Medical Center for
For Sale
$875,000
1220 S STATE ST, Salt Lake City, UT 84111
Healthcare property for sale in Salt Lake County at 1220 S State St in Salt Lake City, UT.
Property Size3,318 SF
Days on Market450
Property Features for 1220 S STATE ST
General Information
Standard status
Active
Size
3,318 SF
Zoning
Commercial
Taxes and HOA fees
Annual Taxes
$8,828
Amenities
Central Air
Heat Pump
Building Details
Building Size
3,318 SF
Year Built
1940
Listing Agency:
(801) 634-5354
Listed By:
Tony Huston
(801) 634-5354
Source:
Evrealestate
Added: May 17, 2025
Changed: Aug 8
Last Checked: Aug 9 at 8:16AM
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 Tony Huston
Investment Insights
Based on property information with market context.
This healthcare property is offered for sale as a medical center, suitable for owner-users or investors seeking a healthcare-focused asset in Salt Lake County.
The property is located at 1220 S State St in Salt Lake City, Utah 84111. The listing is identified under county jurisdiction as Salt Lake County.
While specific building details are not provided in the available information, the asset is classified as a medical center and healthcare property within the commercial real estate category for this for-sale offering.
The property is located at 1220 S State St in Salt Lake City, Utah 84111. The listing is identified under county jurisdiction as Salt Lake County.
While specific building details are not provided in the available information, the asset is classified as a medical center and healthcare property within the commercial real estate category for this for-sale offering.
Key Highlights
- Healthcare property for sale at 1220 S State St, Salt Lake City, UT (Salt Lake County).
- Central air cooling.
- Heat pump heating system.
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
$46,907
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
5.36%
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%
$938,140
$938.1K
Cap Rate 7%
$670,100
$670.1K
Cap Rate 9%
$521,189
$521.2K
Market Conditions
NOI Build-Up for 3,318 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
$83.6K $25.20/SF
− Vacancy
−$5.4K −$1.64/SF
EGI
$78.2K $23.56/SF
− OpEx
−$31.3K −$9.42/SF
NOI
$46.9K $14.14/SF
Area
Salt Lake City, UT
Vacancy
6.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$938,140
Cap Rate 7%
$670,100
Cap Rate 9%
$521,189
Alternative Uses
Best Use
Healthcare Medical
$670.1K
$586.3K – $781.8K
NOI $46,907 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$893.9K
$782.2K – $1.04M
NOI $62,574 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Healthcare property for sale in Salt Lake County at 1220 S State St in Salt Lake City, UT.
Where is this medical center located?
The property is located at 1220 S STATE ST Salt Lake City, UT.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Healthcare property for sale at 1220 S State St, Salt Lake City, UT (Salt Lake County).; Central air cooling.; Heat pump heating system.
