Office Units with Tenant in
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623 E Fort Union Blvd, Midvale, UT 84047
Commercial condo offering office space in Midvale with an existing tenant in place.
Property Size7,128 SF
Price / SF$232.31
Days on Market923
Property Features for 623 E Fort Union Blvd
General Information
Standard status
Active
Size
7,128 SF
Property subtype
OFFICE
Building Details
Tenancy
Single
Listing Agency:
Colliers | Salt Lake City Millrock
(801) 947-8328
Listed By:
Brandon Fugal · License #5477023-SA00
Source:
Moodyscre
Added: Feb 1, 2024
Changed: Jul 31
Last Checked: Aug 12 at 11:32AM
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 Colliers | Salt Lake City Millrock
Investment Insights
Based on property information with market context.
This commercial condo contains 7,128 square feet of office space and is offered with a tenant in place. The property is located at 623 E Fort Union Blvd in Midvale, Utah, providing an established address for office use within the community.
Key Highlights
- 7,128‑square‑foot commercial condo
- Office space configured as multiple units
- Tenant in place
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
$103,349
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
6.24%
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%
$2,066,980
$2.1M
Cap Rate 7%
$1,476,414
$1.5M
Cap Rate 9%
$1,148,322
$1.1M
Market Conditions
NOI Build-Up for 7,128 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
$153.1K $21.48/SF
− Vacancy
−$15.3K −$2.15/SF
EGI
$137.8K $19.33/SF
− OpEx
−$34.4K −$4.83/SF
NOI
$103.3K $14.50/SF
Area
Salt Lake County, 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 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%
$2,066,980
Cap Rate 7%
$1,476,414
Cap Rate 9%
$1,148,322
Alternative Uses
Best Use
Office B
$1.48M
$1.29M – $1.72M
NOI $103,349 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$94.91M
$83.05M – $110.73M
NOI $6,643,836 @ 7.0% cap · market cap 401.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
Explore this area
Business Placement
Demographics for 84047, UT
37,146
Population
17,221
Households
2.2
Avg Household Size
33
Median Age
34%
College-Educated
92%
High-School Grad
6.4 sq mi
ZIP Area
5,804
Density / Sq Mi
$73,120
Median Household Income
$43,845
Median Earnings
$1,482
Median Rent
$404,200
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?
Office units - Commercial condo offering office space in Midvale with an existing tenant in place.
Where is this office units located?
The property is located at 623 E Fort Union Blvd Midvale, UT.
What is the asking price?
The asking price for this property is $1,655,889.
What are key features of this property?
This property features: 7,128‑square‑foot commercial condo; Office space configured as multiple units; Tenant in place
