Flex Space with Garage
For Sale
$1,900,000
1366 S 400 W, Salt Lake City, UT 84115
The property combines retail space, an apartment, garage storage, and three-phase power.
Property Size7,650 SF
Price / SF$248.37
Days on Market14
Property Features for 1366 S 400 W
General Information
Standard status
Active
Size
7,650 SF
Warehouse & Industrial
Drive-In Doors
1
Three-Phase Power
Yes
Building Details
Year Built
1950
Buildings
3
Listing Agency:
Align Complete Real Estate Services LLC
(801) 580-4945
Listed By:
Jonah Hornsby · License #6409658SA00
Source:
Redsign
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 29 at 11:20AM
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 Align Complete Real Estate Services LLC
Investment Insights
Based on property information with market context.
Built in 1950, this Salt Lake City flex property includes a 6,000 SF main building and two exterior garages totaling an additional 1,650 SF. The improvements contain retail space, an apartment, garage storage, and one GL door. Three-phase power and ample parking are also present.
The property is visible from the freeway, and its zoning permits many different uses.
The property is visible from the freeway, and its zoning permits many different uses.
Key Highlights
- 6,000 SF main building with two exterior garages adding 1,650 SF
- One GL door, retail space, apartment, and garage storage
- Three‑phase power
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
$84,135
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
4.43%
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%
$1,682,700
$1.7M
Cap Rate 7%
$1,201,929
$1.2M
Cap Rate 9%
$934,833
$934.8K
Market Conditions
NOI Build-Up for 7,650 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
$137.7K $18.00/SF
− Vacancy
−$8.3K −$1.08/SF
EGI
$129.4K $16.92/SF
− OpEx
−$45.3K −$5.92/SF
NOI
$84.1K $11.00/SF
Area
Salt Lake City, UT
Vacancy
6.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
35.00%
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%
$1,682,700
Cap Rate 7%
$1,201,929
Cap Rate 9%
$934,833
Alternative Uses
Best Use
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $84,135 @ 7.0% cap · market cap 4.43%
Second Best
Industrial
$717.0K
$627.4K – $836.5K
NOI $50,189 @ 7.0% cap · market cap 2.64%
Theoretical Best
Office A
$2.06M
$1.80M – $2.40M
NOI $144,271 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,209
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 84115, UT
27,588
Population
13,899
Households
2
Avg Household Size
33
Median Age
33%
College-Educated
85%
High-School Grad
6.1 sq mi
ZIP Area
4,523
Density / Sq Mi
$61,505
Median Household Income
$43,785
Median Earnings
$1,263
Median Rent
$396,200
Median Home Value
Market
Vacancy Rate% for Industrial in Salt Lake City, UT
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - The property combines retail space, an apartment, garage storage, and three-phase power.
Where is this flex space located?
The property is located at 1366 S 400 W Salt Lake City, UT.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 6,000 SF main building with two exterior garages adding 1,650 SF; One GL door, retail space, apartment, and garage storage; Three‑phase power
