Freestanding Retail/Office
For Sale
Contact for pricing
661 S 200 E, Salt Lake City, UT 84111
Freestanding retail/office building in MU-8 zoning with off-street parking and significant parking behind the property.
Property Size1,825 SF
Price / SF$416.16
Days on Market518
Property Features for 661 S 200 E
General Information
Standard status
Active
Size
1,825 SF
Class
B
Total Parking Spaces
3
Property subtype
Office, Retail
Zoning
MU-8 Retail/Office/Residential
Building Details
Year Built
1988
Year Renovated
2021
Buildings
1
Stories
1
Units
1
Listing Agency:
CENTURY 21 Everest
(801) 633-3203
Listed By:
Lila Jessop · License #8941754-AB00
Source:
Crexi
Added: Mar 11, 2025
Changed: Aug 8
Last Checked: Jul 21 at 10:04PM
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 CENTURY 21 Everest
Investment Insights
Based on property information with market context.
This freestanding retail/office building totals 1,825 SF and was built in 1988. The property is set up to support a range of approved uses under its MU-8 zoning designation.
The offering includes off-street parking in front, along with significant parking located behind the building. A virtual office tour is available via Matterport.
Given the MU-8 zoning and multiple approved uses, the building can be considered for flexible retail or office occupancy scenarios consistent with the zoning approvals.
The offering includes off-street parking in front, along with significant parking located behind the building. A virtual office tour is available via Matterport.
Given the MU-8 zoning and multiple approved uses, the building can be considered for flexible retail or office occupancy scenarios consistent with the zoning approvals.
Key Highlights
- Freestanding retail/office building with 1,825 SF
- Built in 1988
- MU‑8 zoning with many approved uses
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
$27,268
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
3.59%
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%
$545,360
$545.4K
Cap Rate 7%
$389,543
$389.5K
Cap Rate 9%
$302,978
$303.0K
Market Conditions
NOI Build-Up for 1,825 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
$40.1K $21.96/SF
− Vacancy
−$1.1K −$0.61/SF
EGI
$39.0K $21.35/SF
− OpEx
−$11.7K −$6.40/SF
NOI
$27.3K $14.94/SF
Area
Salt Lake City, UT
Vacancy
2.80%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$545,360
Cap Rate 7%
$389,543
Cap Rate 9%
$302,978
Alternative Uses
Best Use
Retail
$389.5K
$340.9K – $454.5K
NOI $27,268 @ 7.0% cap · market cap 3.59%
Second Best
Office B
$378.0K
$330.8K – $441.0K
NOI $26,461 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$491.7K
$430.2K – $573.6K
NOI $34,418 @ 7.0% cap · market cap 4.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,167
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
Market
Vacancy Rate% for Office in Salt Lake City, UT
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Freestanding retail/office building in MU-8 zoning with off-street parking and significant parking behind the property.
Where is this office building located?
The property is located at 661 S 200 E Salt Lake City, UT.
What is the asking price?
The asking price for this property is $759,500.
What are key features of this property?
This property features: Freestanding retail/office building with 1,825 SF; Built in 1988; MU‑8 zoning with many approved uses
