Office Building with Direct Light Rail
For Sale
Contact for pricing
231 E 400 S, Salt Lake City, UT 84111
Fully leased office building with direct Library Station TRAX UT light rail access and TSA-UC-C zoning in a high-traffic area.
Property Size54,815 SF
Lot Size0.88 Acres
Price / SF$209.80
Days on Market1652
Property Features for 231 E 400 S
General Information
Standard status
Active
Size
54,815 SF
Total Parking Spaces
132
Lot size
0.88 Acres
Property subtype
OFFICE
Zoning
TSA-UC-C
Occupancy
100%
Site & Location
Neighborhood
Central City
Public Transit
Yes
Additional Details
Asking Price
$11,500,000
Building Details
Year Built
1963
Buildings
1
Building Size
54,815 SF
Parking Ratio
2.64 per 1,000 SF
Listing Agency:
Newmark Mountain West - Corporate
(801) 456-8800
Listed By:
J.R. Howa
(801) 578-5545
Source:
Moodyscre
Added: Apr 25, 2022
Changed: Oct 25
Last Checked: Oct 30 at 5:17PM
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 - Corporate
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Investment Insights
Based on property information with market context.
This office building offers approximately 54,815 SF on 0.88 acres and is fully leased with 100% occupancy. A three-story parking structure supports 132 stalls, including 47 surface and 85 covered spaces. Built in 1963, the property is described as having many short-term or month-to-month leases, supporting interest from owner-users as well as value-add or redevelopment strategies.
The property is in a high-traffic area with direct access to the Library Station TRAX UT light rail stop. Public traffic counts provided include approximately 21,380 ADT on 400 South and 16,412 ADT on 200 East, with the University of Utah approximately seven minutes away. The property is positioned within TSA-UC-C (Urban Center Transit Station (Core)) zoning.
The property is in a high-traffic area with direct access to the Library Station TRAX UT light rail stop. Public traffic counts provided include approximately 21,380 ADT on 400 South and 16,412 ADT on 200 East, with the University of Utah approximately seven minutes away. The property is positioned within TSA-UC-C (Urban Center Transit Station (Core)) zoning.
Key Highlights
- Fully leased with 100% occupancy
- Approximately 54,815 SF office building on 0.88 acres
- Direct access to the Library Station TRAX UT light rail stop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$794,763
Cap Rate
6.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,895,260
$15.9M
Cap Rate 7%
$11,353,757
$11.4M
Cap Rate 9%
$8,830,700
$8.8M
Market Conditions
NOI Build-Up for 54,815 SF
Gross rent
$1.18M $21.48/SF
− Vacancy
−$117.7K −$2.15/SF
EGI
$1.06M $19.33/SF
− OpEx
−$264.9K −$4.83/SF
NOI
$794.8K $14.50/SF
Area
Salt Lake City, UT
Vacancy
10.00%
Lease Rate
$21.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$15,895,260
Cap Rate 7%
$11,353,757
Cap Rate 9%
$8,830,700
Alternative Uses
Best Use
Office B
$11.35M
$9.93M – $13.25M
NOI $794,763 @ 7.0% cap · market cap 6.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$14.77M
$12.92M – $17.23M
NOI $1,033,757 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
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
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Market
Vacancy Rate% for Office in Salt Lake City, UT
Frequently Asked Questions
What type of property is this?
Office building - Fully leased office building with direct Library Station TRAX UT light rail access and TSA-UC-C zoning in a high-traffic area.
Where is this office building located?
The property is located at 231 E 400 S Salt Lake City, UT.
What is the asking price?
The asking price for this property is $11,500,000.
What are key features of this property?
This property features: Fully leased with 100% occupancy; Approximately 54,815 SF office building on 0.88 acres; Direct access to the Library Station TRAX UT light rail stop
