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Building Details

Year Built 1929

Stories 1

Tenancy Multi

Listing Agency: Newmark Mountain West

Listed By: Josh Vance, CCIM · License #UT 5498417-SA00 Show Phone

Source: Crexi

Added: Aug 18 Changed: Oct 11 Last Checked: Oct 14 at 10:49PM

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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 Newmark Mountain West

Investment Insights

Based on property information with market context.

This mixed-use property comprises two parcels with two existing buildings, currently occupied by Good Spa, LLC and Uptown Motel. The property was built in 1929 and carries MU-5 zoning, supporting high-density, multi-story development with potential for street-level retail and upper-level multifamily uses.

Located on South State Street in Salt Lake City’s Liberty Wells Historic District, the site is near Downtown, benefits from freeway connectivity, and offers walkable access to the 1300 South TRAX Light Rail Station. The existing occupancy provides ongoing commercial use while future redevelopment planning takes place within an established infill corridor.

Key Highlights

• Two parcels totaling approximately 0.37 acres (16,117 SF)
• Two existing buildings occupied by Good Spa, LLC and Uptown Motel
• MU‑5 zoning supports high‑density, multi‑story development

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$80,551

Cap Rate

4.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,611,020 $1.6M

Cap Rate 7%

$1,150,729 $1.2M

Cap Rate 9%

$895,011 $895.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,837 SF

Gross rent

$140.1K $24.00/SF

− Vacancy

−$11.2K −$1.92/SF

EGI

$128.9K $22.08/SF

− OpEx

−$48.3K −$8.28/SF

NOI

$80.6K $13.80/SF

Area

Salt Lake City, UT

Vacancy

8.00%

Lease Rate

$24.00 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,611,020

Cap Rate 7%

$1,150,729

Cap Rate 9%

$895,011

Alternative Uses

Best Use

Mixed Use

$1.15M

$1.01M – $1.34M (±1% cap)

NOI $80,551 @ 7.0% cap · market cap 4.03%

Second Best

Hotel Hospitality

$326.8K

$285.9K – $381.2K (±1% cap)

NOI $22,874 @ 7.0% cap · market cap 1.14%

Theoretical Best

Office A

$1.57M

$1.38M – $1.83M (±1% cap)

NOI $110,080 @ 7.0% cap · market cap 5.50%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Uptown Motel Hotel & Motel

Suggested Use

Top Pick Dental Office (Bike/Boat/Book/etc) Store HVAC Service Nursing Home Wine and Liquor Store Daycare Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,543

Businesses Nearby

Explore this area Business Placement

Demographics for 84111, UT

12,162

Population

8,635

Households

1.4

Avg Household Size

34

Median Age

55%

College-Educated

95%

High-School Grad

1.4 sq mi

ZIP Area

8,687

Density / Sq Mi

$57,188

Median Household Income

$49,490

Median Earnings

$1,294

Median Rent

$423,000

Median Home Value

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Frequently Asked Questions

What type of property is this?

Mixed-use property - The site has MU-5 zoning, State Street frontage, and occupancy by Good Spa, LLC and Uptown Motel.

Where is this mixed-use property located?

The property is located at 1185 S STATE ST Salt Lake City, UT.

What is the asking price?

The asking price for this property is $2,000,000.

What are key features of this property?

This property features: Two parcels totaling approximately 0.37 acres (16,117 SF); Two existing buildings occupied by Good Spa, LLC and Uptown Motel; MU‑5 zoning supports high‑density, multi‑story development