Professional Office
1174 Graystone Way Salt Lake City, UT 84106
1174 Graystone Way, Salt Lake City, UT, 84106
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For Sale
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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 Market84
Property Features for 1174 Graystone Way
General Information
- Standard status
- Active
- Size
- 19,099 SF
- Property subtype
- Office
Building Details
- Year Built
- 1962
Listing agency
Investment Realty Advisors
(435) 485-7070
Listed by
Cory Waddoups · License #UT
Source
Crexi
Added: May 1 Updated: Jul 22 at 11:12PM Checked: Jul 22 at 11:12PM
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%
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $410.2k | $21.48 |
| − Vacancy | −$41.0k | −$2.15 |
| EGI | $369.2k | $19.33 |
| − OpEx | −$92.3k | −$4.83 |
| NOI | $276.9k | $14.50 |
19,099 SF · lease $21.48/SF/yr · vacancy 10.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.96M
$3.46M – $4.62M
NOI $276,916 @ 7.0% cap · market cap 7.91%
Second Best
Healthcare Medical
$3.86M
$3.38M – $4.50M
NOI $270,006 @ 7.0% cap · market cap 7.71%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Trauma Solutions Counseling
Medical Clinic
Wendy D. Hoyt, ...
Psychotherapist
George J. Limberakis ...
Crisis Center
Liz Spiroff Counseling
Counselor
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FAQs
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%
