Two-Story Research and Development
For Sale
Contact for pricing
1065 W Levoy Dr, Salt Lake City, UT 84123
Two-story office property with flexible open areas, a large team kitchen, backup power, and an occupied first floor.
Property Size45,520 SF
Price / SF$190
Days on Market572
Property Features for 1065 W Levoy Dr
General Information
Standard status
Active
Size
45,520 SF
Property subtype
OFFICE
Zoning
RD
Additional Details
Highway Access
Yes
Amenities
Crown Signage Available
Backup Generator On-site
large team kitchen
Building Details
Buildings
1
Stories
2
Listing Agency:
JLL | Salt Lake City
(801) 456-9518
Listed By:
Jillian Johnson · License #8606046-SA00
(801) 456-9517
Source:
Moodyscre
Added: Feb 4, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:41PM
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 JLL | Salt Lake City
Investment Insights
Based on property information with market context.
The two-story office building contains 45,520 square feet with open areas, light office improvements, and a large team kitchen. A backup generator is installed on-site, and crown signage is available. The first floor is occupied by a tenant, providing an existing income component within the property.
The property is located at 1065 W Levoy Dr in Salt Lake City, between I-15 and I-215. It is zoned RD, with research and development uses permitted, supporting the building’s office-oriented configuration and broader approved use profile.
The property is located at 1065 W Levoy Dr in Salt Lake City, between I-15 and I-215. It is zoned RD, with research and development uses permitted, supporting the building’s office-oriented configuration and broader approved use profile.
Key Highlights
- 45,520‑square‑foot two‑story office building
- RD zoning with research and development uses permitted
- Open interior areas with light office build‑out
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
$659,994
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
7.63%
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%
$13,199,880
$13.2M
Cap Rate 7%
$9,428,486
$9.4M
Cap Rate 9%
$7,333,267
$7.3M
Market Conditions
NOI Build-Up for 45,520 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
$977.8K $21.48/SF
− Vacancy
−$97.8K −$2.15/SF
EGI
$880.0K $19.33/SF
− OpEx
−$220.0K −$4.83/SF
NOI
$660.0K $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 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%
$13,199,880
Cap Rate 7%
$9,428,486
Cap Rate 9%
$7,333,267
Alternative Uses
Best Use
Office B
$9.43M
$8.25M – $11.00M
NOI $659,994 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.26M
$10.73M – $14.31M
NOI $858,462 @ 7.0% cap · market cap 9.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
294
Businesses Nearby
Explore this area
Business Placement
Demographics for 84123, UT
39,489
Population
14,716
Households
2.7
Avg Household Size
34
Median Age
28%
College-Educated
91%
High-School Grad
8.3 sq mi
ZIP Area
4,758
Density / Sq Mi
$80,079
Median Household Income
$42,195
Median Earnings
$1,416
Median Rent
$436,600
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 - Two-story office property with flexible open areas, a large team kitchen, backup power, and an occupied first floor.
Where is this office building located?
The property is located at 1065 W Levoy Dr Salt Lake City, UT.
What is the asking price?
The asking price for this property is $8,648,800.
What are key features of this property?
This property features: 45,520‑square‑foot two‑story office building; RD zoning with research and development uses permitted; Open interior areas with light office build‑out
