 and 1300 East.
Zoned RMF-35, Graystone Professional Plaza totals approximately 19,099 square feet and is being offered for sale. Measurements are provided as a courtesy only, and buyers are advised to obtain independent measurement.
Key Highlights
- Professional office building totaling approximately 19,099 SF with 33 leased office suites on a full‑service basis
- Reported 90% average occupancy in 2025 with a tenant mix of professional, medical, and service‑oriented businesses
- Offered at a 5.6% in‑place cap rate, with projected pro forma cap rate of 6.2%
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$276,916
Cap Rate
7.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,538,320
$5.5M
Cap Rate 7%
$3,955,943
$4.0M
Cap Rate 9%
$3,076,844
$3.1M
Market Conditions
NOI Build-Up for 19,099 SF
Gross rent
$410.2K $21.48/SF
− Vacancy
−$41.0K −$2.15/SF
EGI
$369.2K $19.33/SF
− OpEx
−$92.3K −$4.83/SF
NOI
$276.9K $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 Rate 5%
$5,538,320
Cap Rate 7%
$3,955,943
Cap Rate 9%
$3,076,844
Alternative Uses
Best Use
Office B
$3.96M
$3.46M – $4.62M
NOI $276,916 @ 7.0% cap · market cap 7.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.15M
$4.50M – $6.00M
NOI $360,188 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
33
Office units
90%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Explore this area
Business Placement
Demographics for 84106, UT
35,892
Population
16,782
Households
2.1
Avg Household Size
35
Median Age
57%
College-Educated
97%
High-School Grad
6.0 sq mi
ZIP Area
5,982
Density / Sq Mi
$94,452
Median Household Income
$56,358
Median Earnings
$1,576
Median Rent
$529,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Salt Lake City, UT
Frequently Asked Questions
What type of property is this?
Office building - Professional office building with 33 leased suites on a full-service basis and about 90% occupancy reported for 2025.
Where is this office building located?
The property is located at 1174 E GRAYSTONE WAY Salt Lake City, UT.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Professional office building totaling approximately 19,099 SF with 33 leased office suites on a full‑service basis; Reported 90% average occupancy in 2025 with a tenant mix of professional, medical, and service‑oriented businesses; Offered at a 5.6% in‑place cap rate, with projected pro forma cap rate of 6.2%
