Professional Office
For Sale
Contact for pricing
1174 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 Market131
Property Features for 1174 Graystone Way
General Information
Standard status
Active
Size
19,099 SF
Total Parking Spaces
36
Property subtype
Office
Zoning
Multi-Family; Commercial
Occupancy
90%
Net Operating Income
$214,410
Additional Details
Cap Rate
5.6%
Highway Access
Yes
Office Units
33
Building Details
Year Built
1962
Stories
2
Tenancy
Multi
Listing Agency:
Investment Realty Advisors
Listed By:
Cory Waddoups · License #UT
(801) 609-8342
Source:
Crexi
Added: May 1
Changed: Aug 26
Last Checked: Sep 6 at 9:25PM
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
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 = 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
$276,916
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
7.91%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 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 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%
