Freestanding Bank
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12 West State Street, Farmington, UT 84025
Business Residential-zoned property at a signalized intersection with established vehicle access and nearby civic and entertainment destinations.
Property Size6,753 SF
Price / SF$281.36
Days on Market6
Property Features for 12 West State Street
General Information
Standard status
Active
Size
6,753 SF
Property subtype
Retail, Office
Zoning
Business Residential
Additional Details
Road Access
Yes
Listing Agency:
Legend Commercial
(801) 930-6755
Listed By:
Joe Mills · License #UT 5506580-SA00
Source:
Crexi
Added: Aug 27
Changed: Aug 31
Last Checked: Aug 31 at 9:57AM
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 Legend Commercial
Investment Insights
Based on property information with market context.
The property is a 6,753-square-foot former bank building at 12 West State Street in Farmington, Utah. Positioned on a corner with signalized intersection control, the site offers direct access and a visible commercial setting. Business Residential zoning applies, and a deed restriction limits bank or credit union use for 2 years.
Traffic volumes include 10,000 ADT along Main Street and 8,000 ADT on State Street. The property is near the Davis County Courthouse, Davis County Special Education facilities, Station Park, and Lagoon Amusement Park, providing a location among civic, retail, and recreational destinations.
Traffic volumes include 10,000 ADT along Main Street and 8,000 ADT on State Street. The property is near the Davis County Courthouse, Davis County Special Education facilities, Station Park, and Lagoon Amusement Park, providing a location among civic, retail, and recreational destinations.
Key Highlights
- 6,753‑square‑foot former bank building
- Corner site at a signalized intersection
- Main Street traffic: 10,000 ADT
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
$92,847
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
4.89%
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%
$1,856,940
$1.9M
Cap Rate 7%
$1,326,386
$1.3M
Cap Rate 9%
$1,031,633
$1.0M
Market Conditions
NOI Build-Up for 6,753 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
$131.3K $19.44/SF
− Vacancy
−$7.5K −$1.11/SF
EGI
$123.8K $18.33/SF
− OpEx
−$30.9K −$4.58/SF
NOI
$92.8K $13.75/SF
Area
Davis County, UT
Vacancy
5.70%
Lease Rate
$19.44 /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%
$1,856,940
Cap Rate 7%
$1,326,386
Cap Rate 9%
$1,031,633
Alternative Uses
Best Use
Specialty Retail
$1.33M
$1.16M – $1.55M
NOI $92,847 @ 7.0% cap · market cap 4.89%
Second Best
Office B
$1.17M
$1.03M – $1.37M
NOI $82,105 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$1.56M
$1.36M – $1.82M
NOI $109,176 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
499
Businesses Nearby
Explore this area
Business Placement
Demographics for 84025, UT
24,596
Population
7,417
Households
3.3
Avg Household Size
31
Median Age
50%
College-Educated
98%
High-School Grad
14.2 sq mi
ZIP Area
1,732
Density / Sq Mi
$120,123
Median Household Income
$50,856
Median Earnings
$1,644
Median Rent
$618,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Business Residential-zoned property at a signalized intersection with established vehicle access and nearby civic and entertainment destinations.
Where is this bank located?
The property is located at 12 West State Street Farmington, UT.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 6,753‑square‑foot former bank building; Corner site at a signalized intersection; Main Street traffic: 10,000 ADT
